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Banking Act 2009

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Changes over time for: Section 60B

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Point in time view as at 31/12/2020.

Changes to legislation:

Banking Act 2009, Section 60B is up to date with all changes known to be in force on or before 14 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F160BPrinciple of no less favourable treatmentU.K.
This section has no associated Explanatory Notes

(1)In making regulations under section 60A the Treasury must, in particular, have regard to the desirability of ensuring that pre-resolution shareholders and creditors of a bank do not receive less favourable treatment than they would have received had the bank entered insolvency immediately before the coming into effect of the initial instrument.

(2)References in this section to the initial instrument are—

(a)in relation to compensation arrangements in the case of property transfer instruments under section [F211(2), 12(2) or 12ZA(2)], to the first instrument to be made under [F3those provisions] with respect to the bank;

(b)in relation to compensation arrangements in other cases, to the first resolution instrument to be made under section 12A with respect to the bank.

(3)The “pre-resolution shareholders and creditors” of a bank are the persons who held securities issued by the bank, or were creditors of the bank, immediately before the coming into effect of the initial instrument.

(4)References in this section to insolvency include a reference to (i) liquidation, (ii) bank insolvency, (iii) administration, (iv) bank administration, (v) receivership, (vi) composition with creditors, and (vii) a scheme of arrangement.]

Textual Amendments

F1Ss. 60A, 60B inserted (1.3.2014 for specified purposes, 31.12.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 6(8); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2014/3160, art. 2(1)(b)

F2Words in s. 60B(2)(a) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 68(a)

F3Words in s. 60B(2)(a) substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 68(b)

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