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Banking Act 2009

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Changes over time for: Section 76

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Point in time view as at 31/12/2020.

Changes to legislation:

Banking Act 2009, Section 76 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

76International obligation notice: generalU.K.
This section has no associated Explanatory Notes

(1)The Bank of England may not exercise [F1the power to make a resolution administrator appointment instrument or a mandatory reduction instrument or] a stabilisation power in respect of a bank if the Treasury notify the Bank that the exercise would be likely to contravene an international obligation of the United Kingdom.

(2)A notice under subsection (1)—

(a)must be in writing, and

(b)may be withdrawn (generally, partially or conditionally).

(3)If the Treasury give a notice under subsection (1) the Bank of England must consider other exercises of [F2the power to make a resolution administrator appointment instrument or a mandatory reduction instrument or] the stabilisation powers with a view to—

(a)pursuing the special resolution objectives, and

(b)avoiding the objections on which the Treasury's notice was based.

(4)The Treasury may by notice to the Bank of England disapply subsection (3) in respect of a bank; and a notice may be revoked by further notice.

[F3(5)“Resolution administrator appointment instrument” means an instrument under section 62B(2)(a).]

Textual Amendments

Commencement Information

I1S. 76 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1

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