C1C2Part 1Special Resolution Regime

Annotations:
Modifications etc. (not altering text)

F3Groups

Annotations:
Amendments (Textual)
F3

S. 82 cross-heading substituted (5.6.2014 for specified purposes) by Financial Services Act 2012 (c. 21), ss. 100(5), 122(3) (with Sch. 20); S.I. 2014/1447, art. 2(b)

I182Temporary public ownership

1

The Treasury may take a parent undertaking of a bank (the “holding company”) into temporary public ownership, in accordance with section 13(2), if the following conditions are met.

2

Condition 1 is that F1the PRA is satisfied that the general conditions for the exercise of a stabilisation power set out in section 7 are met in respect of the bank.

3

Condition 2 is that the Treasury are satisfied that it is necessary to take action in respect of the holding company for the purpose specified in Condition A or B of section 9.

4

Condition 3 is that the holding company is an undertaking incorporated in, or formed under the law of any part of, the United Kingdom.

5

Before determining whether Condition 2 is met the Treasury must consult—

F2a

the PRA,

aa

the FCA, and

b

the Bank of England.

6

Expressions used in this section have the same meaning as in the Companies Act 2006.