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Banking Act 2009
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9Specific conditions: temporary public ownership
This section has no associated Explanatory Notes
(1)The Treasury may exercise a stabilisation power in respect of a bank in accordance with section 13(2) only if satisfied that one of the following conditions is met.
(2)Condition A is that the exercise of the power is necessary to resolve or reduce a serious threat to the stability of the financial systems of the United Kingdom.
(3)Condition B is that exercise of the power is necessary to protect the public interest, where the Treasury have provided financial assistance in respect of the bank for the purpose of resolving or reducing a serious threat to the stability of the financial systems of the United Kingdom.
(4)Before determining whether a condition is met the Treasury must consult—
(a)the FSA, and
(b)the Bank of England.
(5)The conditions in this section are in addition to the conditions in section 7.
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