PART 3Bail-in stabilisation option
I1I217Bail-in stabilisation option
1
Schedule 2 (which contains amendments relating to a new stabilisation option in Part 1 of the Banking Act 2009) has effect.
2
The Treasury may by order make any provision they consider appropriate in consequence of the application to building societies of the amendments made by this Part.
3
An order may, in particular—
a
enable the Bank of England, for the purpose of enabling it to exercise in relation to the business of a building society any of the powers exercisable as a result of the amendments made by this Part—
i
to convert the building society into a company, or
ii
to transfer the business of the building society to a company which immediately before the transfer is owned by the Bank or by a person of a description specified in the order;
b
enable the Bank of England, in connection with the exercise of a power conferred by virtue of paragraph (a), to cancel membership rights or shares in the building society;
c
provide for any power exercisable as a result of the amendments made by this Part to be exercisable in relation to the company—
i
into which the building society is converted, or
ii
to which the business of the building society is transferred;
d
enable the Bank of England, in a case where it has transferred the business of a building society by virtue of paragraph (a)(ii), to dissolve the building society at any time after the transfer;
e
confer functions on the Treasury, the Bank of England, the FCA, the PRA or a F3resolution administrator;
f
make further amendments of Part 1 of the Banking Act 2009;
g
amend or modify the effect of the Building Societies Act 1986 or any other enactment to which this subsection applies.
4
Subsection (3) applies to any enactment (including a fiscal enactment) passed or made—
a
before the passing of this Act, or
b
on or before the last day of the Session in which this Act is passed.
5
In this section—
F1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
“building society” has the same meaning as in section 84 of the Banking Act 2009;
“company” means a company as defined in section 1(1) of the Companies Act 2006 which is a public company limited by shares.
F2“resolution administrator” is to be read in accordance with sections 62B to 62E of the Banking Act 2009.