There are currently no known outstanding effects for the Financial Services (Banking Reform) Act 2013, Paragraph 3.
3U.K.After section 8 insert—
(1)The Bank of England may exercise a stabilisation power in respect of a bank in accordance with section 12A(2) only if satisfied that the condition in subsection (2) is met.
(2)The condition is that the exercise of the power is necessary, having regard to the public interest in—
(a)the stability of the financial systems of the United Kingdom,
(b)the maintenance of public confidence in the stability of those systems,
(c)the protection of depositors, or
(d)the protection of any client assets that may be affected.
(3)Before determining whether that condition is met, and if so how to react, the Bank of England must consult—
(a)the PRA,
(b)the FCA, and
(c)the Treasury.
(4)The condition in this section is in addition to the conditions in section 7.”
Commencement Information
I1Sch. 2 para. 3 in force at 31.12.2014 by S.I. 2014/3160, art. 2(1)(b)
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