The Banking Act 2009 (Bank Administration) (Modification for Application to Multiple Transfers) Regulations 2009

Modification of Part 3 where more than one property transfer instrument is made in respect of a bank in temporary public ownership

3.—(1) The modifications of Part 3 of the Act listed in the Table to the Schedule apply with the general modifications specified in paragraph (2) where—

(a) the Treasury make a share transfer order, in respect of the securities issued by a bank (or a bank’s holding company), in accordance with section 13(2) of the Act,

(b) the Treasury make more than one property transfer instrument in respect of the bank under section 45(2) of the Act(1), and

(c) Part 3 applies to the bank by virtue of section 149 and 152 of the Act(2).

(2) The general modifications to the Table to the Schedule are—

(a) a reference to “the Bank of England” is a reference to “the Treasury”;

(b) a reference to a “private sector purchaser” is a reference to a “private sector transferee”;

(c) a reference to a “bridge bank” is a reference to an “onward public sector transferee”.

(1)

In accordance with section 149(2), a reference to a “property transfer instrument” made by the Treasury is a reference to a property transfer order under section 45(2) or a supplemental property transfer order under section 42 (supplemental instrument) as applied by section 45(7) of the Act.

(2)

Section 152(3) confers a power on the Treasury to make regulations applying Part 3 where the Treasury make a share transfer order in respect of the securities issued by a bank (or a bank’s holding company), in accordance with section 13(2) (temporary public ownership) and later make a property transfer order in respect of the bank (or from another bank which is in the same group as the bank) under section 45(2) of the Act (property transfer from temporary public ownership). The Treasury has made regulations in exercise of that power and the regulations are entitled the Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 (S.I. 2009/312).