Bail-in option20
1
Section 12A (bail-in option)31 is amended as follows.
2
In subsection (1) for “third” substitute “fourth”.
3
For subsection (2) substitute—
2
The Bank of England may make one or more resolution instruments.
2A
A resolution instrument may contain provision or proposals of any kind mentioned in subsections (3) to (6).
2B
The power in subsection (2) must be exercised in accordance with section 12AA32.
2C
When the Bank of England exercise that power, at least one resolution instrument must include provision under section 48H(1) (business reorganisation plan)33.
4
In subsection (4)(a) for “bail-in administrator (see section 12B)” substitute “resolution administrator (see section 62B)34”.
5
In subsection (8), for “bail-in administrator” in both places substitute “resolution administrator”.