Code of practice9

1

Section 5 (code of practice)18 is amended as follows.

2

For subsection (1) substitute—

1

The Treasury shall issue a code of practice about—

a

the discharge of the duty imposed by section 6B (mandatory write-down, conversion etc of capital instruments), and

b

the use of—

i

the stabilisation powers,

ii

the bank insolvency procedure, and

iii

the bank administration procedure.

3

In subsection (2), in paragraph (f), for “test for the use of the stabilisation powers in section 8 is” substitute “tests for the use of the stabilisation powers in sections 8 and 8ZA are”.

4

In subsection (3)—

a

after “12” insert “, 12ZA”, and

b

after “bridge banks” insert “, asset management vehicles”.