PART 2Amendments of the Banking Act 2009 and related provision
CHAPTER 1Amendments of the Banking Act 2009
Property transfer instruments and bail-in: supplementary matters12
1
After section 44B (property transfer instruments: special bail-in provision), insert—
44BAProperty transfer instruments and special bail-in provision: supplementary matters
1
The following provisions apply in relation to a property transfer instrument which makes special bail-in provision under section 44B(1) as they apply in relation to a resolution instrument—
a
section 48L (powers in relation to securities) M1;
b
section 48O (power to direct directors of the bank);
c
section 48Q (continuity);
d
section 48R (execution and registration of instruments);
e
section 48S (resolution instruments: general matters);
f
section 48U (supplemental resolution instruments).
2
3
Where special bail-in provision is being made in—
a
a supplemental property transfer instrument under section 42 in relation to which the original instrument is an onward property transfer instrument under section 43(2), or
b
an onward property transfer instrument under section 43(2),
references in sections 48B (except in subsection (9)), 48L, 48O and 48U to a bank include a resolution company (whether or not it is a bank).
4
Where subsection (3) applies, the references in section 48B(3) and (9) to a banking group company, or to a banking group company in relation to a bank, are to a banking group company in relation to the bank in respect of which the Bank of England originally exercised a stabilisation power (and not to a banking group company in relation to the resolution company).