The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 No. 1394

SCHEDULE 1 U.K. Amendments of the Banking Act 2009

Mandatory write-down, conversion etc of capital instruments U.K.

8.—(1) Section 6A (cases where mandatory write-down, conversion, etc applies) is amended as follows.

(2) In subsection (4)(d), for the words from the beginning to “directive” substitute “ the Bank of England makes a determination ”.

(3) In subsection (9)—

(a) omit the definition of “appropriate authority”;

(b) in the definition of “consolidated basis” for “Article 2.1(7) of the recovery and resolution directive” substitute “ Article 4.1(47) and (48) of the capital requirements regulation ”.

Commencement Information

I1 Sch. 1 para. 8 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)