(1) The Treasury (on the one hand) and the Bank of England and the PRA (on the other) must prepare and maintain a memorandum describing in general terms how they intend to comply with section 64 in relation to
(a) the sharing of information by the Bank about any proposals to include in a resolution plan or a group resolution plan an option for the exercise of a stabilisation power by the Bank in relation to an institution or group entity;
(b) the circumstances mentioned in subsection (2) of that section.
(2) For the purposes of subsection (1)(b), the memorandum must, in particular, make provision about -
(a) what the Treasury and the Bank regard as a material risk for the purposes of section 58(1);
(b) steps to be taken when the Bank has given a public funds notification;
(c) the respective roles of the Treasury, the Bank and the PRA, in cases where the Bank has given a public funds notification, in relation to the consideration and assessment of, and taking of, steps to resolve or red
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