(1) The purpose of the special resolution regime for banks is to address the situation where all or part of the business of a bank has encountered, or is likely to encounter, financial difficulties.

(2) The special resolution regime consists of -

(a) the five stabilisation options,

(b) the bank insolvency procedure (provided by Part 2), and

(c) the bank administration procedure (provided by Part 3).

(3) The five "stabilisation options" are -

(a) transfer to a private sector purchaser (section 11),

(b) transfer to a bridge bank (section 12),

(ba) transfer to an asset management vehicle (section 12ZA), 

(c) the bail-in option (section 12A), and

(d) transfer to temporary public ownership (section 13).

(4) Each of the five stabilisation options is achieved through the exercise of one or more of the "stabilisation powers", which are -