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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2015 - onwards
Version 4 of 4

58. Resolution fund

DRAFT Subsection inserted 7 Amendments to the Banking Act 2009 of the Bank Resolution (Recapitalisation) Bill [HL] (updated 16 October 2024)

(1) A resolution fund order must include provision for determining -

(a) who will be entitled to a share of the proceeds on disposal of things transferred,

(b) the way in which the proceeds will be calculated, and

(c) the way in which shares will be calculated.

(2) Provision under subsection (1)(b) may, in particular, provide for proceeds to be calculated net of -

(a) amounts required for the repayment of loans from public funds or for other payments in respect of public financial assistance;

(b) some or all of the administrative or other expenses incurred in connection with the provisions of this Part.

(3) A resolution fund order may include provision for -

(a) an independent valuer to make a determination under the order (in which case sections 54(2) to (5), 55 and 56 shall apply);

(b) valuation principles to be applied in making a determination (in which case section 57(2) shall apply).