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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 April 2013 - onwards
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82. Temporary public ownership

(1) The Treasury may take a parent undertaking of a bank (the "holding company") into temporary public ownership, in accordance with section 13(2), if the following conditions are met.

(2) Condition 1 is that the PRA is satisfied that the general conditions for the exercise of a stabilisation power set out in section 7 are met in respect of the bank.

(3) Condition 2 is that the Treasury are satisfied that it is necessary to take action in respect of the holding company for the purpose specified in Condition A or B of section 9.

(4) Condition 3 is that the holding company is an undertaking incorporated in, or formed under the law of any part of, the United Kingdom.

(5) Before determining whether Condition 2 is met the Treasury must consult -

(a) the PRA,

(aa) the FCA, and

(b) the Bank of England.

(6) Expressions used in this section have the same meaning as in the Companies Act 2006.

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