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Version status: Omitted | Document consolidation status: Updated to reflect all known changes
Version date: 8 April 2010 - onwards
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171. Special resolution regime

Omitted from 8 April 2010

(1) After section 214A of the Financial Services and Markets Act 2000 (contingency funding - inserted by section 170 above) insert -

"214B Contribution to costs of special resolution regime

(1) This section applies where -

(a) a stabilisation power under Part 1 of the Banking Act 2009 has been exercised in respect of a bank, building society or credit union (within the meaning of that Part), and

(b) the Treasury think that the bank, building society or credit union was, or but for the exercise of the stabilisation power would have become, unable to satisfy claims against it.

(2) Where this section applies -

(a) the Treasury may require the scheme manager to make payments in connection with the exercise of the stabilisation power, and

(b) payments shall be treated as expenditure under the scheme for all purposes (including levies, contingency funds and borrowing).

(3) The Treasury shall make regulations -

(a) specifying what expenses the scheme manager may be required to incur unde

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