(This note is not part of the Order)

This Order modifies Part 1 of the Banking Act 2009 (c. 1) (special resolution regime) in consequence of the application to building societies of the bail-in stabilisation option introduced by the Financial Services (Banking Reform) Act 2013 (c. 33) (see in particular sections 12A and 48B to 48W of the Banking Act 2009). Part 1 of the Banking Act 2009 was amended by the Bank Recovery and Resolution Order 2014 (S.I. 2014/3329) which transposes in part Directive 2014/59/EU of the European Parliament and of the Council of 15th May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms (OJ No. L 173 (12.6.2014), p.190). This Order also implements in part that Directive. A transposition note setting out how that Directive is transposed into UK law is available from Her Majesty's Treasury, 1 Horse Guards Road, London SW1A 2HQ or on www.gov.uk.

Article 2 inserts new sections 84A to 84D into the Banking Act 2009.