(1) This section applies where the Bank of England has made a property transfer instrument in accordance with section 11(2) ("the original instrument") providing for the transfer of property, rights or liabilities of a bank to a person ("the original transferee").

(2) The Bank of England may make one or more private sector reverse property transfer instruments in respect of property, rights or liabilities of the original transferee.

(3) A private sector reverse property transfer instrument is a property transfer instrument which -

(a) provides for transfer to the transferor under the original instrument;

(b) makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities that are, could be or could have been transferred under paragraph (a) (whether the transfer has been or is to be effected by that instrument or otherwise).

(4) The Bank of England must not make a private sector reverse property transfer instrument without the written consent of the original transferee.