(1)The Bank must make arrangements to ensure that the discharge of its resolution functions (as defined by section 7D(10)) is operationally independent of the discharge of its functions as the PRA. [Section 7D was inserted by section 11 of the Bank of England and Financial Services Act 2016.];

(2) The Bank must prepare and issue a statement of its arrangements under subsection (1).

(3) If there are material changes to the arrangements, it must prepare and issue a revised statement.

(4) The Bank must consult the Treasury before issuing a statement under subsection (2) or a revised statement under subsection (3).

(5) [deleted]

(6) [deleted]

(7) [deleted]