(1) The Bank of England must make arrangements for the appointment of a person to act as independent valuer for the purposes of a valuation to be conducted under section 6E or 48X.

(1A) The Bank may require the bank to which the valuation relates to reimburse the Bank for costs it incurs in relation to the independent valuer (including remuneration and allowances paid to the valuer and the valuer's staff).

(2) A person may not be appointed as independent valuer under subsection (1) unless that person -

(a) qualifies as "independent" in accordance with regulatory technical standards, or

(b) if no such regulatory technical standards exist, satisfies the independence requirement set out in section 1151 of the Companies Act 2006.

(2A) In subsection (2) "regulatory technical standards" means -

(a) any Commission Regulation containing regulatory technical standards adopted by the European Commission under article 36.16 of the recovery and resolution directive, so far as they are assimilated law, or