(1) This section applies where the Bank of England has power under section 81BA or section 81BB to exercise a stabilisation power in respect of a banking group company.
(2) The provisions relating to the stabilisation powers and the bank administration procedure contained in this Act (except section 7) and any other enactment apply (with any necessary modifications) as if the banking group company were a bank.
(3) Where the banking group company mentioned in subsection (1) is a parent undertaking of the bank mentioned in section 81BA(2) ("the bank") -
(a) the provisions in this Act relating to resolution instruments are to be read in accordance with the general rule in subsection (4), but
(b) that is subject to the modifications in subsection (5);
and provisions in this Act and any other enactment are to be read with any modifications that may be necessary as a result of paragraphs (a) and (b).
(4) The general rule is that the provisions in this Act relating to resolution instruments (
…