Schedule 1 Special administration (bank insolvency)
1. This Schedule provides for a procedure known as special administration (bank insolvency) to be used as an alternative to bank insolvency (as set out in Part 2 of the Act) where the investment bank is a deposit-taking bank.
2. A special administration (bank insolvency) order is an order appointing a person as the administrator for the purpose of this Schedule.
3. A special administration (bank insolvency) order is to be treated as a special administration order and an administrator appointed under a special administration (bank insolvency) order is to be treated as if they were appointed under a special administration order for all purposes, save that -
(a) the modifications set out in this Schedule shall apply; and
(b) in regulation 22, the Bank of England may also make an application under paragraph (1) and the FCA or the PRA can only make an application with the consent of the Bank of England.