Schedule 2 Special administration (bank administration)
General provisions
1. This Schedule provides for a procedure known as special administration (bank administration) to be used as an alternative to bank administration (as set out in Part 3 of the Act) where part of the business of the investment bank is sold to a commercial purchaser in accordance with section 11 of the Act, or transferred to a bridge bank in accordance with section 12 (and it can also be used in certain cases of multiple transfers under Part 1 of the Act).
2. A special administration (bank administration) order is an order appointing a person as an administrator for the purposes of this Schedule.
(1) An administrator appointed under a special administration (bank administration) order has the following objectives -
(a) Objective A: to provide support for a private sector purchaser or bridge bank (see section 138 of the Act as applied by paragraph 6), and
(b) the special administration objectives as set out in regulation 10.