(1) Where the regulator is satisfied that an undertaking is failing or likely to fail, it must give notice of that fact to the Bank.
(2) Where the Bank is satisfied, having regard to timing and other relevant circumstances, that it is not reasonably likely that (ignoring the stabilisation powers) action will be taken by or in respect of the undertaking that will prevent the failure of the undertaking, the Bank must give notice of that fact to the regulator.
(3) The Bank must also give notice of that fact -
(a) [deleted]
(b) [deleted]
(c) to the scheme manager of the Financial Services Compensation Scheme (established under Part 15 of FSMA);
(d) to the Treasury; and
(e) to the Financial Policy Committee.
(f) [deleted]
(4) [deleted]
(5) This article does not require any information to be disclosed if its disclosure would be contrary to section 348 of FSMA.