(1) Without prejudice to the operation of section 81B, the Bank of England may exercise a stabilisation power in respect of a banking group company in accordance with section 11(2) or 12(2) if the following conditions are met.
(2) Condition 1 is that the banking group company is an undertaking incorporated in, or formed under the law of any part of, the United Kingdom.
(3) Condition 2 is that the banking group company is an entity within subsection (2A) of section 81AA .
(4) Condition 3 is that the PRA is satisfied that the banking group company is failing or likely to fail.
(5) Condition 4 is that the Bank of England is satisfied that, having regard to timing and other relevant circumstances, it is not reasonably likely that (ignoring the stabilisation powers) action will be taken by or in respect of the banking group company that will result in Condition 3 ceasing to be met.
(6) Condition 5 is that the Bank of England is satisfied that the exercise of the power in respect of the bank
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