Regulation 4 Application to bank administration where Part 3 is applied by section 152 of the Act

(1)

Regulations 5 to 10 apply, with the modifications specified in Tables 1 and 2 of the Schedule, to bank administration following a transfer of business from a bank in temporary public ownership ^f1.

(2)

Table 1 applies in cases where section 148 is applied following a transfer from a bank in temporary public ownership to a company wholly owned by the Bank of England^f2.

(3)

Table 2 applies in cases where section 148 is applied following a transfer from a bank in temporary public ownership to a company wholly owned by the Treasury or a nominee of the Treasury.

Annotations

Footnotes

f1: Section 152 applies bank administration where the Treasury make a share transfer order, in respect of securities issued by a bank (or a bank’s holding company), in accordance with section 13(2), and later make a property transfer order from the bank (or another bank which is or was in the same group as the bank) under section 45(2).
f2: Section 148 applies, with specific modifications, depending on whether the business of the bank has been transferred to (a) a company wholly owned by the Bank of England; or (b) a company wholly owned by the Treasury or a nominee of the Treasury. The modifications are set out in Table 1 of the Schedule to the Banking Act 2009 (Bank Administration) (Modification for Application to Banks in Temporary Public Ownership) Regulations 2009 (S.I. 2009/312).