Rule 18 Initial duties of bank liquidation committeeI1

As soon as reasonably practicable after the making of a bank insolvency order, the liquidation committee F1shall meet the bank liquidator for the purpose of discussing which of the objectives, or combination of objectives, mentioned in section 102(1) of the 2009 Act, the committee should recommend the bank liquidator to pursue.

If the bank liquidator and every individual on the liquidation committee agree, the meeting may be held by audio or video conference.

The liquidation committee F2shall make its recommendation to the bank liquidator at the meeting.

The Bank of England shall confirm the liquidation committee’s recommendation in writing as soon as practicable after the meeting.

As soon as practicable after the making of a bank insolvency order, the liquidation committee shall also pass a resolution as to the terms on which, in accordance with rule 98, the bank liquidator is to be remunerated.

Until a full payment resolution has been passed, the bank liquidation committee—