Article 122 Duties of the Bank in relation to minimum requirement

United Kingdom

(1)

The Bank must exercise the powers conferred by section 3A of the Banking Act 2009 M1 (removal of impediments to the exercise of stabilisation powers etc)—

(a)

to ensure that a relevant institution is required at all times to maintain a minimum requirement for own funds and eligible liabilities F1...; and

(b)

with the object of ensuring that at all times the institution meets the minimum requirement specified in a direction given for that purpose.

F2(2)

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Annotations

Textual amendments

F1: Words in art. 122(1)(a) omitted (28.12.2020) by virtue of The Bank Recovery and Resolution (Amendment) (EU Exit) Regulations 2020 (S.I. 2020/1350), regs. 1(2), 45
F2: Art. 122(2) omitted (31.12.2020) by virtue of The Bank Recovery and Resolution and Miscellaneous Provisions (Amendment) (EU Exit) Regulations 2018 (S.I. 2018/1394), reg. 1(2), Sch. 3 para. 67; 2020 c. 1, Sch. 5 para. 1(1)

Marginal citations

M1: Section 3A was inserted by S.I. 2014/3329.

Notes on the whole SI

Textual amendments

F1: Order revoked (14.12.2023 for the revocation of art. 227) by Financial Services and Markets Act 2023 (c. 29), s. 86(3), Sch. 1 Pt. 2 (with s. 1(4)); S.I. 2023/1382, reg. 2(c)(x)