Section 3 Notification to Parliamentary CommitteesI1I2

In Part 15 of the Financial Services and Markets Act 2000, after section 214F (as inserted by section 2 of this Act) insert—

“Notification to Parliamentary Committees

214G

(1)

Where the Bank of England requires the scheme manager to make a recapitalisation payment under section 214E, the Bank must, as soon as reasonably practicable, notify in writing the chair of each relevant Parliamentary Committee that it has done so.

(2)

The relevant Parliamentary Committees are—

(a)

the Treasury Committee of the House of Commons, and

(b)

the Financial Services Regulation Committee of the House of Lords.

(3)

A reference to a committee in subsection (2)—

(a)

if the name of that committee is changed, is to be treated as a reference to that committee by its new name, and

(b)

if the functions of that committee (or substantially corresponding functions) become functions of a different committee, is to be treated as a reference to the committee by which those functions are exercisable.

(4)

Any question arising under subsection (3) is to be determined by—

(a)

the Speaker of the House of Commons, in relation to committees of the House of Commons, and

(b)

the Chairman of Committees of the House of Lords, in relation to committees of the House of Lords.”