Section 12ZA Asset management vehicleF1

The third stabilisation option is to transfer all or part of the business of—

to an asset management vehicle.

An “asset management vehicle” is an undertaking which—

For the purpose of subsection (1) the Bank of England may make one or more property transfer instruments.

An asset management vehicle must manage the assets transferred to it with a view to maximising their value through eventual sale or orderly wind down.

The code of practice under section 5 must include provision about the management and control of asset management vehicles including, in particular, provision about—

Where property, rights or liabilities are transferred to an asset management vehicle pursuant to the third stabilisation option, the Bank of England may make one or more supplemental property transfer instruments transferring any of that property, or those rights or liabilities, to one or more other asset management vehicles.