{
  "url": "https://openlegislation.uk/banking-act-2009/section-157",
  "json_url": "https://openlegislation.uk/banking-act-2009/section-157.json",
  "legislation": "ukpga/2009/1",
  "legislation_title": "Banking Act 2009",
  "legislation_url": "https://openlegislation.uk/banking-act-2009",
  "path": "section/157",
  "kind": "section",
  "number": "157",
  "heading": "Other processes",
  "text": "(1) Before the PRA or the FCA exercises an insolvency power in respect of a residual bank, whichever of them is exercising the power must give notice to the Bank of England, which may participate in any proceedings arising out of the exercise of the power.\n(2) In subsection (1)—\n(a) “residual bank” means a bank all or part of whose business has been transferred to a commercial purchaser in accordance with section 11 or to a resolution company in accordance with section 12 or 12ZA, and\n(b) “insolvency power” means—\n(i) section 359 of the Financial Services and Markets Act 2000 (application for administration order), and\n(ii) section 367 of that Act (winding-up petition).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 157(1) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 49 (with Sch. 20); S.I. 2013/423, art. 3, Sch."
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 157(2)(a) substituted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(14)(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Words in s. 157(2)(a) inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 26(14)(b)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "S. 157 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 3"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2009/1/section/157",
    "retrieved_at": "2026-10-29T09:11:28.246347+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}