Section 44E Bridge bank: supplemental reverse property transfer powersF1

(1)

This section applies where the Bank of England has made a bridge bank supplemental property transfer instrument in accordance with section 44D (“the original instrument”).

(2)

The Bank of England may make one or more reverse property transfer instruments (“bridge bank supplemental reverse property transfer instruments”) in respect of property, rights or liabilities of the transferee under the original instrument.

(3)

A bridge bank supplemental reverse property transfer instrument is an instrument which—

(a)

provides for transfer to the transferor under the original instrument;

(b)

makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities which are, could be or could have been transferred under paragraph (a) (whether the transfer has been or is to be effected by that instrument or otherwise).

(4)

Sections 7 and 8 do not apply to a bridge bank supplemental reverse property transfer instrument (but it is to be treated in the same way as any other property transfer instrument for all other purposes including for the purposes of the application of a power under this Part).

(5)

The Bank of England must not make a bridge bank supplemental reverse property transfer instrument unless—

(a)

the transferee under the original instrument is—

(i)

a company wholly owned by the Bank of England,

(ii)

a company wholly owned by the Treasury, or

(iii)

a nominee of the Treasury, or

(b)

it is made with the written consent of the transferee under the original instrument.

(6)

Before making a bridge bank supplemental reverse property transfer instrument the Bank of England must consult—

(a)

the PRA,

(b)

the FCA, and

(c)

the Treasury.

(7)

Section 42 applies where the Bank of England has made a bridge bank supplemental reverse property transfer instrument.

Annotations

Textual amendments

F1: Ss. 44D, 44E inserted (16.12.2016) by The Bank Recovery and Resolution Order 2016 (S.I. 2016/1239), arts. 1(2), 13(1)

Notes on Part 1

Modifications

C1: Pt. 1 restricted (7.1.2010) by Banking Act 2009 (Exclusion of Insurers) Order 2010 (S.I. 2010/35), arts. 1, 2
C2: Pt. 1: power to amend conferred (1.3.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 17(3)(f), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2

Notes on Chapter 3

Textual amendments

F1: Pt. 1 Ch. 3 formed from ss. 4-83 (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 7