Section 48N Directors and senior managersF1 F5

United Kingdom

(1)

A resolution instrument may enable the Bank of England—

(a)

to remove a director F2or senior manager of a specified bank;

(b)

to vary the service contract of a director or senior manager of a specified bank;

(c)

to terminate the service contract of a director or senior manager of a specified bank;

(d)

to appoint a director or senior manager of a specified bank.

(2)

Subsection (1) also applies to a director F3or senior manager of any undertaking which is a banking group company in respect of a specified bank.

(3)

Appointments under subsection (1)(d) are to be on terms and conditions agreed with the Bank of England.

(F44)

In this section “senior manager” means a person who—

(a)

exercises executive functions within a specified bank or banking group company, and

(b)

is responsible, and directly accountable to the directors, for the day to day management of that bank or banking group company.

Annotations

F1: Ss. 48B-48W and cross-heading inserted (1.3.2014 for the insertion of s. 48P for specified purposes, 31.12.2014 in so far as not already in force) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 4; S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2014/3160, art. 2(1)(b)
F2: Words in s. 48N(1) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 55(2)
F3: Words in s. 48N(2) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 55(2)
F4: S. 48N(4) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 55(3)
F5: Words in s. 48N heading inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 55(4)

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

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