Section 77 International obligation notice: resolution companyI1

United Kingdom

(1)

This section applies where the Bank of England has transferred all or part of a bank's business to a F1resolution company.

(2)

The Bank of England must comply with any notice of the Treasury requiring the Bank, for the purpose of ensuring compliance by the United Kingdom with its international obligations—

(a)

to take specified action under this Part in respect of the resolution company, or

(b)

not to take specified action under this Part in respect of the resolution company.

(3)

A notice under subsection (1)—

(a)

must be in writing, and

(b)

may be withdrawn (generally, partially or conditionally).

(4)

A notice may include requirements about timing.

Annotations

Textual amendments

F1: Words in s. 77 substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 83(1)
F2: Words in s. 77 heading substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 83(2)

Commencement

I1: S. 77 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1