OpenLegislation

Section 79 Public funds: resolution companyF2I1

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 may not take action in respect of the resolution company without the Treasury's consent if the action would be likely to have implications for public funds.

(3)

Section 78(2) and (3) have effect for the purposes of this section.

Annotations

Textual amendments

F1

Words in s. 79 substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 86(1)

F2

Words in s. 79 heading substituted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 86(2)

Commencement

I1

S. 79 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 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