Section 80A Transfer for bail-in purposes: reportF1

(1)

This section applies where the Bank of England makes one or more resolution instruments under section 12A(2) in respect of a bank.

(2)

The Bank of England must, on request by the Treasury, report to the Chancellor of the Exchequer about—

(a)

the exercise of the power to make a resolution instrument under section 12A(2),

(b)

the activities of the bank, and

(c)

any other matters in relation to the bank that the Treasury may specify.

(3)

In relation to the matters in subsection (2)(a) and (b), the report must comply with any requirements that the Treasury may specify.

(4)

The Chancellor of the Exchequer must lay a copy of each report under subsection (2) before Parliament.

Annotations

F1: S. 80A inserted (31.12.2014) by Financial Services (Banking Reform) Act 2013 (c. 33), s. 148(5), Sch. 2 para. 25; S.I. 2014/3160, art. 2(1)(b)

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