Section 81D Interpretation: “banking group company” &c.F1

United Kingdom

(1)

In this Part “banking group company” means an undertaking—

(a)

which is (or, but for the exercise of a stabilisation power, would be) in the same group as a bank F2F3... or third-country institution (within the meaning of section F481AA(14)), and

(b)

in respect of which any conditions specified in an order made by the Treasury are met.

(2)

An order may require the Bank of England to consult specified persons before determining whether the conditions are met.

(3)

An order—

(a)

is to be made by statutory instrument, and

(b)

may not be made unless a draft has been laid before and approved by resolution of each House of Parliament.

(4)

If an order contains a statement that the Treasury are of the opinion that, by reason of urgency, it is necessary to make the order without complying with subsection (3)(b)—

(a)

the order may be made, and

(b)

the order lapses unless approved by resolution of each House of Parliament during the period of 28 days (ignoring periods of dissolution, prorogation or adjournment of either House for more than 4 days) beginning with the day on which the order is made.

(5)

The lapse of an order under subsection (4)(b)—

(a)

does not invalidate anything done under or in reliance on the order before the lapse and at a time when neither House has declined to approve the order, and

(b)

does not prevent the making of a new order (in new terms).

(6)

Undertakings are in the same group for the purposes of sections F581AA to 81CA and this section if they are group undertakings in respect of each other.

(7)

Expressions defined in the Companies Act 2006 have the same meaning in F6sections 81B to 81CA and this section as in that Act.