Section 82 Temporary public ownershipI1

United Kingdom

(1)

The Treasury may take a parent undertaking of a bank (the “holding company”) into temporary public ownership, in accordance with section 13(2), if the following conditions are met.

(2)

Condition 1 is that F1the PRA is satisfied that the general conditions for the exercise of a stabilisation power set out in section 7 are met in respect of the bank.

(3)

Condition 2 is that the Treasury are satisfied that it is necessary to take action in respect of the holding company for the purpose specified in Condition A or B of section 9.

(4)

Condition 3 is that the holding company is an undertaking incorporated in, or formed under the law of any part of, the United Kingdom.

(5)

Before determining whether Condition 2 is met the Treasury must consult—

(a)

F2the PRA,

(aa)

the FCA, and

(b)

the Bank of England.

(6)

Expressions used in this section have the same meaning as in the Companies Act 2006.

Annotations

Textual amendments

F1: Words in s. 82(2) substituted (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 27(2) (with Sch. 20); S.I. 2013/423, art. 3, Sch.
F2: S. 82(5)(a)(aa) substituted for s. 82(5)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 27(3) (with Sch. 20); S.I. 2013/423, art. 3, Sch.

Commencement

I1: S. 82 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1