Regulation 100 Determination of impracticality

(1)

An undertaking to which regulation 95 applies may determine that it is impracticable, whether legally or otherwise, to comply with the requirement in regulation 94(1) in relation to a particular contract.

(2)

An undertaking may not make a determination under paragraph (1) in relation to—

(a)

Additional Tier 1 instruments;

(b)

Tier 2 instruments;

(c)

debt instruments referred to in point (48)(ii) of Article 2(1) of the recovery and resolution directive, where those instruments are unsecured liabilities; or

(d)

any other liability which is not senior to the liabilities referred to in points (a), (b) and (c) of Article 108(2) and in Article 108(3) of the recovery and resolution directive.

(3)

Where a determination under paragraph (1) has been made, the undertaking must notify the Bank of England.

(4)

A notification under paragraph (3) must include—

(a)

the designation of the class of liability; and

(b)

justification of the determination.