# The Bank Recovery and Resolution Order 2014, Article 14: Specific conditions in section 8


For section 8 (specific conditions: private sector purchaser and bridge bank) substitute—
“Specific Condition: private sector purchaser, bridge bank or asset management vehicle
8. (1) In a financial assistance case, the Bank may exercise a stabilisation power in respect of the bank concerned in accordance with section 11(2), 12(2) or 12ZA(3) only with the approval of the Treasury.
(2) “Financial assistance case” means a case where the Treasury notify the Bank of England that they have provided financial assistance in respect of a bank for the purpose of resolving or reducing a serious threat to the stability of the financial systems of the United Kingdom.
(3) The condition in this section is in addition to the conditions in sections 7 and 8ZA.”

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Source: https://www.legislation.gov.uk/ukdsi/2014/9780111123782/article/14 (the official version)
Page: https://openlegislation.uk/draft-bank-recovery-and-resolution-order-2014/article-14
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.