Article 20 Bail-in option

Section 12A (bail-in option)^f1 is amended as follows.

In subsection (1) for “third” substitute “fourth”.

For subsection (2) substitute—

“(2)

The Bank of England may make one or more resolution instruments.

(2A)

A resolution instrument may contain provision or proposals of any kind mentioned in subsections (3) to (6).

(2B)

The power in subsection (2) must be exercised in accordance with section 12AA^f2.

(2C)

When the Bank of England exercise that power, at least one resolution instrument must include provision under section 48H(1) (business reorganisation plan)^f3.”.

In subsection (4)(a) for “bail-in administrator (see section 12B)” substitute “resolution administrator (see section 62B)^f4”.

In subsection (8), for “bail-in administrator” in both places substitute “resolution administrator”.