# The Bank Recovery and Resolution Order 2014, Article 85: Duty of Bank of England to notify Treasury


After section 78 insert—
“Pre-conditions for financial assistance: duty of Bank to give information
78A. (1) The Treasury may at any time require the Bank of England to inform them in writing whether or not a condition for financial assistance has been met in relation to a particular bank.
(2) “Condition for financial assistance” means a condition specified in—
(a) Article 37(10)(a) (financial assistance through government stabilisation tools), or
(b) Article 44(5)(a) (contributions to institution from resolution financing arrangement where eligible liabilities have been excluded from bail-in),
of the recovery and resolution directive.
(3) If the Bank of England seeks the Treasury’s consent to the making of a mandatory reduction instrument or the exercise of a stabilisation power in accordance with section 78, the Bank must notify the Treasury in writing—
(a) whether or not the proposals involve action in relation to which a condition for financial assistance applies, and
(b) if the proposals do involve such action, whether or not the condition in question has been met.”.

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Source: https://www.legislation.gov.uk/ukdsi/2014/9780111123782/article/85 (the official version)
Page: https://openlegislation.uk/draft-bank-recovery-and-resolution-order-2014/article-85
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.