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Paragraph 3 Payments into the resolution fund

Original text. Later amendments are not shown.

(1)

The Bank of England must pay into the Dunfermline Resolution Account—

(a)

any distribution made to the Bank of England—

(i)

by the Bridge Bank (whether made following the disposal of some or all of the business of the Bridge Bank or otherwise);

(ii)

by a liquidator appointed to wind up the Bridge Bank;

(b)

any consideration received for shares in the Bridge Bank.

(2)

The Bank of England may require the Bridge Bank, a liquidator of the Bridge Bank or a purchaser of the shares in the Bridge Bank to make payment of amounts under paragraph (1) direct to the Dunfermline Resolution Account, and any such payment shall constitute a good discharge to the Bridge Bank, liquidator of the Bridge Bank or purchaser as the case may be.