Article 11 Circumstances in which UK deposit-takers are not ring-fenced bodies

(1)

A UK deposit-taker is not a ring-fenced body if—

(a)

it carries out the regulated activity of effecting or carrying out contracts of insurance as principal in accordance with a permission under Part 4A of the 2000 Act;

(b)

it is a registered society, a Northern Ireland industrial and provident society or a Northern Ireland credit union; ;

(c)

it complies with the condition set out in paragraph (2) (the “relevant event condition”); or

(d)

it complies with the condition set out in article 12 (the “core deposit level condition”).

(2)

In relation to a UK deposit-taker, the relevant event condition is—

(a)

that the UK deposit-taker would not be a ring-fenced body but for the occurrence of a relevant event; and

(b)

not more than four years have passed since the date of that relevant event.

(3)

In this article “relevant event”, in relation to a UK deposit-taker, means an event of one of the following kinds—

(a)

as a result of a transfer effected by an instrument or order made under or in accordance with any provision of the Banking Act 2009^f1 the UK deposit-taker or a member of its group—

(i)

acquires property, rights or liabilities from another institution, or

(ii)

acquires securities issued by another institution;

(b)

any other power conferred by or as a result of Part 1 of the Banking Act 2009 is exercised in relation to the UK deposit-taker.

Annotations

Footnotes

f1: 2009 c. 1.