OpenLegislation

Paragraph 17 Interpretation

Original text. Later amendments are not shown.

In this Schedule—

  • “bridge bank” is a company wholly owned by the Bank of England to which all or part of the business of a deposit-taking bank may be transferred in accordance with section 12 of the Act;

  • “residual bank” means the non-sold or non-transferred part of the deposit-taking bank which remains after a power in section 11 (sale to private sector purchaser) or section 12 (transfer to bridge bank) of the Act has been exercised in respect of that bank;

  • “Objective A” has the meaning set out in paragraph 3(1)(a);

  • “Objective A Achievement Notice” has the meaning set out in paragraph 3(3);

  • “private sector purchaser” means a commercial purchaser to whom part of the business of the deposit-taking bank is sold to in accordance with section 11 of the Act; and

  • “statement” means the statement of proposals drawn up in accordance with paragraph 7.