Paragraph 1 Banking Act 2009

The Banking Act 2009^f1 is amended as follows.

In section 3(1)^f2, for the definition of “extraordinary public financial support” substitute—

• ““extraordinary public financial support” means financial assistance that is provided by the Treasury or the Bank of England in order to preserve or restore the viability, liquidity or solvency of a bank, a banking group company or a group which includes a bank, other than—

  1. (a)

     ordinary market assistance offered by the Bank of England on its usual terms, or

  2. (b)

     a liquidity facility which is provided—

     1. (i)

        to a bank that is facing temporary liquidity problems but is solvent, and

     2. (ii)

        by the Bank of England on its own initiative and on its own terms,

  and for the purposes of this definition “group” (other than in “banking group company”) has the meaning given in subsection (2)(b);.”.

Omit section 145A^f3.

Omit section 256A^f4 (and the italic heading before it).