OpenLegislation

Paragraph 19 Specific conditions: financial assistance casesI1I2

United Kingdom

(1)

In a financial assistance case, the Bank may exercise a stabilisation power in respect of the CCP concerned in accordance with paragraph 27, 29 or 30 only if satisfied that the condition in sub-paragraph (3) is met.

(2)

“Financial assistance case” means a case where the Treasury notify the Bank that they have provided financial assistance in respect of a CCP for the purpose of resolving or reducing a serious threat to the stability of the UK financial system.

(3)

The condition is that—

(a)

the Treasury have given a recommendation to the Bank to exercise the stabilisation power on the grounds that it is necessary in order to protect the public interest, and

(b)

the Bank considers that the exercise of the stabilisation power is an appropriate way to provide that protection.

(4)

The condition in this paragraph is in addition to the conditions in paragraph 17.

Annotations

Commencement

I1

Sch. 11 para. 19 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 19 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)