OpenLegislation

Paragraph 72 Transfer of ownership: reverse property transferI1I2

United Kingdom

(1)

This paragraph applies where the Bank has made a property transfer instrument in accordance with paragraph 71(2) (“the original instrument”).

(2)

The Bank may make one or more reverse property transfer instruments in respect of property, rights and liabilities of the transferee under the original instrument.

(3)

A reverse property transfer instrument is a property transfer instrument which—

(a)

provides for transfer to the transferor under the original instrument;

(b)

makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities which are, could be or could have been transferred.

(4)

The Bank must not make a reverse property transfer instrument unless—

(a)

the transferee under the original instrument is—

(i)

the Bank,

(ii)

a company wholly owned by the Bank or the Treasury, or

(iii)

a nominee of the Treasury, or

(b)

the reverse property transfer instrument is made with the written consent of the transferee under the original instrument.

(5)

Paragraphs 17 and 19 do not apply to a reverse property transfer instrument made in accordance with this paragraph.

(6)

Before making a reverse property transfer instrument in accordance with this paragraph, the Bank must consult—

(a)

if the CCP is a PRA-authorised person, the PRA, and

(b)

the FCA.

(7)

Paragraph 64 applies where the Bank has made a reverse property transfer instrument in accordance with this paragraph.

Annotations

Commencement

I1

Sch. 11 para. 72 not in force at Royal Assent, see s. 86(3)

I2

Sch. 11 para. 72 in force at 31.12.2023 by S.I. 2023/1382, reg. 8(b)