[48B Special bail-in provision]
Banking Act 2009 (2009 c 1) | Legislation

[Bail-in option]

[48B  Special bail-in provision]

[(1)     “Special bail-in provision”, in relation to a bank, means any of the following (or any combination of the following)—

(a)     provision cancelling a liability owed by the bank;

(b)     provision modifying, or changing the form of, a liability owed by the bank;

(c)     provision that a contract under which the bank has a liability is to have effect as if a specified right had been exercised under it.

(2)     “Special bail-in provision”, in relation to a bank, also includes any associated provision (see subsection (3)) that the Bank of England may think it appropriate to make in consequence of any provision under subsection (1) that—

(a)     is made in the same resolution instrument, or

(b)     has been made in another resolution instrument in respect of the bank.

(3)     “Associated provision” means provision cancelling or modifying a contract under which a banking group company has a liability.

(4)     A power to make special bail-in provision—

(a)     may be exercised only for the purpose of, or in connection with, reducing, deferring or cancelling a liability of the bank;

(b)     may not be exercised so as to affect any excluded liability.

(5)

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