[6A Cases where mandatory write-down, conversion, etc applies]
Banking Act 2009 (2009 c 1) | Legislation

[Mandatory write-down, conversion etc of capital instruments]

[6A  Cases where mandatory write-down, conversion, etc applies]

[(1)     Section 6B applies in relation to a bank in the cases set out in subsections (2) to (6).

(2)     Case 1 is where—

(a)     the conditions imposed by sections 7 to 9 on the exercise of a stabilisation power in respect of the bank are met,

(b)     the Bank of England or the Treasury (as the case may be) has decided to exercise the power, and

(c)     section 12AA (mandatory write-down etc in bail-in cases) does not apply.

(3)     Case 2 is where—

(a)     the PRA is satisfied that Condition 1 in section 7 is met in respect of the bank, and

(b)     the Bank of England is satisfied that—

(i)     (ignoring section 6B) Condition 2 in section 7 is met, and

(ii)     that Condition will continue to be met unless the action required by section 6B is taken in respect of the bank.

(4)

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