[81AA Cases where mandatory write-down, conversion etc applies: banking group companies]
Banking Act 2009 (2009 c 1) | Legislation

[Groups]

[81AA  Cases where mandatory write-down, conversion etc applies: banking group companies]

[(1)     Section 6B (mandatory write-down, conversion, etc of capital instruments [and relevant internal liabilities]) applies in relation to a banking group company in the cases set out in subsections (2), (4)[, (8) and (8A)].

(2)     Case 1 is where—

(a)     the conditions imposed by section 81B or 81ZBA on the exercise of a stabilisation power in accordance with section 11(2), 12(2) or 12ZA(3) are met in respect of the banking group company,

(b)     the Bank of England has decided to exercise the stabilisation power,

(c)     if the banking group company—

(i)     is a financial institution which is a subsidiary of an institution (within the meaning of [Article 4.1A of the capital requirements regulation]) (“the parent institution”), but

(ii)     is not an entity within [subsection (2A)],

the requirements of subsection (3) are met, and

(d)     section 12AA (mandatory write-down etc in bail-in cases) does not apply in relation to the banking group company by virtue of the exercise of a power under section 81BA (bail-in: banking group company).

[(2A)     The entities covered by subsection (2)(c)(ii) are—

(a)     an entity of any of the following kinds which

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