[81ZZBB Assessment of conditions for section 81ZZBA]
Banking Act 2009 (2009 c 1) | Legislation

[81ZZBB  Assessment of conditions for section 81ZZBA]

[(1)     This section applies for the purposes of section 81ZZBA.

(2)     The PRA must treat Condition 3 as met if satisfied that it would be met but for financial assistance provided by—

(a)     the Treasury, or

(b)     the Bank of England,

disregarding ordinary market assistance offered by the Bank of England on its usual terms.

(3)     The Bank of England must treat Condition 4 as met if satisfied that it would be met but for financial assistance of the kind mentioned in subsection (2).

(4)     For the purposes of Condition 3, a banking group company is failing or likely to fail if—

(a)     it is contravening or likely to contravene a regulatory requirement where that contravention is serious in nature or directly related to a deterioration in the financial situation of the banking group company which threatens the viability of—

(i)     the banking group company,

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