[3A Removal of impediments to the exercise of stabilisation powers etc]
Banking Act 2009 (2009 c 1) | Legislation

[Chapter 2
Pre-resolution Powers of the Bank of England]

[3A  Removal of impediments to the exercise of stabilisation powers etc]

[(1)     In this section “relevant person” means—

(a)     an institution authorised for the purpose of the Financial Services and Markets Act 2000 by the PRA or FCA,

(b)     a parent of such an institution which—

(i)     is a financial holding company or a mixed financial holding company; and

(ii)     is established in, or formed under the law of any part of, the United Kingdom, or

(c)     a subsidiary of such an institution or of such a parent which—

(i)     is a financial institution authorised by the PRA or FCA, and

(ii)     is established in, or formed under the law of any part of, the United Kingdom.

(2)     The Bank of England may give directions to a relevant person requiring that person to take measures which, in the opinion of the Bank of England, are required to address impediments to—

(a)     the effective exercise of the stabilisation powers, or

(b)     the winding up of that person (whether by use of the bank insolvency procedure provided for under Part 2 of this Act or otherwise).

(3)     The power conferred

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