[6C Mandatory reduction instruments: implementation of requirements of section 6B]
Banking Act 2009 (2009 c 1) | Legislation

[6C  Mandatory reduction instruments: implementation of requirements of section 6B]

[(1)     Where the principal amount of a relevant capital instrument [or a relevant internal liability] is reduced under section 6B—

(a)     the reduction must be permanent, subject to any provision made by virtue of section 48Y(1)(a);

(b)     no liability to the holder of the relevant capital instrument [or the relevant internal liability] remains under, or in connection with, so much of the amount of the instrument [or relevant internal liability] as constitutes the reduction, except for—

(i)     any liability already accrued in a case where the principal amount of the instrument [or relevant internal liability] is not reduced or converted (or both) to the full extent of its capacity, and

(ii)     any liability for damages that may arise as a result of any

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