[70C Suspension of termination rights]
Banking Act 2009 (2009 c 1) | Legislation

[70C  Suspension of termination rights]

[(1)     The Bank of England may suspend the termination right of any party to a qualifying contract (other than a party who is an excluded person).

(2)     A contract is a “qualifying contract” for the purpose of this section if—

(a)     one of the parties to the contract is a bank in respect of which the Bank is exercising a stabilisation power (a “bank under resolution”) and all the obligations under the contract to make a payment, make delivery or provide collateral continue to be performed, or

(b)     one of the parties to the contract is a subsidiary undertaking of a bank under resolution and the condition in subsection (3) is met.

(3)     The condition is that—

(a)     the obligations of the subsidiary undertaking are guaranteed or otherwise supported

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