16 Contribution to costs of special resolution regime
Financial Services Act 2010 (2010 c 28) | Legislation

Financial Services Compensation Scheme

16  Contribution to costs of special resolution regime

(1)     In the Financial Services and Markets Act 2000, for section 214B substitute—

“214B Contribution to costs of special resolution regime

(1)     This section applies if—

(a)     a stabilisation power under Part 1 of the Banking Act 2009 has been exercised in respect of a bank, building society or credit union within the meaning of that Part (“the institution”); and

(b)     the Treasury think that the institution was or was likely to have been, or but for the exercise of the power would have become, unable to satisfy claims against it.

(2)     The Treasury may require the scheme manager to make payments (to the Treasury or any other person) in respect of expenses of a prescribed description incurred (by the Treasury or that person) in connection with the exercise of the power.

(3)     Subsection (2) is subject to section 214C (limit on amount of special resolution regime payments).

(4)     In subsection (2) “expenses” includes interest at a specified rate on the difference, at any time, between—

(a)     the total amount of expenses (including interest) incurred at or before that time; and

(b)     the total amount recovered, or

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