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Banking Act 2009

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This is the original version (as it was originally enacted).

  1. Introductory Text

  2. Part 1 Special Resolution Regime

    1. Introduction

      1. 1.Overview

      2. 2.Interpretation: “bank”

      3. 3.Interpretation: other expressions

    2. Objectives and code

      1. 4.Special resolution objectives

      2. 5.Code of practice

      3. 6.Code of practice: procedure

    3. Exercise of powers: general

      1. 7.General conditions

      2. 8.Specific conditions: private sector purchaser and bridge bank

      3. 9.Specific conditions: temporary public ownership

      4. 10.Banking Liaison Panel

    4. The stabilisation options

      1. 11.Private sector purchaser

      2. 12.Bridge bank

      3. 13.Temporary public ownership

    5. Transfer of securities

      1. 14.Interpretation: “securities”

      2. 15.Share transfer instrument

      3. 16.Share transfer order

      4. 17.Effect

      5. 18.Continuity

      6. 19.Conversion and delisting

      7. 20.Directors

      8. 21.Ancillary instruments: production, registration, &c.

      9. 22.Termination rights, &c.

      10. 23.Incidental provision

      11. 24.Procedure: instruments

      12. 25.Procedure: orders

      13. 26.Supplemental instruments

      14. 27.Supplemental orders

      15. 28.Onward transfer

      16. 29.Reverse share transfer

      17. 30.Bridge bank: share transfers

      18. 31.Bridge bank: reverse share transfer

      19. 32.Interpretation: general

    6. Transfer of property

      1. 33.Property transfer instrument

      2. 34.Effect

      3. 35.Transferable property

      4. 36.Continuity

      5. 37.Licences

      6. 38.Termination rights, &c.

      7. 39.Foreign property

      8. 40.Incidental provision

      9. 41.Procedure

      10. 42.Supplemental instruments

      11. 43.Onward transfer

      12. 44.Reverse property transfer

      13. 45.Temporary public ownership: property transfer

      14. 46.Temporary public ownership: reverse property transfer

      15. 47.Restriction of partial transfers

      16. 48.Power to protect certain interests

    7. Compensation

      1. 49.Orders

      2. 50.Sale to private sector purchaser

      3. 51.Transfer to temporary public ownership

      4. 52.Transfer to bridge bank

      5. 53.Onward and reverse transfers

      6. 54.Independent valuer

      7. 55.Independent valuer: supplemental

      8. 56.Independent valuer: money

      9. 57.Valuation principles

      10. 58.Resolution fund

      11. 59.Third party compensation: discretionary provision

      12. 60.Third party compensation: mandatory provision

      13. 61.Sources of compensation

      14. 62.Procedure

    8. Incidental functions

      1. 63.General continuity obligation: property transfers

      2. 64.Special continuity obligations: property transfers

      3. 65.Continuity obligations: onward property transfers

      4. 66.General continuity obligation: share transfers

      5. 67.Special continuity obligations: share transfers

      6. 68.Continuity obligations: onward share transfers

      7. 69.Continuity obligations: consideration and terms

      8. 70.Continuity obligations: termination

      9. 71.Pensions

      10. 72.Enforcement

      11. 73.Disputes

      12. 74.Tax

      13. 75.Power to change law

    9. Treasury

      1. 76.International obligation notice: general

      2. 77.International obligation notice: bridge bank

      3. 78.Public funds: general

      4. 79.Public funds: bridge bank

      5. 80.Bridge bank: report

      6. 81.Temporary public ownership: report

    10. Holding companies

      1. 82.Temporary public ownership

      2. 83.Supplemental

    11. Building societies, &c.

      1. 84.Application of Part 1: general

      2. 85.Temporary public ownership

      3. 86.Distribution of assets on dissolution or winding up

      4. 87.Interpretation

      5. 88.Consequential provision

      6. 89.Credit unions

  3. Part 2 Bank Insolvency

    1. Introduction

      1. 90.Overview

      2. 91.Interpretation: “bank”

      3. 92.Interpretation: “the court”

      4. 93.Interpretation: other expressions

    2. Bank insolvency order

      1. 94.The order

      2. 95.Application

      3. 96.Grounds for applying

      4. 97.Grounds for making

      5. 98.Commencement

    3. Process of bank liquidation

      1. 99.Objectives

      2. 100.Liquidation committee

      3. 101.Liquidation committee: supplemental

      4. 102.Objective 1: (a) or (b)?

      5. 103.General powers, duties and effect

      6. 104.Additional general powers

      7. 105.Status of bank liquidator

    4. Tenure of bank liquidator

      1. 106.Term of appointment

      2. 107.Resignation

      3. 108.Removal by court

      4. 109.Removal by creditors

      5. 110.Disqualification

      6. 111.Release

      7. 112.Replacement

    5. Termination of process, &c.

      1. 113.Company voluntary arrangement

      2. 114.Administration

      3. 115.Dissolution

      4. 116.Dissolution: supplemental

    6. Other processes

      1. 117.Bank insolvency as alternative order

      2. 118.Voluntary winding-up

      3. 119.Exclusion of other procedures

      4. 120.Notice to FSA of preliminary steps

      5. 121.Disqualification of directors

      6. 122.Application of insolvency law

    7. Miscellaneous

      1. 123.Role of FSCS

      2. 124.Transfer of accounts

      3. 125.Rules

      4. 126.Fees

      5. 127.Insolvency Services Account

      6. 128.Evidence

      7. 129.Co-operation between courts

      8. 130.Building societies

      9. 131.Credit unions

      10. 132.Partnerships

      11. 133.Scottish partnerships

      12. 134.Northern Ireland

      13. 135.Consequential provision

  4. Part 3 Bank Administration

    1. Introduction

      1. 136.Overview

      2. 137.Objectives

      3. 138.Objective 1: supporting private sector purchaser or bridge bank

      4. 139.Objective 1: duration

      5. 140.Objective 2: “normal” administration

    2. Process

      1. 141.Bank administration order

      2. 142.Application

      3. 143.Grounds for applying

      4. 144.Grounds for making

      5. 145.General powers, duties and effect

      6. 146.Status of bank administrator

      7. 147.Administrator’s proposals

      8. 148.Sharing information

    3. Multiple transfers

      1. 149.General application of this Part

      2. 150.Bridge bank to private purchaser

      3. 151.Property transfer from bridge bank

      4. 152.Property transfer from temporary public ownership

    4. Termination

      1. 153.Successful rescue

      2. 154.Winding-up or voluntary arrangement

    5. Miscellaneous

      1. 155.Disqualification of directors

      2. 156.Application of other law

      3. 157.Other processes

      4. 158.Building societies

      5. 159.Credit unions

      6. 160.Rules

      7. 161.Fees

      8. 162.Evidence

      9. 163.Partnerships

      10. 164.Scottish partnerships

      11. 165.Co-operation between courts

      12. 166.Interpretation: general

      13. 167.Northern Ireland

      14. 168.Consequential provision

  5. Part 4 Financial Services Compensation Scheme

    1. 169.Overview

    2. 170.Contingency funding

    3. 171.Special resolution regime

    4. 172.Investing in National Loans Fund

    5. 173.Borrowing from National Loans Fund

    6. 174.Procedure for claims

    7. 175.Rights in insolvency

    8. 176.Information

    9. 177.Payments in error

    10. 178.Regulations

    11. 179.Delegation of functions

    12. 180.Functions under this Act

  6. Part 5 Inter-Bank Payment Systems

    1. Introduction

      1. 181.Overview

      2. 182.Interpretation: “inter-bank payment system”

      3. 183.Interpretation: other expressions

    2. Recognised systems

      1. 184.Recognition order

      2. 185.Recognition criteria

      3. 186.Procedure

      4. 187.De-recognition

    3. Regulation

      1. 188.Principles

      2. 189.Codes of practice

      3. 190.System rules

      4. 191.Directions

      5. 192.Role of FSA

    4. Enforcement

      1. 193.Inspection

      2. 194.Inspection: warrant

      3. 195.Independent report

      4. 196.Compliance failure

      5. 197.Publication

      6. 198.Penalty

      7. 199.Closure

      8. 200.Management disqualification

      9. 201.Warning

      10. 202.Appeal

    5. Miscellaneous

      1. 203.Fees

      2. 204.Information

      3. 205.Pretending to be recognised

      4. 206.Saving for informal oversight

  7. Part 6 Banknotes: Scotland and Northern Ireland

    1. Introduction

      1. 207.Overview

    2. Key terms

      1. 208.“Banknote”

      2. 209.“Issue”

      3. 210.“Authorised bank”

      4. 211.“Commencement”

    3. Authorisation to issue

      1. 212.Repeal of old authorising enactments

      2. 213.Saving for existing issuers

      3. 214.Consequential repeals and amendments

    4. Regulations and rules

      1. 215.Banknote regulations

      2. 216.Banknote rules

    5. Specific issues

      1. 217.Backing assets

      2. 218.Information

      3. 219.Ceasing the business of issuing notes

      4. 220.Insolvency, &c.

    6. Enforcement

      1. 221.Offence: unlawful issue

      2. 222.Financial penalty

      3. 223.Termination of right to issue

      4. 224.Application to court

    7. Bank of England

      1. 225.Organisation

      2. 226.Discretionary functions

      3. 227.Exemption

  8. Part 7 Miscellaneous

    1. Treasury support for banks

      1. 228.Consolidated Fund

      2. 229.National Loans Fund

      3. 230.“Financial institution”

      4. 231.Reports

    2. Investment banks

      1. 232.Definition

      2. 233.Insolvency regulations

      3. 234.Regulations: details

      4. 235.Regulations: procedure

      5. 236.Review

    3. Banking (Special Provisions) Act 2008

      1. 237.Compensation: valuer

    4. Bank of England

      1. 238.UK financial stability

      2. 239.Number of directors

      3. 240.Meetings

      4. 241.Chair of court

      5. 242.Quorum

      6. 243.Tenure

      7. 244.Immunity

      8. 245.Weekly return

      9. 246.Information

      10. 247.Bank of England Act 1946

    5. Financial Services Authority

      1. 248.Variation of permission

      2. 249.Functions

      3. 250.Information

    6. Central banks

      1. 251.Financial assistance to building societies

      2. 252.Registration of charges

      3. 253.Registration of charges: Scotland

    7. Funds attached rule (Scotland)

      1. 254.Abolition for cheques

    8. Financial collateral arrangements

      1. 255.Regulations

      2. 256.Supplemental

  9. Part 8 General

    1. 257.“Financial assistance”

    2. 258.“Enactment”

    3. 259.Statutory instruments

    4. 260.Money

    5. 261.Index of defined terms

    6. 262.Repeal

    7. 263.Commencement

    8. 264.Extent

    9. 265.Short title

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