Part 3U.K.Bank Administration

ProcessU.K.

148Sharing informationU.K.

(1)This section applies to bank administration following transfer to a [F1resolution company].

(2)Within the period of 5 days beginning with the day on which the bank administrator is appointed, the Bank of England must give the bank administrator information about the financial positions of the residual bank and the [F1resolution company].

(3)While the residual bank is in bank administration the [F1resolution company] must give the bank administrator on request information about the financial position of the [F1resolution company] that the bank administrator requires for the purposes of pursuing Objective 1 in section 137.

(4)Until the Bank of England has given an Objective 1 Achievement Notice, the bank administrator must—

(a)give the Bank of England information on request,

(b)allow the Bank of England access to records on request,

(c)give the [F1resolution company] information on request,

(d)allow the [F1resolution company] access to records on request,

(e)keep the Bank of England informed about, and allow the Bank to participate in, any discussions between the bank administrator and another person which relate to, or are likely to affect, pursuit of Objective 1 in section 137, and

(f)keep the [F1resolution company] informed about, and allow the [F1resolution company] to participate in, any discussions between the bank administrator and another person which relate to, or are likely to affect, pursuit of Objective 1 in section 137.

(5)The Treasury shall by regulations prescribe—

(a)the classes of information that must be provided under subsections (2) to (4), and

(b)the classes of record to which access must be allowed under subsection (4).

(6)Regulations under subsection (5)—

(a)shall be made by statutory instrument, and

(b)shall be subject to annulment in pursuance of a resolution of either House of Parliament.