[F1Chapter 3 U.K. Special resolution action]

Transfer of propertyU.K.

44 [F2[F3Resolution company]: reverse] property transferU.K.

(1)This section applies where the Bank of England has made a property transfer instrument in accordance with section 12(2) [F4or 12ZA(3)] (“the original instrument”) providing for the transfer of property, rights or liabilities to a [F5resolution company].

(2)The Bank of England may make one or more [F5resolution company] reverse property transfer instruments in respect of property, rights or liabilities of the [F5resolution company].

(3)If the Bank of England makes an onward property transfer instrument under section 43 the Bank may make one or more [F5resolution company] reverse property transfer instruments in respect of property, rights or liabilities [F6of a transferee under the onward property transfer instrument (“the onward transferee”).]

(4)[F7A [F5resolution company] reverse] property transfer instrument is a property transfer instrument which—

(a)provides for transfer to the transferor under the original instrument (where subsection (2) applies);

(b)provides for transfer to the [F5resolution company] (where subsection (3) applies);

(c)makes other provision for the purposes of, or in connection with, the transfer of property, rights or liabilities that are, could be or could have been transferred under paragraph (a) or (b) (whether the transfer has been or is to be effected by that instrument or otherwise).

[F8(4A)The Bank of England must not make a [F5resolution company] reverse property transfer instrument unless—

(a)the onward transferee is—

(i)a company wholly owned by the Bank of England,

(ii)a company wholly owned by the Treasury, or

(iii)a company wholly owned by a nominee of the Treasury, or

(b)[F9the [F5resolution company] reverse] property transfer instrument is made with the written consent of the onward transferee.]

(5)Sections 7, 8[F10, 8ZA] and 52 do not apply to [F11a [F5resolution company] reverse] property transfer instrument (but it is to be treated in the same way as any other property transfer instrument for all other purposes including for the purposes of the application of a power under this Part).

(6)Before making [F12a [F5resolution company] reverse] property transfer instrument the Bank of England must consult—

[F13(a)the PRA,

(aa)the FCA, and]

(b)the Treasury.

(7)Section 42 applies where the Bank of England has made [F14a [F5resolution company] reverse] property transfer instrument.