99ObjectivesU.K.
This section has no associated Explanatory Notes
(1)A bank liquidator has two objectives.
(2)Objective 1 is to work with the FSCS so as to ensure that as soon as is reasonably practicable each eligible depositor—
(a)has the relevant account transferred to another financial institution, or
(b)receives payment from (or on behalf of) the FSCS.
(3)Objective 2 is to wind up the affairs of the bank so as to achieve the best result for the bank's creditors as a whole.
(4)Objective 1 takes precedence over Objective 2 (but the bank liquidator is obliged to begin working towards both objectives immediately upon appointment).
Commencement Information
I1S. 99 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 2