9Specific conditions: temporary public ownershipU.K.
(1)The Treasury may exercise a stabilisation power in respect of a bank in accordance with section 13(2) only if satisfied that one of the following conditions is met.
(2)Condition A is that the exercise of the power is necessary to resolve or reduce a serious threat to the stability of the financial systems of the United Kingdom.
(3)Condition B is that exercise of the power is necessary to protect the public interest, where the Treasury have provided financial assistance in respect of the bank for the purpose of resolving or reducing a serious threat to the stability of the financial systems of the United Kingdom [F1or the Bank of England has provided extraordinary public financial support in respect of the bank].
(4)Before determining whether a condition is met the Treasury must consult—
[F2(a)the PRA,
(aa)the FCA, and]
(b)the Bank of England.
(5)The conditions in this section are in addition to the conditions in section 7.
Textual Amendments
F1Words in s. 9(3) inserted (1.1.2015) by The Bank Recovery and Resolution Order 2014 (S.I. 2014/3329), arts. 1(2), 17
F2S. 9(4)(a)(aa) substituted for s. 9(4)(a) (1.4.2013) by Financial Services Act 2012 (c. 21), s. 122(3), Sch. 17 para. 10 (with Sch. 20); S.I. 2013/423, art. 3, Sch.
Commencement Information
I1S. 9 in force at 21.2.2009 by S.I. 2009/296, art. 3, Sch. para. 1