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| | | (2) | Where the Treasury believes the disclosure of certain information in the report in |
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| | | subsection (1) would adversely affect achieving the special resolution regime |
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| | | objectives, that information may be withheld from publication for up to six |
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| | | months from the date on which the stabilisation powers were exercised, but must |
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| | | be published at the expiration of that period.’. |
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| | To move the following Clause:— |
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| | | ‘This Act shall cease to have effect on 26th November 2011.’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 1, line 18 [Clause 1], after ‘28,’, insert ‘29,’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 1, line 18 [Clause 1], after ‘30’, insert ‘, 31’. |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 1, line 19 [Clause 1], after ‘43,’, insert ‘44,’. |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 1, line 19 [Clause 1], leave out ‘and 45’ and insert ‘45 and 46’. |
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| | Page 3, line 34 [Clause 5], at end insert— |
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| | | ‘(aa) | how the interests of creditors will be taken into account in the use of the |
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| | | options set out in susection (1),’. |
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| | Page 4, line 2 [Clause 5], leave out ‘and’. |
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| | Page 4, line 3 [Clause 5], at end insert ‘, and |
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| | | (g) | the meaning of “financial stability”.’. |
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| | |
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| | Page 4, line 3 [Clause 5], at end insert ‘, and |
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| | | (g) | on the criteria by which the FSA will judge breach of threshold |
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| | Page 4, line 27 [Clause 7], leave out from ‘conditions’ to end of line 28 and insert |
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| | ‘(within the meaning of paragraph 4 of Schedule 6 to the Financial Services and Markets |
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| | Act 2000 (threshold conditions: adequate resources)).’. |
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| | Page 4, line 32 [Clause 7], at end insert— |
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| | | ‘(3A) | Condition 3 is that the FSA has consulted— |
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| | | (a) | the Bank of England to ensure that it will be able to exercise a |
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| | | stabilisation power under section 8, or |
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| | | (b) | the Treasury to ensure that it will be able to exercise its powers under |
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| | Page 6, line 36 [Clause 12], leave out paragraph (a). |
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| | Page 7, line 15 [Clause 12], at end insert— |
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| | | ‘(6) | The primary objective of a bridge bank shall be to facilitate the sale of a bank - in |
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| | | whole or in part - to one or more private sector purchasers, but if that is not |
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| | | feasible the bridge bank must be either— |
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| | | (a) | wound up in a manner that meets the special resolution regime objectives |
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| | | and is in the interests of the remaining creditors, or |
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| | | (b) | taken into temporary public ownership.’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 29, line 21 [Clause 60], leave out ‘is wound up’ and insert ‘enters |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 29, line 23 [Clause 60], leave out ‘been wound up’ and insert ‘entered |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 29 [Clause 60], leave out lines 31 and 32 and insert— |
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| | | ‘(c) | the reference to insolvency includes a reference to (i) liquidation, (ii) |
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| | | bank insolvency, (iii) administration, (iv) bank administration, (v) |
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| | | receivership, (vi) a composition with creditors, and (vii) a scheme of |
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| | Mr Chancellor of the Exchequer |
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| | Page 30 [Clause 60], leave out lines 12 and 13. |
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| | Mr Chancellor of the Exchequer |
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| | Page 30, line 32 [Clause 62], leave out ‘a company’ and insert ‘anything’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 30, line 32 [Clause 62], after ‘is’, insert ‘, or was immediately before the |
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| | Mr Chancellor of the Exchequer |
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| | Page 30, line 38 [Clause 62], at end insert ‘all or part of’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 30, line 42 [Clause 62], after ‘business’, insert ‘, or part of it,’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 31, line 41 [Clause 63], at end insert ‘, or part of it,’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 32, line 5 [Clause 64], leave out ‘a company’ and insert ‘anything’. |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 32, line 7 [Clause 64], at end insert ‘(whether or not it is also a group |
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| | undertaking in relation to the transferred bank immediately after the transfer),’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 32, line 24 [Clause 64], leave out ‘undertaking’ and insert ‘company’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 32, line 31 [Clause 64], at end insert— |
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| | | ‘(8) | The Bank of England may act under or by virtue of subsection (6) only with the |
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| | | consent of the Treasury.’. |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 33, line 6 [Clause 65], leave out ‘transferee to operate the transferred |
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| | business’ and insert ‘transferred bank to operate’. |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 33, line 40 [Clause 67], at end insert— |
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| | | ‘(4) | A reference in subsection (1) to obligations under a section includes a reference |
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| | | to obligations under that section as applied under section [Special resolution |
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| | | regime: Continuity obligations: onward property transfers] or [Special |
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| | | resolution regime: Continuity obligations: onward share transfers].’. |
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| | Page 36, line 5, leave out Clause 72. |
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| | Mr Chancellor of the Exchequer |
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| | Page 36, line 18 [Clause 72], after ‘enactment’, insert ‘(other than a provision |
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| | made by or under this Act)’. |
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| | Page 36, line 42 [Clause 72], at end insert— |
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| | | ‘(9) | No order under this section may amend this Act.’. |
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| | Page 36, line 42 [Clause 72], at end insert— |
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| | | ‘(9) | This section shall cease to have effect at the end of the period of two years |
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| | | beginning with the day on which this Act is passed.’. |
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| | Page 46, line 6 [Clause 93], at end insert— |
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| | | ‘(5) | Subsection (4) above does not take precedence over Schedule 6 to the Insolvency |
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| | Mr Chancellor of the Exchequer |
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| | Page 63, line 33 [Clause 119], at end insert— |
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| | | ‘(8) | Section 413(2) of the Insolvency Act 1986 (rules: duty to consult Insolvency |
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| | | Rules Committee) shall not apply to the first set of rules which is made in reliance |
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| | Mr Chancellor of the Exchequer |
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| | Page 83, line 41 [Clause 154], at end insert— |
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| | | ‘(6) | Section 413(2) of the Insolvency Act 1986 (rules: duty to consult Insolvency |
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| | | Rules Committee) shall not apply to the first set of rules which is made in reliance |
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| | Page 86, line 7, leave out Clause 164. |
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| | Page 86, line 24 [Clause 164], at end insert— |
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| | | ‘(da) | arrangements for institutions that have permission under part 4 of the |
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| | | Financial Services and Markets Act 2000 to carry out the regulated |
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| | | activity of accepting deposits (within the meaning of section 22 of the |
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| | | Act, taken with Schedule 2 and by order under section 22) but are not |
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| | | incorporated in, or formed under the law of, any part of the United |
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| | Page 87, line 12 [Clause 165], after ‘(2)’, insert ‘Subject to subsection (2A),’. |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 87, line 13 [Clause 165], leave out ‘contribute towards expenses connected’ |
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| | and insert ‘to make payments in connection’. |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 87, line 16 [Clause 165], leave out ‘contributions’ and insert ‘payments’. |
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| | Page 87, line 18 [Clause 165], at end insert— |
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| | | ‘(2A) | Prior to requiring the scheme manager to contribute towards the exercise of the |
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| | | stabilisation powers, the Treasury may require— |
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| | | (a) | a private sector purchaser to make a contribution where the option under |
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| | | sections 11 or 12 has been exercised, or |
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| | | (b) | the bank liquidator to make payment where a bank insolvency order has |
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| | | |
| | | (c) | the bank administrator to make a payment where a bank administration |
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| | Mr Chancellor of the Exchequer |
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| | Page 87, line 21 [Clause 165], leave out ‘contribute towards’ and insert ‘incur’. |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 87, line 23 [Clause 165], after ‘incurred’, insert ‘in connection with the |
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| | exercise of the stabilisation power’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 87, line 25 [Clause 165], leave out ‘contributed’ and insert ‘paid’. |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 87, line 27 [Clause 165], leave out ‘contributions’ and insert ‘payments’. |
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| | Mr Chancellor of the Exchequer |
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| | Page 88, line 3 [Clause 165], at end insert— |
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| | | ‘(5A) | Payments required to be made by the scheme by virtue of section [Special |
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| | | resolution regime: compensation: Sources of compensation of the Banking Act |
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| | | 2008 (special resolution regime: compensation) shall be treated for the purposes |
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| | | of subsection (4) as if required to be made under this section. |
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| | | (5B) | The regulations may include provision for payments (including payments under |
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| | | those provisions of the Banking Act 2008) to be made— |
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| | | (a) | before verification in accordance with subsection (3)(b), and |
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| | | (b) | before the calculation of the limit imposed by subsection (4), by |
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| | | reference to estimates of that limit and subject to any necessary later |
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| | Mr Chancellor of the Exchequer |
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| | | |
| | Page 88, line 11 [Clause 165], leave out ‘contributions’ and insert ‘payments’. |
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| | |
| | Mr Chancellor of the Exchequer |
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| | Page 95, line 19 [Clause 186], at end insert— |
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| | | ‘(2) | Before taking action under this Part in respect of a recognised inter-bank payment |
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| | | system the operator of which satisfies section 180(2), the Bank of England must |
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| | | |
| | | (3) | If the FSA gives the Bank of England notice that the FSA is considering taking |
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| | | action in respect of the operator of a recognised inter-bank payment system who |
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| | | satisfies section 180(2), the Bank may not take action under this Part in respect of |
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| | | (b) | the notice is withdrawn.’. |
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| | |
| | Mr Chancellor of the Exchequer |
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| | Page 96, line 17 [Clause 188], at end insert— |
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| | | ‘(8) | In the application of this section to Scotland— |
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| | | (a) | the reference to a justice of the peace includes a reference to a sheriff, and |
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| | | (b) | ignore subsection (7). |
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| | | (9) | In the application of this section to Northern Ireland— |
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| | | (a) | the reference to a justice of the peace is a reference to a lay magistrate, |
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| | | (b) | the reference to sections 15(5) to (8) and 16 of the Police and Criminal |
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| | | Evidence Act 1984 is a reference to the equivalent provisions of the |
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| | | Police and Criminal Evidence (Northern Ireland) Order 1989.’. |
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