Banking (Special Provisions) Act 2008
| Jurisdiction | UK Non-devolved |
| Citation | 2008 c. 2 |
(1) In this Act “authorised UK deposit-taker” means a UK undertaking that under Part 4 of FSMA 2000 has permission to accept deposits.(2) That expression does not, however, include such an undertaking with permission to accept deposits only for the purposes of, or in the course of, an activity other than accepting deposits.section 3 (transfer of securities issued by an authorised UK deposit-taker) , orsection 6 (transfer of property, rights and liabilities of an authorised UK deposit-taker) ,maintaining the stability of the UK financial system in circumstances where the Treasury consider that there would be a serious threat to its stability if the order were not made;protecting the public interest in circumstances where financial assistance has been provided by the Treasury to the deposit-taker for the purpose of maintaining the stability of the UK financial system.the Treasury have assumed a liability in respect of the assistance,the liability is of a kind of which the Treasury are expected to give relevant notice, andthe Treasury have given relevant notice of the liability;any case where the Chancellor of the Exchequer has announced that the Treasury (whether acting alone or with the Bank of England) would, if necessary, put in place relevant guarantee arrangements in relation to the deposit-taker (as well as any case where any such arrangements have been put in place, whether or not following such an announcement) .they lay a Minute before the House of Commons containing information about the liability, orthey give written notice containing such information to the person who chairs the House of Commons Committee of Public Accounts and the person who chairs the House of Commons Treasury Committee.(5) It is immaterial whether the notice or announcement mentioned in subsection (3) is given or made before or after the passing of this Act.(6) In this Act “relevant guarantee arrangements”, in relation to any authorised UK deposit-taker, means any guarantee arrangements for protecting some or all of the depositors or other creditors of the deposit-taker.(7) Where an order has been made under section 3 or 6 in relation to any authorised UK deposit-taker, subsection (1) does not apply in relation to any subsequent exercise of the power to make an order under either of those sections in relation to that deposit-taker.(8) The power of the Treasury to make an order under section 3 or 6 in relation to an authorised UK deposit-taker may not be exercised after the end of the period of one year beginning with the day on which this Act is passed.(9) Subsection (8) does not affect the continuation in force or effect of any order made or other thing done by virtue of either of those sections before the end of that period.(10) In this section “the UK financial system” means the financial system in the United Kingdom.the references in that section to that Act were to this Act, andthe references in that section to the House of Commons Committee of Public Accounts included the House of Commons Treasury Committee.the Bank of England;a nominee of the Treasury;a company wholly owned by the Bank of England or the Treasury;any body corporate not within paragraph (c) .(2) Schedule 1 specifies particular kinds of provisions that may be included in an order under this section.(3) Where an order providing for the transfer of any securities has been made under this section, the power to make an order under this section may be subsequently exercised so as to make provision in connection with, or in consequence of, the transfer (including provision of a kind specified in Schedule 1) even though the order does not itself provide for the transfer of any securities.(4) Where an order under this section or section 6 (“the initial order”) has been made in relation to an authorised UK deposit-taker, the power to make an order under this section may be subsequently exercised in relation to that deposit-taker whether or not any transfer of securities provided for by the order is to the person to whom any transfer was made by or under the initial order.(5) For the purposes of this section any provision made by an order under this section in relation to any transaction or event taking place while securities
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