There has been published on the legislation.gov.uk website the following statutory instruments relating to the UK implementation of the Bank Recovery and Resolution Directive:
- the Bank Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014. The Order ensures that the safeguards for set-off and netting arrangements, in relation to the Bank of England’s (BoE) powers under the special resolution regime, also apply in cases where the BoE uses its bail-in powers to make a partial property transfer; and
- the Banking Act 2009 (Mandatory Compensation Arrangements Following Bail-in) Regulations 2014. The Regulations provide for compensation in cases where the BoE exercises its bail-in powers.
Both the Order and the Regulations came into force on 1 January 2015.
View The Banking Act 2009 (Restriction of Special Bail-in Provision, etc.) Order 2014, 22 December 2014