Section 12AA(4)

When complying with subsection (1)(d) and (e), the Bank of England must allocate the losses represented by the shortfall amount equally between bail-in liabilities of the same rank by reducing the principal amount of, or outstanding amount payable in respect of, those bail-in liabilities to the same extent in proportion to their value, except where a different allocation of losses amongst liabilities of the same rank is allowed by virtue of section 48B(10) and (11).

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Source: legislation.gov.uk · retrieved 2026-09-04