Section 12AA(6)

The Bank may take the action required by subsection (1)(e) only if it converts or reduces the principal amount of any instruments referred to in subsection (1)(d) which contain— in accordance with those terms. terms that provide for the principal amount of the instrument to be reduced on the occurrence of any event that refers to the financial situation, solvency or levels of own funds of the bank, or terms that provide for the conversion of the instruments to shares on the occurrence of any such event,

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