Section 148

This section applies to bank administration following transfer to a resolution company. Within the period of 5 days beginning with the day on which the bank administrator is appointed, the Bank of England must give the bank administrator information about the financial positions of the residual bank and the resolution company. While the residual bank is in bank administration the resolution company must give the bank administrator on request information about the financial position of the resolution company that the bank administrator requires for the purposes of pursuing Objective 1 in section 137. Until the Bank of England has given an Objective 1 Achievement Notice, the bank administrator must— give the Bank of England information on request, allow the Bank of England access to records on request, give the resolution company information on request, allow the resolution company access to records on request, keep the Bank of England informed about, and allow the Bank to participate in, any discussions between the bank administrator and another person which relate to, or are likely to affect, pursuit of Objective 1 in section 137, and keep the resolution company informed about, and allow the resolution company to participate in, any discussions between the bank administrator and another person which relate to, or are likely to affect, pursuit of Objective 1 in section 137. The Treasury shall by regulations prescribe— the classes of information that must be provided under subsections (2) to (4), and the classes of record to which access must be allowed under subsection (4). Regulations under subsection (5)— shall be made by statutory instrument, and shall be subject to annulment in pursuance of a resolution of either House of Parliament.

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