Section 150

This section applies where the Bank of England gives a bank administrator — an Objective 1 Achievement Notice in respect of a resolution company, and notice that Objective 1 is still required to be pursued in respect of a commercial purchaser who has acquired all or part of the business of the resolution company. An Objective 1 Achievement Notice accompanied by a notice under subsection (1)(b) is referred to in this Part as an Objective 1 Interim Achievement Notice. Where an Objective 1 Interim Achievement Notice is given, Objective 1 continues to apply— in accordance with section 138(3), and with the commercial purchaser being treated as the “private sector purchaser”. An Objective 1 Interim Achievement Notice in respect of the resolution company— has effect as between the bank administrator and the resolution company, but has no other effect for the purposes of provisions of this Part which refer to the giving of an Objective 1 Achievement Notice. When the Bank of England gives the bank administrator an Objective 1 Achievement Notice in respect of the commercial purchaser, section 139 and other provisions of this Part which refer to the giving of an Objective 1 Achievement Notice shall have effect.

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