Section 48B(8)
The following liabilities of the bank are the excluded liabilities referred to in subsection (7A)(a) — liabilities representing protected deposits; any liability, so far as it is secured; liabilities that the bank has by virtue of holding client assets; liabilities with an original maturity of less than 7 days owed by the bank to a credit institution or investment firm; liabilities with a remaining maturity of less than 7 days arising from participation in designated settlement systems and owed to such systems or to operators of, or participants in, such systems; liabilities with a remaining maturity of less than 7 days owed by the bank to a recognised central counterparty ... or a third country central counterparty; . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . liabilities owed to an employee or former employee in relation to salary or other remuneration, except — variable remuneration that is not regulated by a collective bargaining agreement, and variable remuneration of material risk takers within the meaning of rule 3 of Part 152 (remuneration) of the PRA rulebook (other than persons deemed by virtue of rule 3.2 not to be material risk takers and notified to the PRA in accordance with rule 3.2); liabilities owed to a pension scheme, except for liabilities owed in connection with variable remuneration of the kind mentioned in paragraph (g)(i) or (ii), liabilities owed to creditors arising from the provision to the bank of goods or services (other than financial services) that are critical to the daily functioning of the bank's operations. liabilities owed by the bank to the scheme manager of the FSCS in relation to levies imposed by the scheme manager under section 213(3)(b) of the Financial Services and Markets Act 2000; liabilities owed by the bank to another bank or a banking group company which (in either case)— where the liabilities do not rank below ordinary non-preferential debts under the hierarchy of claims in normal insolvency proceedings. is part of the same resolution group as the bank, and is not itself a resolution entity,
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Source: legislation.gov.uk · retrieved 2026-09-04