Section 48Y(2)

The power in subsection (1)(a)— may not be exercised so as to increase the value of the liability beyond the value it would have had if the resolution instrument which reduced, cancelled or deferred it had not been made, and must be exercised by a mandatory reduction instrument or supplemental resolution instrument (whether or not that instrument contains any other provision authorised by this Part).

← 1 · All articles · 48Z →

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