Section 6B(3)

For the purposes of subsection (2), a mandatory reduction instrument may contain— provision cancelling existing Common Equity Tier 1 instruments of the bank, provision transferring (directly or indirectly), to holders of Additional Tier 1 instruments , Tier 2 instruments or relevant internal liabilities of the bank, Common Equity Tier 1 instruments of the bank, provision converting relevant capital instruments or relevant internal liabilities of the bank (directly or indirectly) into Common Equity Tier 1 instruments of the bank or a parent undertaking of the bank, provision cancelling a liability owed by the bank, provision modifying, or changing the form of, a liability owed by the bank, provision that a contract under which the bank has a liability is to have effect as if a specified right had been exercised under it.

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