Section 6C(1)

Where the principal amount of a relevant capital instrument or a relevant internal liability is reduced under section 6B— the reduction must be permanent, subject to any provision made by virtue of section 48Y(1)(a); no liability to the holder of the relevant capital instrument or the relevant internal liability remains under, or in connection with, so much of the amount of the instrument or relevant internal liability as constitutes the reduction, except for— any liability already accrued in a case where the principal amount of the instrument or the relevant internal liability is not reduced or converted (or both) to the full extent of its capacity, and any liability for damages that may arise as a result of any challenge to the legality of the exercise of the power of reduction; no compensation is to be paid to any holder of the relevant capital instrument or the relevant internal liability other than in accordance with subsection (4).

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