Section 70C(2)

A contract is a “qualifying contract” for the purpose of this section if— one of the parties to the contract is a bank in respect of which the Bank is exercising a stabilisation power (a “bank under resolution”) and all the obligations under the contract to make a payment, make delivery or provide collateral continue to be performed, or one of the parties to the contract is a subsidiary undertaking of a bank under resolution and the condition in subsection (3) is met.

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