Section 78A(3)

If the Bank of England seeks the Treasury’s consent to the making of a mandatory reduction instrument or the exercise of a stabilisation power in accordance with section 78, the Bank must notify the Treasury in writing— whether or not the proposals involve action in relation to which a condition for financial assistance applies, and if the proposals do involve such action, whether or not the condition in question has been met.

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