Section 7(5C)

For the purposes of Condition 1, a bank is failing or likely to fail if— it is failing, or is likely to fail, to satisfy the threshold conditions in circumstances where that failure would justify the variation or cancellation by the PRA under section 55J of the Financial Services and Markets Act 2000 of the bank’s permission under Part 4A of that Act to carry on one or more regulated activities, the value of the assets of the bank determined is less than the amount of its liabilities, the bank is unable to pay its debts or other liabilities as they fall due, paragraph (b) or (c) (or both) will, in the near future, apply to the bank, or extraordinary public financial support is required in respect of the bank and subsection (5E) does not apply to that support.

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