Section 7A

Where the Bank of England is considering the imposition of a requirement under section 3A(2), (4), (4B)(b), (5) or (6), the Bank must consult the PRA and the FCA, and have regard to the potential impact of the requirement on— the institution in question, the market for financial services within the United Kingdom, and the financial stability of the United Kingdom. Subsection (1) does not apply in relation to a requirement under section 3A(4) for a person to maintain (but not issue) a particular kind of bail-in liability. Where the Bank of England is considering the exercise of a stabilisation power in respect of a bank which is a member of a group, the Bank must have regard to— the need to minimise the effect of the exercise of the power on other undertakings in the same group, the need to minimise any adverse effects on the financial stability of the United Kingdom, and the potential effect of the exercise of the power on the financial stability of countries other than the United Kingdom (particularly those ... countries in which any member of that group is operating). In this section “group” has the meaning given by section 474 of the Companies Act 2006.

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