Section 89JA(10)

For section 48Y (consequences of a replacement valuation)— Where the independent valuation carried out under section 48X(1) produces a higher valuation of the net asset value of the business of the UK branch transferred by the property transfer instrument than the provisional valuation carried out under section 6E(3), the Bank of England may— modify any liability of the third-country institution which has been reduced or deferred by the property transfer instrument so as to increase or reinstate that liability; or instruct a resolution company to pay additional consideration to the third-country institution for any property, rights or liabilities transferred to the resolution company by a property transfer instrument. The power in subsection (1)(a)— may not be exercised so as to increase the value of the liability beyond the value it would have had if the property transfer instrument which reduced or deferred it had not been made, and must be exercised by a supplemental property transfer instrument (whether or not that instrument contains any other provision authorised by this Part).

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