Section 89JA(9)

For section 48X (replacement of Bank's provisional valuation), substitute— Where the Bank of England has carried out a provisional valuation under section 6E(3) before making a property transfer instrument in relation to a UK branch, the Bank must arrange for the appointment of an independent valuer in accordance with section 62A to carry out a full valuation in accordance with this section as soon as reasonably practicable. The purpose of the valuation carried out under subsection (1) is to— ensure the full extent of any losses on the property and rights of the third-country institution which formed part of the business of the UK branch is recognised in the accounting records of the third-country institution, and inform a decision by the Bank as to whether— additional consideration should be paid by a bridge bank or asset management vehicle for any property, rights or liabilities transferred by the property transfer instrument, or the Bank should exercise the power under section 48Y(1) to increase a liability which has been reduced by the property transfer instrument. A valuation carried out under subsection (1) must comply with subsections (5) and (6) of section 6E, and be accompanied by the information required in subsection (7) of that section.

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