Schedule 11, Part 5, paragraph 111

The Bank may not exercise a stabilisation power in respect of a CCP without the Treasury’s consent if the exercise of that power would be likely to have implications for public funds. In sub-paragraph (1)— “public funds” means the Consolidated Fund and any other account or source of money which cannot be drawn or spent other than by, or with the authority of, the Treasury, and action has implications for public funds if it would or might involve or lead to a need for the application of public funds. The Treasury may by regulations specify considerations which are to be, or not to be, taken into account in determining whether action has implications for public funds for the purpose of sub-paragraph (1). If the Treasury refuse consent under sub-paragraph (1), the Bank must consider other exercises of the stabilisation powers with a view to— pursuing the special resolution objectives, and avoiding the objections on which the Treasury’s refusal was based. The Treasury may by notice to the Bank disapply sub-paragraph (4) in respect of a CCP; and a notice may be revoked by further notice. Regulations under this paragraph are subject to the negative procedure.

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