Schedule 11, Part 5, paragraph 26

Where the independent valuation carried out under paragraph 23(1) produces a higher valuation of the net asset value of the CCP than a provisional valuation carried out under paragraph 22(4), the Bank may— modify any liability of the CCP which has been reduced, deferred or cancelled by a write-down instrument so as to increase or reinstate that liability, or instruct a bridge central counterparty to pay additional consideration— to the CCP for any property, rights or liabilities transferred to the bridge central counterparty by a property transfer instrument, or to the previous holders of securities issued by the CCP for any securities transferred to the bridge central counterparty by a share transfer instrument. The power in sub-paragraph (1)(a)— may not be exercised so as to increase the value of the liability beyond the value it would have had if the write-down instrument which reduced, cancelled or deferred it had not been made, and must be exercised by a resolution instrument (whether or not that instrument contains any other provision authorised by this Schedule).

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