Schedule 11, Part 5, paragraph 99(3)

The condition is that— the obligations of the subsidiary are guaranteed or otherwise supported by the CCP under resolution, the termination rights under the contract are triggered by the insolvency or the financial condition of the CCP under resolution, and if a property transfer instrument has been made in relation to the CCP under resolution— all the assets and liabilities relating to the contract have been or are being transferred to, or assumed by, a single transferee, or the Bank is providing adequate protection for the performance of the obligations of the subsidiary under the contract in any other way.

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