Section 64

This Chapter applies where the Bank, after consulting the appropriate regulator and having made an assessment of resolvability in accordance with Chapter 1, determines that there are substantive impediments to the resolvability of an institution (“the impediments”). In this Chapter— “determination” means a determination of a kind referred to in paragraph (1); “pre-resolution powers” means the powers conferred on the Bank by section 3A of the Banking Act 2009 (removal of impediments to the exercise of stabilisation powers etc); and “relevant proposals” means proposals which— are prepared by an institution to which notice is given under article 65; are for taking measures to address or remove the impediments including a timetable for doing so; and are required to be submitted by the institution within the response period. “response period” means— in a case where the institution does not... meet ... the minimum requirement for own funds and eligible liabilities in accordance with section 3A(4B) of the Banking Act, two weeks beginning with the date on which the institution received the notice; and in any other case, four months beginning with that date.

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