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AI Summary of 8. Specific Condition: private sector purchaser, bridge bank or asset management vehicle

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 January 2015 - onwards
Version 5 of 5

8. Specific Condition: private sector purchaser, bridge bank or asset management vehicle

(1) In a financial assistance case, the Bank may exercise a stabilisation power in respect of the bank concerned in accordance with section 11(2), 12(2) or 12ZA(3) only with the approval of the Treasury.

(2) "Financial assistance case" means a case where the Treasury notify the Bank of England that they have provided financial assistance in respect of a bank for the purpose of resolving or reducing a serious threat to the stability of the financial systems of the United Kingdom.

(3) The condition in this section is in addition to the conditions in sections 7 and 8ZA.

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