(1) Where the Bank of England transfers all or part of a bank's business to a resolution company, the Bank must report to the Chancellor of the Exchequer about the activities of the resolution company.

(2) The first report must be made as soon as is reasonably practicable after the end of one year beginning with the date of the first transfer to the resolution company.

(3) A report must be made as soon as is reasonably practicable after the end of each subsequent year.

(4) The Chancellor of the Exchequer must lay a copy of each report under subsection (2) or (3) before Parliament.

(5) The Bank must comply with any request of the Treasury for a report dealing with specified matters in relation to a resolution company.

(6) A request under subsection (5) may include provision about -

(a) the content of the report;

(b) timing.