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Banking Act 2009 (c. 1)Introductory TextPart 1 Special Resolution Regime (ss. 1-89M)Chapter 1 Introduction (ss. 1-3)1. Overview2. Interpretation: "bank"3. Interpretation: other expressionsChapter 2 Pre-resolution powers of the Bank of England (ss. 3A-3B)3A. Removal of impediments to the exercise of stabilisation powers etc3B. Safeguards relating to directions under section 3AChapter 3 Special resolution action (ss. 4-83)Objectives and code (ss. 4-6)4. Special resolution objectives5. Code of practice6. Code of practice: procedureMandatory write-down, conversion etc of capital instruments (ss. 6A-6D)6A. Cases where mandatory write-down, conversion, etc applies6B. Mandatory write-down, conversion, etc of capital instruments and liabilities6C. Mandatory reduction instruments: implementation of requirements of section 6B6D. Mandatory reduction instruments: supplementary mattersValuation before mandatory write-down of capital or stabilisation action (s. 6E)6E. Pre-resolution valuationExercise of powers: general (ss. 7-10)7. General conditions7A. Effect on other group members, financial stability in UK etc8. Specific Condition: private sector purchaser, bridge bank or asset management vehicle8ZA. Specific conditions: asset management vehicle8A. Specific condition: bail-in9. Specific conditions: temporary public ownership10. Banking Liaison PanelThe stabilisation options (ss. 11-13)11. Private sector purchaser11A. Private sector purchaser: marketing12. Bridge bank12ZA. Asset management vehicle12A. Bail-in option12AA. Bail-in: sequence of write-down and conversion of capital instruments and liabilities12B. Bail-in administrators13. Temporary public ownershipTransfer of securities (ss. 14-32)14. Interpretation: "securities"15. Share transfer instrument16. Share transfer order17. Effect18. Continuity19. Conversion and delisting20. Directors and senior managers21. Ancillary instruments: production, registration, &c.22. Termination rights, &c.23. Incidental provision24. Procedure: instruments25. Procedure: orders26. Supplemental instruments26ZA. Onward share transfer instruments26A. Reverse share transfer instruments27. Supplemental orders28. Onward transfer29. Reverse share transfer orders29A. Interpretation: "resolution company"30. Resolution company: share transfers31. Resolution company: reverse share transfer32. Interpretation: generalTransfer of property (ss. 33-48)33. Property transfer instrument34. Effect35. Transferable property36. Continuity36A. Directors and senior managers37. Licences38. Termination rights, &c.39. Foreign property39A. Banks which are clearing houses39B. Property transfer instrument: delisting40. Incidental provision41. Procedure41A. Transfer of property subsequent to resolution instrument42. Supplemental instruments42A. Private sector purchaser: reverse property transfer43. Onward transfer44. Resolution company: reverse property transfer44A. Bail in: reverse property transfer44B. Property transfer instruments: special bail-in provision44BA. Property transfer instruments and special bail-in provision: supplementary matters44C. Report on special bail-in provision44D. Bridge bank: supplemental property transfer powers44E. Bridge bank: supplemental reverse property transfer powers45. Temporary public ownership: property transfer46. Temporary public ownership: reverse property transfer47. Restriction of partial transfers48. Power to protect certain interests48A. Creation of liabilitiesBail-in option (ss. 48B-48W)48B. Special bail-in provision48C. Meaning of "protected deposit"48D. General interpretation of section 48B48E. Report on special bail-in provision48F. Power to amend definition of "excluded liabilities"48G. Priority between creditors48H. Business reorganisation plans48I. Bail-in administrator: further functions48J. Bail-in administrator: supplementary48K. Bail-in administrator: money48L. Powers in relation to securities48M. Termination rights, etc48N. Directors and senior managers48O. Directions in or under resolution instrument48P. Orders for safeguarding certain financial arrangements48Q. Continuity48R. Execution and registration of instruments etc48S. Resolution instruments: general matters48T. Procedure48U. Supplemental resolution instruments48V. Onward transfer48W. Reverse transfer48WA. Bail-in option: recovery of expensesReplacement of provisional valuation (ss. 48X-48Y)48X. Replacement of Bank's provisional valuation48Y. Consequences of a replacement valuationTermination rights etc (s. 48Z)48Z. Termination rights etcCompensation (ss. 49-62)49. Orders50. Sale to private sector purchaser51. Transfer to temporary public ownership52. Transfer to resolution company52A. Bail-in option53. Onward and reverse transfers etc54. Independent valuer: compensation scheme order or bail-in compensation order55. Independent valuer: supplemental56. Independent valuer: money57. Valuation principles58. Resolution fund59. Third party compensation: discretionary provision60. Third party compensation: mandatory provision60A. Further mandatory provision: bail-in provision60B. Principle of no less favourable treatment61. Sources of compensation62. ProcedureIndependent valuer: valuation under section 6E or 48X (s. 62A)62A. Independent valuer: sections 6E and 48XResolution administrator (ss. 62B-62E)62B. Resolution administrator62C. Resolution administrator: further functions62D. Resolution administrator: supplementary62E. Resolution administrator: moneyIncidental functions (ss. 63-75)63. General continuity obligation: property transfers64. Special continuity obligations: property transfers65. Continuity obligations: onward property transfers66. General continuity obligation: share transfers67. Special continuity obligations: share transfers68. Continuity obligations: onward share transfers69. Continuity obligations: consideration and terms70. Continuity obligations: termination70A. Suspension of obligations70B. Restriction of security interests70C. Suspension of termination rights70D. Suspension: general provisions71. Pensions72. Enforcement73. Disputes74. Tax75. Power to change lawTreasury (ss. 76-81)76. International obligation notice: general77. International obligation notice: resolution company78. Public funds: general78A. Pre-conditions for financial assistance: duty of Bank to give information79. Public funds: resolution company79A. Private sector purchaser: report80. Resolution company: report80A. Transfer for bail-in purposes: report81. Temporary public ownership: report81A. Accounting information to be included in reports under sections 80, 80A(2)(b) and 81Groups (ss. 81AA-83)81AA. Cases where mandatory write-down, conversion etc applies: banking group companies81B. Sale to commercial purchaser and transfer to bridge bank81ZZBA. Sale to commercial purchaser and transfer to bridge bank: supplemental powers in relation to certain holding companies81ZZBB. Assessment of conditions for section 81ZZBA81ZBA. Transfer to asset management vehicle81ZBB. Transfer to asset management vehicle: supplemental powers in relation to certain holding companies81ZBC. Assessment of conditions for section 81ZBB81BA. Bail-in option81BB. Bail-in option: supplemental powers in relation to certain holding companies81BC. Assessment of conditions for section 81BB81C. Sections 81AA to 81ZBB: supplemental81CA. Section 81BA and Section 81BB: supplemental81D. Interpretation: "banking group company" &c.82. Temporary public ownership83. SupplementalChapter 4 Information, investigation and enforcement (ss. 83ZA-83Z2)Powers to gather information (ss. 83ZA-83ZB)83ZA. Information83ZB. Reports by skilled personsAppointment of investigators (ss. 83ZC-83ZE)83ZC. Appointment of persons to carry out general investigations83ZD. Appointment of person to carry out investigations in particular cases83ZE. Investigations etc in support of foreign resolution authoritiesConduct of investigations (ss. 83ZF-83ZI)83ZF. Investigations: general83ZG. Powers of persons appointed under section 83ZC83ZH. Powers of persons appointed as a result of section 83ZD83ZI. Admissibility of statements made to investigatorsInformation and documents: supplemental provision (ss. 83ZJ-83ZP)83ZJ. Information and documents: supplemental provision83ZK. Protected items83ZL. Entry of premises under warrant83ZM. Retention of documents obtained under section 83ZL83ZN. Offences etc83ZO. Prosecution of offences under section 83ZN83ZP. Offences under section 83ZN by bodies corporate etcEnforcement of relevant requirements (ss. 83ZQ-83Z1)83ZQ. Injunctions: prevent failure to comply with relevant requirement83ZR. Regulatory sanctions83ZS. Determination of sanctions83ZT. Procedure: warning notice83ZU. Procedure: decision notice83ZV. Procedure: general83ZW. Appeal83ZX. Injunctions: failure to comply with certain section 83ZR sanctions83ZY. Publication83ZZ. Co-operation83Z1. Delegation of enforcement functionsEnforcement of share transfer orders (s. 83Z2)83Z2. Enforcement: share transfer ordersChapter 5 Special cases (ss. 83A-89G)Banks not regulated by PRA (s. 83A)83A. Modifications of PartBuilding societies, &c. (ss. 84-89)84. Application of Part 1: general84ZA. Bridge bank: share transfer instruments84A. Bail-in option: building societies84B. Further provision: conversion of building society into company.84C. Further provision: transfer of business of building society to company84D. Transfer to a bridge bank or bail-in option: modifications of this Act and other legislation85. Temporary public ownership86. Distribution of assets on dissolution or winding up87. Interpretation88. Consequential provision89. Credit unionsInvestment firms (s. 89A)89A. Application to investment firmsRecognised central counterparties (ss. 89B-89G)89B. Application to recognised central counterparties89C. Recognised central counterparty rules89D. Recognised central counterparty membership89E. Recognition of transferee company89F. Recognised central counterparty compensation orders89G. Interpretation: "Recognised central counterparty" &c.Chapter 6 Third-country resolution actions (ss. 89H-89J)Third-country resolution actions (ss. 89H-89J)89H. Recognition of third-country resolution actions89I. Effect of recognition of third-country resolution action by Bank of England89J. Third-country instruments: supplementary provisionChapter 6A Resolution of UK branches of third-country institutions (s. 89JA.)89JA. Resolution of UK branches of third-country institutionsChapter 7 General provisions (ss. 89K-89M)89K. Insolvency Proceedings89L. Restrictions on disclosure of confidential information89M. Giving of notices, documents etc under Part 1Part 2 Bank Insolvency (ss. 90-135)Introduction (ss. 90-93)90. Overview91. Interpretation: "bank"92. Interpretation: "the court"93. Interpretation: other expressionsBank insolvency order (ss. 94-98)94. The order95. Application96. Grounds for applying97. Grounds for making98. CommencementProcess of bank liquidation (ss. 99-105)99. Objectives100. Liquidation committee101. Liquidation committee: supplemental102. Objective 1: (a) or (b)?103. General powers, duties and effect104. Additional general powers105. Status of bank liquidatorTenure of bank liquidator (ss. 106-112)106. Term of appointment107. Resignation108. Removal by court109. Removal by creditors110. Disqualification111. Release112. ReplacementTermination of process, &c. (ss. 113-116)113. Company voluntary arrangement114. Administration115. Dissolution116. Dissolution: supplementalOther processes (ss. 117-122)117. Bank insolvency as alternative order118. Voluntary winding-up119. Exclusion of other procedures120. Notice to PRA of preliminary steps120A. Notice to the regulators and the Bank of England of preliminary steps121. Disqualification of directors122. Application of insolvency lawMiscellaneous (ss. 123-135)123. Role of FSCS124. Transfer of accounts125. Rules126. Fees127. Insolvency Services Account128. Evidence129. Co-operation between courts129A. Banks not regulated by PRA130. Building societies131. Credit unions132. Partnerships133. Scottish partnerships134. Northern Ireland135. Consequential provisionPart 3 Bank Administration (ss. 136-168)Introduction (ss. 136-140)136. Overview137. Objectives138. Objective 1: supporting private sector purchaser or resolution company139. Objective 1: duration140. Objective 2: "normal" administrationProcess (ss. 141-148)141. Bank administration order142. Application143. Grounds for applying144. Grounds for making145. General powers, duties and effect145A. Power to direct bank administrator146. Status of bank administrator147. Administrator's proposals148. Sharing informationMultiple transfers (ss. 149-152A)149. General application of this Part150. Resolution company to private purchaser151. Property transfer from resolution company152. Property transfer from temporary public ownership152A. Property transfer from transferred institutionTermination (ss. 153-154)153. Successful rescue154. Winding -up or voluntary arrangementMiscellaneous (ss. 155-168)155. Disqualification of directors156. Application of other law157. Other processes157A. Banks not regulated by PRA158. Building societies159. Credit unions159A. Application to investment firms160. Rules161. Fees162. Evidence163. Partnerships164. Scottish partnerships165. Co-operation between courts166. Interpretation: general167. Northern Ireland168. Consequential provisionPart 4 Financial Services Compensation Scheme (ss. 169-180)169. Overview170. Contingency funding171. Special resolution regime172. Investing in National Loans Fund173. Borrowing from National Loans Fund174. Procedure for claims175. Rights in insolvency176. Information177. Payments in error178. Regulations179. Delegation of functions180. Functions under this ActPart 5 Payment systems and service providers (ss. 181-206B)Introduction (ss. 181-183)181. Overview182. Interpretation: "key terms"183. Interpretation: other expressionsRecognised systems and service providers (ss. 184-187)184. Recognition order: payment system184A. Recognition order: DSA service provider185. Recognition criteria: payment system185A. Recognition criteria: DSA service provider186. Procedure186A. Amendment of recognition order187. De-recognitionRegulation (ss. 188-192A)188. Principles189. Codes of practice190. System rules190A. Service provider rules191. Directions192. Role of FCA and PRA192A. Power of Bank to require FCA to refrain from specified actionEnforcement (ss. 193-202A)193. Inspection194. Inspection: warrant195. Independent report196. Compliance failure197. Publication198. Penalty199. Closure200. Management disqualification201. Warning202. Appeal202A. InjunctionsMiscellaneous (ss. 203-206B)203. Fees203A. Records203B. Annual report203C. Policy statement204. Information205. Pretending to be recognised206. Saving for informal oversight206A. Service providers206AA. Service providers connected with a recognised payment system that uses digital settlement assets206B. International obligationsPart 5A Wholesale cash distribution (ss. 206C-206Z6)Introduction (ss. 206C-206F)206C. Overview and purpose206D. Policy statement206E. Interpretation: "wholesale cash distribution"206F. Interpretation: other termsRecognised persons (ss. 206G-206N)206G. Wholesale cash oversight orders206H. "Market significance" and "systemic significance"206I. Procedure206J. Amendment or revocation of a wholesale cash oversight order206K. Principles206L. Codes of practice206M. Directions206N. Role of the FCA, PRA and Payment Systems RegulatorEnforcement (ss. 206O-206Y)206O. Inspection206P. Inspection: warrant206Q. Independent report206R. Compliance failure206S. Publication206T. Penalty206U. Closure206V. Management disqualification206W. Warning206X. Appeal206Y. InjunctionsMiscellaneous (ss. 206Z-206Z5)206Z. Fees206Z1. Records206Z2. Annual report206Z3. Requirement to provide information206Z4. Disclosure of information206Z5. Saving for informal oversightCompanies wholly owned by the Crown (s. 206Z6)206Z6. Power to disapply regulation and enforcement provisionsPart 6 Banknotes: Scotland and Northern Ireland (ss. 207-227)Introduction (s. 207)207. OverviewKey terms (ss. 208-211)208. "Banknote"209. "Issue"210. "Authorised bank"211. "Commencement"Authorisation to issue (ss. 212-214)212. Repeal of old authorising enactments213. Authorisation to issue banknotes214. Consequential repeals and amendments214A. Power to designate banks as "authorised banks"Regulations and rules (ss. 215-216)215. Banknote regulations216. Banknote rulesSpecific issues (ss. 217-220)217. Backing assets218. Information219. Ceasing the business of issuing notes220. Insolvency, &c.Enforcement (ss. 221-224)221. Offence: unlawful issue222. Financial penalty223. Termination of right to issue224. Application to courtBank of England (ss. 225-227)225. Organisation226. Discretionary functions227. ExemptionPart 7 Miscellaneous (ss. 228-256A)Treasury support for banks (ss. 228-231)228. Consolidated Fund229. National Loans Fund230. "Financial institution"231. ReportsInvestment banks (ss. 232-236)232. Definition233. Insolvency regulations234. Regulations: details235. Regulations: procedure236. ReviewBanking (Special Provisions) Act 2008 (s. 237)237. Compensation: valuerBank of England (ss. 238-247)238. UK financial stability239. Number of directors240. Meetings241. Chair of court242. Quorum243. Tenure244. Immunity245. Weekly return246. Information247. Bank of England Act 1946Financial Services Authority (ss. 248-250)248. Variation of permission249. Functions250. InformationCentral banks (ss. 251-253)251. Financial assistance to building societies252. Registration of charges253. Registration of charges: ScotlandFunds attached rule (Scotland) (s. 254)254. Abolition for chequesFinancial collateral arrangements (ss. 255-256)255. Regulations256. SupplementalState aid (s. 256A)256A. State aidPart 8 General (ss. 256B-265)256B. "Bank of England" and "Prudential Regulation Authority"257. "Financial assistance"258. "Enactment"258A. Investment firm259. Statutory instruments260. Money261. Index of defined terms262. Repeal263. Commencement264. Extent265. Short titleExplanatory Notes
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AI Summary of 107. Resignation

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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 21 February 2009 - onwards
Version 3 of 3

107. Resignation

(1) A bank liquidator may resign by notice to the court.

(2) Rules under section 411 of the Insolvency Act 1986 (as applied by section 125 below) may restrict a bank liquidator's power to resign.

(3) Resignation shall take effect in accordance with those rules (which shall include provision about release).

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