(1) Before the PRA or the FCA exercises an insolvency power in respect of a residual bank, whichever of them is exercising the power must give notice to the Bank of England, which may participate in any proceedings arising out of the exercise of the power.

(2) In subsection (1) -

(a) "residual bank" means a bank all or part of whose business has been transferred to a commercial purchaser in accordance with section 11 or to a resolution company in accordance with section 12 or 12ZA, and

(b) "insolvency power" means -

(i) section 359 of the Financial Services and Markets Act 2000 (application for administration order), and

(ii) section 367 of that Act (winding-up petition).