81AA. Cases where mandatory write-down, conversion etc applies: banking group companies | Banking Act 2009 (c. 1) | Better Regulation

AI Summary of 81AA. Cases where mandatory write-down, conversion etc applies: banking group companies

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Version status: In force | Document consolidation status: Updated to reflect all known changes

Version date: 31 December 2020 - onwards

81AA. Cases where mandatory write-down, conversion etc applies: banking group companies

(1) Section 6B (mandatory write-down, conversion, etc. of capital instruments and relevant internal liabilities) applies in relation to a banking group company in the cases set out in subsections (2), (4) and (8) and (8A).

(2) Case 1 is where -

(a) the conditions imposed by section 81B or 81ZBA on the exercise of a stabilisation power in accordance with section 11(2), 12(2) or 12ZA(3) are met in respect of the banking group company,

(b) the Bank of England has decided to exercise the stabilisation power,

(c) if the banking group company -

(i) is a financial institution which is a subsidiary of an institution (within the meaning of Article 4.1A of the capital requirements regulation) ("the parent institution"), but

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