8ASpecific condition: bail-in

1

The Bank of England may exercise a stabilisation power in respect of a bank in accordance with section 12A(2) only if satisfied that the condition in subsection (2) is met.

2

The condition is that the exercise of the power is necessary, having regard to the public interest in—

a

the stability of the financial systems of the United Kingdom,

b

the maintenance of public confidence in the stability of those systems,

c

the protection of depositors, or

d

the protection of any client assets that may be affected.

3

Before determining whether that condition is met, and if so how to react, the Bank of England must consult—

a

the PRA,

b

the FCA, and

c

the Treasury.

4

The condition in this section is in addition to the conditions in section 7.