2 Cases where Treasury's powers are exercisable
Banking (Special Provisions) Act 2008 (2008 c 2) | Legislation

2  Cases where Treasury's powers are exercisable

(1)     The power of the Treasury to make an order under—

(a)     section 3 (transfer of securities issued by an authorised UK deposit-taker), or

(b)     section 6 (transfer of property, rights and liabilities of an authorised UK deposit-taker),

is exercisable in relation to an authorised UK deposit-taker if (and only if) it appears to the Treasury to be desirable to make the order for either or both of the following purposes.

This is subject to subsection (7).

(2)     The purposes are—

(a)     maintaining the stability of the UK financial system in circumstances where the Treasury consider that there would be a serious threat to its stability if the order were not made;

(b)     protecting the public interest in circumstances where financial assistance has been provided by the Treasury to the deposit-taker for the purpose

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