Member

4: Clause 1, page 1, line 20, at end insert— “(2A) The Bank may not exercise the power in subsection (1) in respect of a financial institution which meets the condition in subsection (2B) without the consent of the Treasury.(2B) The condition is that the financial institution is a subsidiary of a company based outside the United Kingdom.”Member’s explanatory statement This amendment requires the Bank of England to obtain Treasury consent before it can require the FSCS to make a capitalisation payment in respect of a bank which is a subsidiary of an overseas body.