The Banks and Building Societies (Priorities on Insolvency) Order 2018

Statutory instruments 1244 2018

Format:

Corporate Author:

Great Britain

Publisher:

TSO (The Stationery Office)

Enabling power: European Communities Act 1972, s. 2 (2). Issued: 03.12.2018. Sifted: -. Made: 27.11.2018. Laid: 28.11.2018. Coming into force: 19.12.2018. Effect: 1986 c. 45; 1996 c. 52; 2008 c. 17; 2009 c. 1; 2010 asp 17; 2016 asp 21; S.I. 1989/2045 (N.I 19); 1994/2421; 2011/245; S.R. 1995/225 amended Territorial extent and classification: E/W/S/NI. General. EC note: This Order implements the obligations in Directive (EU) 2017/2399 of the European Parliament and of the Council amending Directive 2014/59/EU as regards the ranking of unsecured debt instruments in insolvency hierarchy (the Directive). The Directive provides for a new class of non-preferred senior debt to be issued by credit institutions, investment firms and others. In insolvency proceedings, debts in this class are to rank below ordinary unsecured debts but above own funds investments and subordinated liabilities that do not qualify as own funds instruments.