Schedule 11: Central counterparties Part 5 – Special resolution action Public funds: general
Paragraph 111 makes provision about the role of HM Treasury with regard to public funds when the stabilisation powers are being exercised. It provides that the Bank of England may not exercise a stabilisation power without HM Treasury’s consent if the exercise would be likely to have implications for public funds.
	Sub-paragraph (3) provides HM Treasury with the power to specify considerations that should or should not be taken into account in determining whether action has implications for public funds.
	Sub-paragraph (4) requires the Bank to consider another exercise of the stabilisation powers if HM Treasury has refused consent. In doing so the Bank must pursue the special resolution regime objectives and avoid the objections that HM Treasury first made.
	Sub-paragraph (5) allows HM Treasury, by notice, to disapply the requirement to consider alternative actions (as set out in sub-paragraph (4)). Any such notice may be revoked.