This section applies where the Bank of England requires the scheme manager to make a recapitalisation payment under section 214E.
The Bank must report to the Chancellor of the Exchequer about—
the exercise of the power to require a recapitalisation payment to be made, and
the stabilisation power and the stabilisation option to which the payment relates.
The report ("the final report") must—
comply with such requirements as to content, and
be provided within such period or at such time,
as the Treasury may specify.
The Bank must provide an interim report if—
the period specified under subsection (3)(b) is a period of more than 3 months beginning with the day on which the Bank requires the recapitalisation payment in question ("the first 3 months"), or the time specified under subsection (3)(b) is after the first 3 months, and
the Bank does not provide the final report within the first 3 months.
An interim report must—
comply with such requirements as to content as the Treasury may specify, and
be provided within the first 3 months.
Subject to subsection (7), the Chancellor of the Exchequer must lay each report, and any interim report, before Parliament.
The Chancellor of the Exchequer may omit from the report, and any interim report, any information which the Chancellor of the Exchequer considers it would not be in the public interest to publish.