Section 37: Bail-in of a Failing Bank, Specialised Bank or Other Financial Institution.

(1) Without prejudice to section 34 of this Act or any provision of this Act and notwithstanding anything to the contrary in any law or contract, the Bank may take the additional measures provided for in this Part as it may deem necessary in respect of a failing bank, specialised bank or other financial institution.
(2) For the purpose of rescuing a failing bank, specialised bank or other financial institution, the Bank may, subject to subsection (3), make a determination that any eligible instrument issued by a bank, specialised bank or other financial institution or to which a bank, specialised bank or other financial institution is a party or is subject-
(a) is cancelled;
(b) is modified, convened or changed in form; or
(c) has effect as if a right of modification, conversion or change of its or their form had been exercised.
(3) The Bank may make a determination under subsection (2) if the Bank is of the opinion that-
(a) the eligible instrument or instruments ought to be bailed-in to facilitate the rescue of the bank, specialised bank or other financial institution; or
(b) the available assets of the bank, specialised bank or other financial institution do not, or are unlikely to support the payment of its liabilities, as they become due and payable.
(4) The Bank may, before making a determination under subsection (2), appoint one or more persons to-
(a) perform an independent assessment of the extent to which the acts mentioned in subsection (2)(a), (b) and (c) are carried out for all or any eligible instrument; and
(b) furnish the Bank with a report on the assessment.
(5) The remuneration and expenses of any person appointed under subsection (4)(a) are to be paid by the bank, specialised bank or other financial institution on which the assessment is conducted.