Creating a template for banking insolvency law reform after the collapse of Northern Rock: Part 2
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2009
Authors
Tomasic, R.A.
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Journal article
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Insolvency intelligence, 2009; 22(6):81-88
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Abstract
The Banking Act 2009 provides for three broad sets of procedures for dealing with banks in financial difficulties: (a) the special resolution regime, (b) bank insolvency, and (c) bank administration. These procedures apply only to “banks” as defined in s.2; this definition encompasses UK institutions that have been authorised under the Financial Services and Markets Act (FSMA) 2000 to carry on the regulated activity of accepting deposits; excluded from the ambit of the term “bank” are building societies, credit unions and other institutions excluded by order made by the Treasury. Interestingly, the vast area of the financial market that has been described as the "shadow" banking system is excluded from regulatory intervention under this legislation.
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Copyright 2009 Sweet and Maxwell