| Synopsis: |
This publication follows the consultation documents "Financial Stability and Depositor Protection: Strengthening the Framework (Cm.7308)" (ISBN 9780101730822) and "Financial Stability and Depositor Protection: Further Consultation (Cm. 7436)" (ISBN 9780101743624) and outlines technical details on the special resolution regime (SRR) proposed in those documents.Views are sought on the proposals, which cover: the objectives of the SRR; the roles of the authorities in relation to the SSR; the governance arrangements for the SRR; powers for the Bank of England to transfer all or part of a failing bank to a private sector purchaser or a publicly-controlled bridge bank; a special bank administration procedure to facilitate partial transfers to a bridge bank; powers for the Treasury to take a failing bank into temporary public sector ownership; powers to set up compensation arrangements for failing banks, their creditors, and shareholders; and, powers for a bank to be put into a bank insolvency procedure. The document also sets out the proposed scope of firms that will be included in the SRR, in particular the application of the regime to building societies. |