The UK Special Resolution Regime for Failing Banks in an International Context

16 Pages Posted: 14 Aug 2009

See all articles by Peter Brierley

Peter Brierley

Bank of England - Financial Stability Assessment Division

Date Written: July 28, 2009

Abstract

This paper seeks to place in an international context the UK Special Resolution Regime (SRR) for failing banks, which came into effect in February 2009 with the adoption of the Banking Act. The SRR’s key purpose is to enable an orderly resolution of a failing UK bank to be carried out in a manner preserving the public interest, particularly by maintaining financial stability, preserving confidence in the banking sector, and protecting both depositors and the taxpayer. The Northern Rock crisis in 2007 demonstrated clearly that the UK authorities lacked the powers necessary to achieve such a purpose at that time.

Suggested Citation

Brierley, Peter, The UK Special Resolution Regime for Failing Banks in an International Context (July 28, 2009). Bank of England Financial Stability Paper No. 5, Available at SSRN: https://ssrn.com/abstract=1447913 or http://dx.doi.org/10.2139/ssrn.1447913

Peter Brierley (Contact Author)

Bank of England - Financial Stability Assessment Division ( email )

London
United Kingdom

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