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House of Commons

Session 2007 - 08 Internet Publications Other Bills before Parliament

Banking Bill

Banking Bill
EXPLANATORY NOTES
Explanatory notes to the Bill, prepared by the Treasury, are published separately as
Bill 147—EN.
EUROPEAN CONVENTION ON HUMAN RIGHTS
Mr Chancellor of the Exchequer has made the following statement under section
19(1)(a) of the Human Rights Act 1998:
In my view the provisions of the Banking Bill are compatible with the Convention
rights.
Bill 147 54/3
Banking Bill
Contents
Part 1
Special Resolution Regime
Introduction
1    Overview
2    Interpretation: “bank”
3    Interpretation: other expressions
Objectives and code
4    Special resolution objectives
5    Code of practice
6    Code of practice: procedure
Exercise of powers: general
7    General conditions
8    Specific conditions: private sector purchaser and bridge bank
9    Specific conditions: temporary public ownership
The stabilisation options
10    Private sector purchaser
11    Bridge bank
12    Temporary public ownership
Transfer of securities
13    Interpretation: “securities”
14    Share transfer instrument
15    Share transfer order
16    Effect
17    Continuity
18    Conversion and delisting
19    Directors
20    Ancillary instruments: production, registration, &c.
Bill 147                                                                                                 54/3
Banking Bill ii
21    Termination rights, &c.
22    Incidental provision
23    Procedure: instruments
24    Procedure: orders
25    Supplemental instruments
26    Supplemental orders
27    Onward transfer
28    Bridge bank: share transfers
29    Interpretation: general
Transfer of property
30    Property transfer instrument
31    Effect
32    Transferable property
33    Continuity
34    Licences
35    Termination rights, &c.
36    Foreign property
37    Incidental provision
38    Procedure
39    Supplemental instruments
40    Onward transfer
41    Temporary public ownership: property transfer
42    Restriction of partial transfers
43    Power to protect certain interests
Compensation
44    Orders
45    Sale to private sector purchaser
46    Transfer to bridge bank
47    Transfer to temporary public ownership
48    Onward transfers
49    Independent valuer
50    Independent valuer: supplemental
51    Independent valuer: money
52    Valuation principles
53    Resolution fund
54    Third party compensation: discretionary provision
55    Third party compensation: mandatory provision
56    Procedure
Incidental functions
57    General continuity obligation: property transfers
58    Special continuity obligations: property transfers
59    General continuity obligation: share transfers
60    Special continuity obligations: share transfers
61    Pensions
62    Enforcement
63    Disputes
64    Tax
65    Power to change law
Banking Bill iii
Treasury
66    International obligation notice: general
67    International obligation notice: bridge bank
68    Public funds: general
69    Public funds: bridge bank
70    Bridge bank: report
Building societies, &c.
71    Application of Part 1: general
72    Temporary public ownership
73    Distribution of assets on dissolution or winding up
74    Interpretation
75    Consequential provision
76    Credit unions
Part 2
Bank Insolvency
Introduction
77    Overview
78    Interpretation: “bank”
79    Interpretation: “the court”
80    Interpretation: other expressions
Bank insolvency order
81    The order
82    Application
83    Grounds for applying
84    Grounds for making
85    Commencement
Process of bank liquidation
86    Objectives
87    Liquidation committee
88    Liquidation committee: supplemental
89    Objective 1: (a) or (b)?
90    General powers, duties and effect
91    Additional general powers
92    Status of bank liquidator
Tenure of bank liquidator
93    Term of appointment
94    Resignation
95    Removal by court
96    Removal by creditors
97    Disqualification
98    Release
99    Replacement
Banking Bill iv
Termination of process, &c.
100    Company voluntary arrangement
101    Administration
102    Dissolution
103    Dissolution: supplemental
Other processes
104    Bank insolvency as alternative order
105    Voluntary winding-up
106    Exclusion of other procedures
107    Notice to FSA of preliminary steps
108    Disqualification of directors
109    Application of insolvency law
Miscellaneous
110    Role of FSCS
111    Transfer of accounts
112    Rules
113    Fees
114    Insolvency Services Account
115    Evidence
116    Co-operation between courts
117    Building societies
118    Credit unions
119    Partnerships
120    Scottish partnerships
121    Northern Ireland
122    Consequential provision
Part 3
Bank Administration
Introduction
123    Overview
124    Objectives
125    Objective 1: supporting private sector purchaser or bridge bank
126    Objective 1: duration
127    Objective 2: “normal” administration
Process
128    Bank administration order
129    Application
130    Grounds for applying
131    Grounds for making
132    General powers, duties and effect
133    Status of bank administrator
134    Administrator’s proposals
135    Sharing information
Banking Bill v
Multiple transfers
136    General application of this Part
137    Bridge bank to private purchaser
138    Property transfer from bridge bank
139    Property transfer from temporary public ownership
Termination
140    Successful rescue
141    Winding-up or voluntary arrangement
Miscellaneous
142    Disqualification of directors
143    Application of other law
144    Other processes
145    Building societies
146    Credit unions
147    Rules
148    Fees
149    Partnerships
150    Scottish partnerships
151    Co-operation between courts
152    Interpretation: general
153    Northern Ireland
154    Consequential provision
Part 4
Financial Services Compensation Scheme
155    Overview
156    Contingency funding
157    Special resolution regime
158    Investing in National Loans Fund
159    Borrowing from National Loans Fund
160    Procedure for claims
161    Rights in insolvency
162    Information
163    Payments in error
164    Regulations
165    Delegation of functions
166    Functions under this Act
Part 5
Inter-Bank Payment Systems
Introduction
167    Overview
168    Interpretation: “inter-bank payment system”
169    Interpretation: other expressions

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