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Explanatory Notes
House of Commons
Session 2007-08
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Index to Banking Bill
INTRODUCTION
BACKGROUND TO BILL
SUMMARY AND OVERVIEW OF THE STRUCTURE
TERRITORIAL EXTENT
ANNEXES
Clause 1: Overview
Clause 2: Interpretation: bank
Clause 3: Interpretation: other expressions
Clause 4: Special resolution objectives
Clause 5: Code of practice
Clause 6: Code of practice: procedure
Clause 7: General conditions
Clause 9: Specific conditions: temporary public ownership
Clause 10: Private sector purchaser
Clause 11: Bridge bank
Clause 12: Temporary public ownership
Clause 13: Interpretation: securities
Clause 14: Share transfer instrument
Clause 15: Share transfer order
Clause 16: Effect
Clause 17: Continuity
Clause 18: Conversion and delisting
Clause 20: Ancillary instruments: production, registration, &c.
Clause 21: Termination rights, &c.
Clause 22: Incidental provision
Clause 23: Procedure: instruments
Clause 24: Procedure: orders
Clause 25: Supplemental instruments
Clause 26: Supplemental orders
Clause 27: Onward transfer
Clause 28: Bridge bank: share transfers
Clause 29: Interpretation: general
Clause 30: Property transfer instrument
Clause 31: Effect
Clause 32: Transferable property
Clause 33: Continuity
Clause 34: Licences
Clause 35: Termination rights, &c.
Clause 36: Foreign property
Clause 37: Incidental provision
Clause 38: Procedure
Clause 39: Supplemental instruments
Clause 40: Onward transfer
Clause 41: Temporary public ownership: property transfer
Clause 42: Restriction of partial transfers
Clause 43: Power to protect certain interests
Clause 44: Orders
Clause 45: Sale to private sector purchaser
Clause 46: Transfer to bridge bank
Clause 47: Transfer to temporary public ownership
Clause 49: Independent valuer
Clause 50: Independent valuer: supplemental
Clause 51: Independent valuer: money
Clause 52: Valuation principles
Clause 53: Resolution fund
Clause 56: Procedure
Clause 57: General continuity obligation: property transfers
Clause 58: Special continuity obligations: property transfers
Clause 59: General continuity obligation: share transfers
Clause 60: Special continuity obligations: share transfers
Clause 61: Pensions
Clause 62: Enforcement
Clause 63: Disputes
Clause 64: Tax
Clause 65: Power to change law
Clause 66: International obligation notice: general
Clause 67: International obligation notice: bridge bank
Clause 68: Public funds: general
Clause 69: Public funds: bridge bank
Clause 70: Bridge bank: report
Clause 71: Application of Part I: general
Clause 72: Temporary public ownership
Clause 73: Distribution of assets on dissolution or winding up
Clause 74: Interpretation
Clause 75: Consequential provision
PART 2: BANK INSOLVENCY
Clauses 78: Interpretation: bank
Clause 79: Interpretation: the court
Clause 80: Interpretation: other expressions
Clause 81: The order
Clause 83: Grounds for applying
Clause 84: Grounds for making
Clause 85: Commencement
Clause 86: Objectives
Clause 90: General powers, duties and effect
Clause 91: Additional general powers
Clause 92: Status of bank liquidator
Clause 104: Bank insolvency as alternative order
Clause 105: Voluntary winding up
Clause 106: Exclusion of other procedures
Clause 107: Notice to FSA of preliminary steps
Clause 108: Disqualification of directors
PART 3: BANK ADMINISTRATION PROCEDURE
Clause 126: Objective 1: duration
Clause 138: Property transfer from a bridge bank
Clause 155: Overview
Clause 156: Contingency Funding
Clause 157: Special Resolution Regime
Clause 158: Investing in National Loans Fund
Clause 159: Borrowing from the National Loans Fund
Clause 160: Procedure for claims
Clause 161: Rights in insolvency
Clause 162: Information
Clause 163: Payments in error
Clause 164: Regulations
Clause 165 Delegation of functions
Clause 166: Functions under this Act
Clause 167: Overview
Clause 168: Interpretation: inter-bank payment system
Clause 169: Interpretation: other expressions
Clause 170: Recognition order
Clause 171 Recognition criteria
Clause 172 Procedure
Clause 173: De-recognition
Clause 174: Principles
Clause 175: Codes of practice
Clause 176: System rules
Clause 177: Directions
Clause 178: Role of FSA
Clause 179: Inspection
Clause 180: Inspection: warrant
Clause 181: Independent Report
Clause 182: Compliance failure
Clause 183: Publication
Clause 184: Penalty
Clause 185: Closure
Clause 186: Management disqualification
Clause 187: Warning
Clause 188: Appeal
Clause 189: Fees
Clause 190: Information
Clause 191: Pretending to be recognised
Clause 192: Saving for informal oversight
Clause 193: Overview
Clause 194: Banknote
Clause 195: Issue
Clause 196: Authorised bank
Clause 197 Commencement
Clause 198: Repeal of old authorising enactments
Clause 199: Saving for existing issuers
Clause 200: Consequential repeals and amendments
Clause 201: Banknote regulations
Clause 202: Banknote rules
Clause 203: Backing assets
Clause 204: Information
Clause 205: Ceasing the business of issuing notes
Clause 206: Insolvency, &c
Clause 207: Offence: unlawful issue
Clause 208: Financial penalty
Clause 209: Termination of right to issue
Clause 210: Application to court
Clause 211: Organisation
Clause 212: Discretionary functions
Clause 213: Exemption
PART 7: MISCELLANEOUS
Clause 216: UK Financial Stability
Clause 223: Weekly return
Clause 224: Information
Clause 225: Bank of England Act 1946
Clause 226: Variation of permission
Clause 227: Functions
Clause 228: Information
Clause 229: Financial assistance to building societies
Clause 230: Registration of charges
Financial collateral arrangements
Clause 233: Supplemental
PART 8: GENERAL
FINANCIAL EFFECTS OF THE BILL
EFFECTS OF THE BILL ON PUBLIC SERVICE MANPOWER
SUMMARY OF THE IMPACT ASSESSMENT
EUROPEAN CONVENTION ON HUMAN RIGHTS
ANNEX A: LIST OF ABBREVIATIONS
© Parliamentary copyright 2008
Prepared: 7 October 2008