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House of Commons

Session 2007 - 08 Internet Publications Other Bills before Parliament

Banking Bill

Banking Bill
[AS AMENDED IN PUBLIC BILL COMMITTEE]
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
10    Banking Liaison Panel
The stabilisation options
11    Private sector purchaser
12    Bridge bank
13    Temporary public ownership
Transfer of securities
14    Interpretation: “securities”
15    Share transfer instrument
16    Share transfer order
17    Effect
18    Continuity
19    Conversion and delisting
20    Directors
Bill 170                                                                                                 54/3
Banking Bill ii
21    Ancillary instruments: production, registration, &c.
22    Termination rights, &c.
23    Incidental provision
24    Procedure: instruments
25    Procedure: orders
26    Supplemental instruments
27    Supplemental orders
28    Onward transfer
29    Reverse share transfer
30    Bridge bank: share transfers
31    Bridge bank: reverse share transfer
32    Interpretation: general
Transfer of property
33    Property transfer instrument
34    Effect
35    Transferable property
36    Continuity
37    Licences
38    Termination rights, &c.
39    Foreign property
40    Incidental provision
41    Procedure
42    Supplemental instruments
43    Onward transfer
44    Reverse property transfer
45    Temporary public ownership: property transfer
46    Temporary public ownership: reverse property transfer
47    Restriction of partial transfers
48    Power to protect certain interests
Compensation
49    Orders
50    Sale to private sector purchaser
51    Transfer to temporary public ownership
52    Transfer to bridge bank
53    Onward and reverse transfers
54    Independent valuer
55    Independent valuer: supplemental
56    Independent valuer: money
57    Valuation principles
58    Resolution fund
59    Third party compensation: discretionary provision
60    Third party compensation: mandatory provision
61    Procedure
Incidental functions
62    General continuity obligation: property transfers
63    Special continuity obligations: property transfers
64    General continuity obligation: share transfers
65    Special continuity obligations: share transfers
Banking Bill iii
66    Continuity obligations: consideration and terms
67    Continuity obligations: termination
68    Pensions
69    Enforcement
70    Disputes
71    Tax
72    Power to change law
Treasury
73    International obligation notice: general
74    International obligation notice: bridge bank
75    Public funds: general
76    Public funds: bridge bank
77    Bridge bank: report
Building societies, &c.
78    Application of Part 1: general
79    Temporary public ownership
80    Distribution of assets on dissolution or winding up
81    Interpretation
82    Consequential provision
83    Credit unions
Part 2
Bank Insolvency
Introduction
84    Overview
85    Interpretation: “bank”
86    Interpretation: “the court”
87    Interpretation: other expressions
Bank insolvency order
88    The order
89    Application
90    Grounds for applying
91    Grounds for making
92    Commencement
Process of bank liquidation
93    Objectives
94    Liquidation committee
95    Liquidation committee: supplemental
96    Objective 1: (a) or (b)?
97    General powers, duties and effect
98    Additional general powers
99    Status of bank liquidator
Banking Bill iv
Tenure of bank liquidator
100    Term of appointment
101    Resignation
102    Removal by court
103    Removal by creditors
104    Disqualification
105    Release
106    Replacement
Termination of process, &c.
107    Company voluntary arrangement
108    Administration
109    Dissolution
110    Dissolution: supplemental
Other processes
111    Bank insolvency as alternative order
112    Voluntary winding-up
113    Exclusion of other procedures
114    Notice to FSA of preliminary steps
115    Disqualification of directors
116    Application of insolvency law
Miscellaneous
117    Role of FSCS
118    Transfer of accounts
119    Rules
120    Fees
121    Insolvency Services Account
122    Evidence
123    Co-operation between courts
124    Building societies
125    Credit unions
126    Partnerships
127    Scottish partnerships
128    Northern Ireland
129    Consequential provision
Part 3
Bank Administration
Introduction
130    Overview
131    Objectives
132    Objective 1: supporting private sector purchaser or bridge bank
133    Objective 1: duration
134    Objective 2: “normal” administration
Banking Bill v
Process
135    Bank administration order
136    Application
137    Grounds for applying
138    Grounds for making
139    General powers, duties and effect
140    Status of bank administrator
141    Administrator’s proposals
142    Sharing information
Multiple transfers
143    General application of this Part
144    Bridge bank to private purchaser
145    Property transfer from bridge bank
146    Property transfer from temporary public ownership
Termination
147    Successful rescue
148    Winding-up or voluntary arrangement
Miscellaneous
149    Disqualification of directors
150    Application of other law
151    Other processes
152    Building societies
153    Credit unions
154    Rules
155    Fees
156    Evidence
157    Partnerships
158    Scottish partnerships
159    Co-operation between courts
160    Interpretation: general
161    Northern Ireland
162    Consequential provision
Part 4
Financial Services Compensation Scheme
163    Overview
164    Contingency funding
165    Special resolution regime
166    Investing in National Loans Fund
167    Borrowing from National Loans Fund
168    Procedure for claims
169    Rights in insolvency
170    Information
171    Payments in error
172    Regulations
173    Delegation of functions
Banking Bill vi
174    Functions under this Act
Part 5
Inter-Bank Payment Systems
Introduction
175    Overview
176    Interpretation: “inter-bank payment system”
177    Interpretation: other expressions
Recognised systems
178    Recognition order
179    Recognition criteria
180    Procedure
181    De-recognition
Regulation
182    Principles
183    Codes of practice
184    System rules
185    Directions
186    Role of FSA
Enforcement
187    Inspection
188    Inspection: warrant
189    Independent report
190    Compliance failure
191    Publication
192    Penalty
193    Closure
194    Management disqualification
195    Warning
196    Appeal
Miscellaneous
197    Fees
198    Information
199    Pretending to be recognised
200    Saving for informal oversight
Part 6
Banknotes: Scotland and Northern Ireland
Introduction
201    Overview
Banking Bill vii
Key terms
202    “Banknote”
203    “Issue”
204    “Authorised bank”
205    “Commencement”
Authorisation to issue
206    Repeal of old authorising enactments
207    Saving for existing issuers
208    Consequential repeals and amendments
Regulations and rules
209    Banknote regulations
210    Banknote rules
Specific issues
211    Backing assets
212    Information
213    Ceasing the business of issuing notes
214    Insolvency, &c.
Enforcement
215    Offence: unlawful issue
216    Financial penalty
217    Termination of right to issue
218    Application to court
Bank of England
219    Organisation
220    Discretionary functions
221    Exemption
Part 7
Miscellaneous
Treasury support for banks
222    Consolidated Fund
223    National Loans Fund
224    “Financial institution”
Bank of England
225    UK financial stability
226    Number of directors
227    Meetings
228    Chair of court
229    Quorum

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