House of Commons portcullis
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

 
 

 
contents continue
 
House of Commons home page Houses of Parliament home page House of Lords home page search page enquiries

© Parliamentary copyright 2008
Revised 19 November 2008