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House of Commons

Session 2008 - 09 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 6—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 6 54/4
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
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 6                                                                                                   54/4
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    Sources of compensation
62    Procedure
Incidental functions
63    General continuity obligation: property transfers
64    Special continuity obligations: property transfers
65    Continuity obligations: onward property transfers
Banking Bill iii
66    General continuity obligation: share transfers
67    Special continuity obligations: share transfers
68    Continuity obligations: onward share transfers
69    Continuity obligations: consideration and terms
70    Continuity obligations: termination
71    Pensions
72    Enforcement
73    Disputes
74    Tax
75    Power to change law
Treasury
76    International obligation notice: general
77    International obligation notice: bridge bank
78    Public funds: general
79    Public funds: bridge bank
80    Bridge bank: report
Building societies, &c.
81    Application of Part 1: general
82    Temporary public ownership
83    Distribution of assets on dissolution or winding up
84    Interpretation
85    Consequential provision
86    Credit unions
Part 2
Bank Insolvency
Introduction
87    Overview
88    Interpretation: “bank”
89    Interpretation: “the court”
90    Interpretation: other expressions
Bank insolvency order
91    The order
92    Application
93    Grounds for applying
94    Grounds for making
95    Commencement
Process of bank liquidation
96    Objectives
97    Liquidation committee
98    Liquidation committee: supplemental
99    Objective 1: (a) or (b)?
100    General powers, duties and effect
Banking Bill iv
101    Additional general powers
102    Status of bank liquidator
Tenure of bank liquidator
103    Term of appointment
104    Resignation
105    Removal by court
106    Removal by creditors
107    Disqualification
108    Release
109    Replacement
Termination of process, &c.
110    Company voluntary arrangement
111    Administration
112    Dissolution
113    Dissolution: supplemental
Other processes
114    Bank insolvency as alternative order
115    Voluntary winding-up
116    Exclusion of other procedures
117    Notice to FSA of preliminary steps
118    Disqualification of directors
119    Application of insolvency law
Miscellaneous
120    Role of FSCS
121    Transfer of accounts
122    Rules
123    Fees
124    Insolvency Services Account
125    Evidence
126    Co-operation between courts
127    Building societies
128    Credit unions
129    Partnerships
130    Scottish partnerships
131    Northern Ireland
132    Consequential provision
Part 3
Bank Administration
Introduction
133    Overview
134    Objectives
135    Objective 1: supporting private sector purchaser or bridge bank
Banking Bill v
136    Objective 1: duration
137    Objective 2: “normal” administration
Process
138    Bank administration order
139    Application
140    Grounds for applying
141    Grounds for making
142    General powers, duties and effect
143    Status of bank administrator
144    Administrator’s proposals
145    Sharing information
Multiple transfers
146    General application of this Part
147    Bridge bank to private purchaser
148    Property transfer from bridge bank
149    Property transfer from temporary public ownership
Termination
150    Successful rescue
151    Winding-up or voluntary arrangement
Miscellaneous
152    Disqualification of directors
153    Application of other law
154    Other processes
155    Building societies
156    Credit unions
157    Rules
158    Fees
159    Evidence
160    Partnerships
161    Scottish partnerships
162    Co-operation between courts
163    Interpretation: general
164    Northern Ireland
165    Consequential provision
Part 4
Financial Services Compensation Scheme
166    Overview
167    Contingency funding
168    Special resolution regime
169    Investing in National Loans Fund
170    Borrowing from National Loans Fund
171    Procedure for claims
172    Rights in insolvency

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