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Explanatory Notes
House of Commons
Session 2008-09
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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: Banking Liaison Panel
Clause 11: Private sector purchaser
Clause 12: Bridge bank
Clause 13: Temporary public ownership
Clause 14: Interpretation: securities
Clause 15: Share transfer instrument
Clause 16: Share transfer order
Clause 17: Effect
Clause 18: Continuity
Clause 19: Conversion and delisting
Clause 21: Ancillary instruments: production, registration, &c.
Clause 22: Termination rights, &c.
Clause 23: Incidental provision
Clause 24: Procedure: instruments
Clause 25: Procedure: orders
Clause 26: Supplemental instruments
Clause 27: Supplemental orders
Clause 28: Onward transfer
Clause 29: Reverse share transfer
Clause 30: Bridge bank: share transfers
Clause 31: Bridge bank: reverse share transfers
Clause 32: Interpretation: general
Clause 33: Property transfer instrument
Clause 34: Effect
Clause 35: Transferable property
Clause 36: Continuity
Clause 37: Licences
Clause 38: Termination rights, &c.
Clause 39: Foreign property
Clause 40: Incidental provision
Clause 41: Procedure
Clause 42: Supplemental instruments
Clause 43: Onward transfer
Clause 44: Reverse property transfer
Clause 45: Temporary public ownership: property transfer
Clause 46: Temporary public ownership: reverse property transfer
Clause 47: Restriction of partial transfers
Clause 48: Power to protect certain interests
Clause 49: Orders
Clause 50: Sale to private sector purchaser
Clause 51: Transfer to bridge bank
Clause 52: Transfer to temporary public ownership
Clause 54: Independent valuer
Clause 55: Independent valuer: supplemental
Clause 56: Independent valuer: money
Clause 57: Valuation principles
Clause 58: Resolution fund
Clause 63: General continuity obligation: property transfers
Clause 64: Special continuity obligations: property transfers
Clause 65: Continuity obligations: onward property transfers
Clause 66: General continuity obligation: share transfers
Clause 67: Special continuity obligations: share transfers
Clause 68: Continuity obligations: onward share transfers
Clause 69: Continuity obligations: consideration and terms
Clause 70: Continuity obligations: termination
Clause 71: Pensions
Clause 72: Enforcement
Clause 73: Disputes
Clause 74: Tax
Clause 75: Power to change law
Clause 76: International obligation notice: general
Clause 77: International obligation notice: bridge bank
Clause 78: Public funds: general
Clause 79: Public funds: bridge bank
Clause 80: Bridge bank: report
Clause 81: Application of Part I: general
Clause 82: Temporary public ownership
Clause 83: Distribution of assets on dissolution or winding up
Clause 84: Interpretation
Clause 85: Consequential provision
Clause 86: Credit Unions
PART 2: BANK INSOLVENCY
Clause 88: Interpretation: bank
Clause 89: Interpretation: the court
Clause 90: Interpretation: other expressions
Clause 91: The order
Clause 93: Grounds for applying
Clause 94: Grounds for making
Clause 95: Commencement
Clause 96: Objectives
Clause 100: General powers, duties and effect
Clause 101: Additional general powers
Clause 102: Status of bank liquidator
Clause 114: Bank insolvency as alternative order
Clause 115: Voluntary winding up
Clause 116: Exclusion of other procedures
Clause 117: Notice to FSA of preliminary steps
Clause 118: Disqualification of directors
PART 3: BANK ADMINISTRATION PROCEDURE
Clause 136: Objective 1: duration
Clause 148: Property transfer from a bridge bank
Clause 166: Overview
Clause 167: Contingency Funding
Clause 168: Special resolution regime
Clause 169: Investing in National Loans Fund
Clause 170: Borrowing from the National Loans Fund
Clause 171: Procedure for claims
Clause 172: Rights in insolvency
Clause 173: Information
Clause 174: Payments in error
Clause 175: Regulations
Clause 176 Delegation of functions
Clause 177: Functions under this Act
Clause 178: Overview
Clause 179: Interpretation: inter-bank payment system
Clause 180: Interpretation: other expressions
Clause 181: Recognition order
Clause 182 Recognition criteria
Clause 183 Procedure
Clause 184: De-recognition
Clause 185: Principles
Clause 186: Codes of practice
Clause 187: System rules
Clause 188: Directions
Clause 189: Role of FSA
Clause 190: Inspection
Clause 191: Inspection: warrant
Clause 192: Independent Report
Clause 193: Compliance failure
Clause 194: Publication
Clause 195: Penalty
Clause 196: Closure
Clause 197: Management disqualification
Clause 198: Warning
Clause 199: Appeal
Clause 200: Fees
Clause 201: Information
Clause 202: Pretending to be recognised
Clause 203: Saving for informal oversight
Clause 204: Overview
Clause 205: Banknote
Clause 206: Issue
Clause 207: Authorised bank
Clause 208 Commencement
Clause 209: Repeal of old authorising enactments
Clause 210: Saving for existing issuers
Clause 211: Consequential repeals and amendments
Clause 212: Banknote regulations
Clause 213: Banknote rules
Clause 214: Backing assets
Clause 215: Information
Clause 216: Ceasing the business of issuing notes
Clause 217: Insolvency, &c
Clause 218: Offence: unlawful issue
Clause 219: Financial penalty
Clause 220: Termination of right to issue
Clause 221: Application to court
Clause 222: Organisation
Clause 223: Discretionary functions
Clause 224: Exemption
PART 7: MISCELLANEOUS
Clause 228: UK Financial Stability
Clause 235: Weekly return
Clause 236: Information
Clause 237: Bank of England Act 1946
Clause 238: Variation of permission
Clause 239: Functions
Clause 240: Information
Clause 241: Financial assistance to building societies
Clause 242: Registration of charges
Clause 243: Registration of charges: Scotland
Financial collateral arrangements
Clause 246: Supplemental
PART 8: GENERAL
Clause 248: Enactment
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: 5 December 2008