Banking (Special Provisions) Bill - House of Commons Bills 73 (Paperback)
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Recent instability in financial markets across the world, and in particular the events concerning Northern Rock plc, have highlighted the need to have robust systems for providing protection and confidence for depositors, and for intervening when problems at particular institutions pose threats to the wider financial system.This House of Commons Bill proposes measures to give the Treasury powers to transfer the ownership or business of UK authorised deposit-takers (i.e. UK-incorporated banks and building societies) either into public ownership, or to another body in the private sector. The Bill also enables the Treasury, by order, to amend legislation so as to facilitate the giving of financial assistance by the Bank of England to building societies.The "Banking (Special Provisions) Act 2008: Elizabeth II - Chapter 2" (ISBN 9780105402084) received Royal Assent on 21 February 2008 and is available below.Explanator Notes (HC Bill 73-EN) to this Bill, prepared by the Treasury, are available separately (ISBN 9780215803207).
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