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21 July 2009
The Banking Act 2009 received Royal Assent on 12 February 2009. The Act establishes a permanent special resolution regime (SRR) to provide the Authorities with the tools to deal with banks and building societies that are failing.
Many of the detailed provisions are set out in statutory instruments and the Government has committed to consulting on these where it is appropriate to do so. This consultation document seeks views on the new building society insolvency procedure and building society special administration procedure, and related insolvency and administration rules. It also sets out proposals for secondary legislation to allow building societies to receive financial assistance.
The document builds on proposals that were put forward in the Authorities’ consultation documents on financial stability and depositor protection which were published in January and July 2008.
Some of the secondary legislation referred to in this document has already been made on an urgent basis to enable the effective resolution of the Dunfermline Building Society. For these statutory instruments, the Government will consider whether to bring forward amending instruments in the light of consultation responses. The other instruments will be revised as appropriate in the light of consultation responses before being made.
The statutory instruments that have already been made are available from the OPSI website, and links are given below. The draft secondary legislation, which has not yet been made is available for download below.
Secondary legislation that has been made, available from OPSI:
Draft secondary legislation:
Please contact banking.reform@hm-treasury.gov.uk if you have any questions or require further information.
The documents are available in Adobe Acrobat Portable Document Format (PDF). If you do not have Adobe Acrobat installed on your computer you can download the software free of charge from the Adobe website. For alternative ways to read PDF documents and further information on website accessibility visit the HM Treasury accessibility page.
