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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 a number of these. A principle of the SRR is that the FSCS should contribute to the costs of the operation of the SRR. The Regulations to enable this were made in March in connection with the resolution of the Dunfermline Building Society. The consultation document seeks views on the Regulations that have been made.
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.
The statutory instrument has already been made and is available from the OPSI website, and a link is given below.
This consultation closed on 30 October 2009.
Please contact mailto: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.
