Banking Bill 2008
07 October 2008
The Banking Bill was introduced into Parliament on 7 October 2008. It sets out a range of measures that build on the UK’s tripartite framework to enhance the Authorities’ ability to deal with crises in the banking system, to protect depositors and maintain financial stability.
The Banking Bill provides a comprehensive and permanent framework for dealing with banks before and after they get into severe difficulties: enhancing the effectiveness of early regulatory intervention and liquidity assistance, providing the Authorities with permanent powers to deal with failing banks, strengthening depositor protection through the FSCS, and formalising and strengthening the Bank of England’s role in preserving financial stability.
You can access the Bill and its related Explanatory Notes on the UK Parliament’s website .
The Impact Assessment is is 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 .
Banking Bill: Impact Assessment (PDF file 541KB)
Consultation
The Treasury, Bank of England and Financial Services Authority (together, the Authorities) have undertaken three rounds of consultation. After an initial discussion paper published in October 2007, the Government launched a formal consultation in January 2008. This was followed up with two further consultation papers in July 2008, including draft clauses relating to the new special resolution regime.
Respondents to the consultation generally supported the Government’s intention to legislate and the broad objectives of reform. The Treasury has considered respondents’ views carefully, particularly where concerns have been expressed. The Authorities will continue to engage with stakeholders over the coming months in the process of drawing up secondary legislation.
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