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07 October 2008
On 1 July 2008 the Treasury, Bank of England and Financial Services Authority (together, the Authorities) published a consultation document: Financial stability and depositor protection: further consultation. This document built on and responded to the Authorities' earlier consultation on these issues, which was launched in January 2008. The July 2008 document set out updated proposals for reforms to strengthen the framework for financial stability and depositor protection, outlined planned next steps, and sought further views on key outstanding issues.
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The Treasury, Bank of England and Financial Services Authority (together, the Authorities) published a consultation document: Financial stability and depositor protection: special resolution regime on 22 July 2008. This document provided further information on Authorities' proposals for the special resolution regime, published draft clauses covering the special reolution regime and sought further views on key issues.
The consultation period closed on 15 September. During the consultation period the authorities held further workshops on detailed policy issues.
Around 80 written submissions were received in response to these two consultation documents.
The authorities have used these consultation responses, as well as the subsequent workshops to inform the development of the draft legislation which was submitted to Parliament on 7th October 2008.
