This snapshot, taken on 22/07/2004, shows web content selected for preservation by The National Archives. External links, forms and search boxes may not work in archived websites.
 
Picture: UK Currency
 
Newsroom & Speeches   Link to Home Page  
abstract graphic Home Text Only abstract graphic Access Keys FAQ's and accessibility guidance contact details, map miscellaneous information abstract graphic comprehensive list of site sections and content A-Z Index abstract graphic abstract graphic Go
*
detailed information and policy
*
areas of popular interest
*
* all press releases, ministers’ speeches and statements
*
* regularly updated charts, statistics and forecasts
*
* live and closed consultations, legislative documents
*
* includes current job vacancies
*
* HMT micro sites and other useful sites
*
* list of independently conducted reviews
*
 
*
* Print this page
 
 
 
  © Crown Copyright
 
  
*
Link to Budget section * Link to Pre-Budget Report section * Link to Spending Review section * Link to Euro section
*

 

36/04

05 April 2004

THE CREDIT INSTITUTIONS REORGANISATION AND WINDING-UP DIRECTIVE

The Treasury today published regulations for the implementation of the EU Credit Institutions Reorganisation and Winding-Up Directive. This follows on from last year’s consultation paper.

The purpose of the Directive is to unify proceedings for EU credit institutions that are being wound-up or are subject to reorganisation measures.

Ruth Kelly, Financial Secretary to the Treasury, said:

“The Directive will simplify proceedings when an EU credit institution is in financial difficulties, enabling efficient reorganisation or distribution of assets and ensure that all EU creditors are treated equally.”

The Treasury today published a summary of consultation responses, details of changes to the regulations as a result of the consultation, the final Regulatory Impact Assessment, the Regulations and a Transposition Note.

The Directive is due to be implemented into UK law on 5th May 2004.  The Regulations will be laid in Parliament on 5th April 2004.

Notes to Editors

1. A consultation document and draft Regulations on the proposed implementation of the Directive were issued on 28th November 2003. The consultation period ended on 27th February 2004.

2. All the documents published today can be found on-line at www.hm-treasury.gov.uk

3. Media enquirers should call HM Treasury press office, tel. 020 7270 4420.

back to top
Press Notices January to June 2004 index