This document follows the consultation documents ‘Financial stability and depositor protection: strengthening the framework’ (Cm.7308, January 2008, ISBN 9780101730822) and ‘Financial stability and depositor protection: further consultation’ (Cm. 7436, July 2008, ISBN 9780101743624) and outlines technical details on the special resolution regime (SRR) proposed in those documents. Views are sought on the proposals which cover: the objectives of the SRR; the roles of the authorities in relation to the SSR; the governance arrangements for the SRR; powers for the Bank of England to transfer all or part of a failing bank to a private sector purchaser or a publicly-controlled bridge bank; a special bank administration procedure to facilitate partial transfers to a bridge bank; powers for the Treasury to take a failing bank into temporary public sector ownership; powers to set up compensation arrangements for failing banks, their creditors and shareholders; powers for a bank to be put into a bank insolvency procedure. The document also sets out the proposed scope of firms that will be included in the SRR, in particular the application of the regime to building societies.
This Command Paper was laid before Parliament by a Government Minister by Command of Her Majesty. Command Papers are considered by the Government to be of interest to Parliament but are not required to be presented by legislation.