Banking Act 2009
Act of ParliamentThis bill passed all stages in both Houses and received Royal Assent.
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Summary
The Bill establishes for the first time a permanent statutory regime for dealing with failing banks, amends related current legislation and makes new provisions for the governance of the Bank of England.<br><br><strong>Key areas</strong><br><br><ul><li>establishes a permanent special resolution regime, providing the authorities with tools to deal with banks that get into financial difficulties. The regime has three options - transfer to a private sector purchaser, transfer to a bridge bank and transfer to temporary public sector ownership</li><li>creates a new bank insolvency procedure</li><li>provides for a new bank administration procedure for use where there has been a partial transfer of business from a failing bank</li><li>amends the Financial Services and Markets Act 2000 to enable changes to the Financial Services Compensation Scheme to be made, which fall outside the scope of the existing legislation</li><li>formalises the Bank of England’s role in the oversight of inter-bank payment systems</li><li>repeals legislation governing the issue of banknotes in Scotland and Northern Ireland, limits their issuance to existing issuers and provides for new reserve requirements</li><li>makes provisions relating to the governance of the Bank of England, including a new statutory financial stability objective and the establishment of a Financial Stability Committee.</li></ul>
Progress through Parliament
- 1st reading· Commons
7 October 2008 – 7 October 2008
- 2nd reading· Commons
14 October 2008 – 14 October 2008
- Programme motion· Commons
14 October 2008 – 14 October 2008
- Carry-over motion· Commons
14 October 2008 – 14 October 2008
- Money resolution· Commons
14 October 2008 – 14 October 2008
- Committee stage· Commons
21 October 2008 – 18 November 2008
- Programme motion· Commons
26 November 2008 – 26 November 2008
- Report stage· Commons
26 November 2008 – 26 November 2008
- 1st reading· Commons
4 December 2008 – 4 December 2008
- 2nd reading· Commons
4 December 2008 – 4 December 2008
- Programme motion· Commons
17 December 2008 – 17 December 2008
- 3rd reading· Commons
17 December 2008 – 17 December 2008
- 1st reading· Lords
17 December 2008 – 17 December 2008
- 2nd reading· Lords
18 December 2008 – 18 December 2008
- Committee stage· Lords
13 January 2009 – 26 January 2009
- Report stage· Lords
2 February 2009 – 3 February 2009
- 3rd reading· Lords
9 February 2009 – 9 February 2009
- Money resolution· Commons
10 February 2009 – 10 February 2009
- Programme motion· Commons
10 February 2009 – 10 February 2009
- Consideration of Lords amendments· Commons
10 February 2009 – 10 February 2009
Source: UK Parliament Bills API. Bill ID: 339.