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Part B Merger, Reorganization, and Insolvency of Banks, 11 Bank Rescues and Financial Stability in the United Kingdom

From: The Law and Practice of International Banking (2nd Edition)

Charles Proctor

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2023. All Rights Reserved.date: 01 February 2023

Bank supervision — Bank of England

This chapter considers recent UK legislation to deal with bank insolvencies and issues of systemic stability. It discusses the collapse of Northern Rock in 2007; the bespoke legislation — the Banking (Special Provisions) Act 2008 — introduced to deal with the nationalization of Northern Rock; the ensuing difficulties encountered by larger institutions; the Banking Act 2009; the terms of the government's asset protection scheme; and the Bank of England's role as ‘lender of last resort’.

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