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Part IV The UK Resolution Regime, 13 Powers of the UK Resolution Authority

From: Bank Resolution and Crisis Management: Law and Practice

Simon Gleeson, Randall Guynn

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2022. All Rights Reserved.date: 06 July 2022

Subject(s):
Bank resolution and insolvency — Credit risk — Debt — Equity

This chapter describes the widening jurisdiction of the UK Banking Act 2009 (BA) to include—not only banks—but also regulated non-banks and non-bank group entities. The UK BA, as initially drafted, applied only to banks—that is, to the legal entities which held a UK deposit-taking authorization. However, since in general banks conduct their activities through banking groups rather than as single entities, it rapidly became clear that for a group of any size it was necessary for the resolution authority to act in respect of group companies other than the authorized bank. Thus, as from 1 August 2014, the resolution powers and tools set out in the Act can be applied to any UK-incorporated member of a bank group. The chapter also provides a detailed consideration of when the various powers may be exercised, and what the formal triggers are for the commencement of resolution.

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