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October 12, 2008

Banking Bill supported by new expert liaison group

by Gill Montia

Story link: Banking Bill supported by new expert liaison group

Economic Secretary to the Treasury, Ian Pearson MP, announced on Friday that an expert liaison group on banking is to be set up.

The group’s work will focus on the preparation of the new secondary legislation for the special resolution regime (SRR) that will be contained in the Government’s new Banking Bill.

The bill was prompted by the collapse of Northern Rock and contains measures intended to make it easier for the Treasury, Bank of England and Financial Services Authority (FSA) to intervene when a bank gets into difficulty.

The liaison group, which comprises experts in financial law and insolvency and representatives from the Treasury, Bank of England, Financial Services Authority and Financial Services Compensation Scheme, has been given an ongoing remit to review SRR powers and regulations.

According to Mr Pearson, it will work closely with business and other groups to develop the initial secondary legislation required to put the regime into effect.

The Banking Bill was introduced to parliament last week and will be fast-tracked through the House.

 

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