The Banking Bill: where are we now?

Since the Government made emergency laws following the Northern Rock collapse, the industry, indeed the country, has waited for some permanent statute to replace them. Rosali Pretorius and Emma Radmore of Denton Wilde Sapte look at the progress of the Banking Bill so far, and what might still happen before it becomes law.

© 2008 Denton Wilde Sapte LLP. Rosali Pretorius is a partner and Emma Radmore is a senior associate and professional support lawyer in the Financial Markets and Regulation Group. Contact them on 020 7246 7000 or firstname.surname@dentonwildesapte.com This document does not constitute legal or other advice. The information it contains is non-specific and by using it you agree to accept the terms and limits of liability you can access on www.dentonwildesapte.com/terms

In the beginning

First there was the Banking (Special Provisions) Act. This Act took effect in February 2008 and will lapse in February 2009. It is a short Act, specifically to allow HM Treasury to make an order authorising the transfer of securities or other property of deposit-takers in certain circumstances.