Subjects:

Banking and Finance

Recent instability in financial markets across the world, and in particular the events concerning Northern Rock plc, have highlighted the need to have robust systems for providing protection and confidence for depositors, and for intervening when problems at particular institutions pose threats to the wider financial system.

The Banking (Special Provisions) Act 2008 received Royal Assent on 21 February 2008. It is an Act to make provision to enable the Treasury in certain circumstances to make an order relating to the transfer of securities issued by, or of property, rights or liabilities belonging to, an authorised deposit-taker; to make further provision in relation to building societies; and for connected purposes.