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Vol 23 No 5 May/June 2018

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Financial Regulation in Crisis?: The Role of Law and the Failure of Northern Rock

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Edited by: Joanna Gray, Orkun Akseli

ISBN13: 9781848445543
Published: July 2011
Publisher: Edward Elgar Publishing Limited
Country of Publication: UK
Format: Hardback
Price: £72.00

Despatched in 4 to 6 days.

The depositor run on the Northern Rock bank in September 2007, which led to the bank's subsequent nationalization was the first run on a UK bank for nearly 150 years and was a seminal moment in the unfolding global financial crisis. This book provides a detailed legal analysis of the role played by financial law and regulation during this event, and the impact the episode made on the law. The contributors to the book explore and elaborate upon the legal technique of securitization, and how Northern Rock itself created and employed securitized financial assets. There is also in-depth discussion and analysis of the origin of the problems experienced in the wholesale interbank markets surrounding the Northern Rock crisis. Chapters focus on risk-based financial regulation, depositor protection, and bank rescue and resolution mechanisms in the UK before and after the Northern Rock crisis. State aid implications of the nationalization of Northern Rock, and the future of financial regulation are also considered. This timely new book will appeal to academics, postgraduate and undergraduate students in law and business schools as well as practitioners, regulators and lawmakers.

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Banking and Finance
Introduction Orkun Akseli and Joanna Gray 1. Securitisation: Was Securitisation the Culprit? Orkun Akseli 2. Risk-based Financial Regulation Before and After Northern Rock Joanna Gray 3. Depositor Protection in the UK Before and After the Run on Northern Rock Jenny Hamilton 4. Bank Rescue Mechanisms in the UK: Before and After Northern Rock Andrew Campbell 5. State Aid Implications of the Nationalisation of Northern Rock Francesco De Cecco