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Home > Business and Economics > Finance and accounting > Finance and the finance industry > Banking > Banking Reform: Seventeenth Report of Session 2007-08 - Report, Together with Formal Minutes, Oral and Written Evidence(Session 2007-08, 1008 HC)
Banking Reform: Seventeenth Report of Session 2007-08 - Report, Together with Formal Minutes, Oral and Written Evidence(Session 2007-08, 1008 HC)

Banking Reform: Seventeenth Report of Session 2007-08 - Report, Together with Formal Minutes, Oral and Written Evidence(Session 2007-08, 1008 HC)


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About the Book

This report follows on from the Committee's report on the crisis at Northern Rock ("The Run on The Rock (HC 56-I)", ISBN 9780215038388) and the lessons to be learned by the Treasury, the Financial Services Authority (FSA), and the Bank of England (the Tripartite authorities). It examines legislative and practical changes that are needed. The overall case for legislative action in the field of banking regulation is compelling but the Government's preparations for new legislation may not be in place by late February 2009. The Committee recommends that the legislation provide: greater clarity about the nature and objective of 'heightened supervision'; an explicit statutory power for the Bank of England to recommend to the FSA that a firm be made subject to the new Special Resolution Regime; and, a clear institutional separation between the executive functions of the Bank and the non-executive role of the Court of the Bank of England.Practical measures should include: the strengthening FSA's capacity to regulate; the Tripartite authorities must develop a communications strategy to secure public and market confidence in their new powers; and, depositor protection arrangements, which will function smoothly and effectively in the event of a bank failure, must be developed. The Committee makes recommendations on 'heightened supervision' and the Special Resolution Regime, identifies priorities for reform of the Financial Services Compensation Scheme to protect depositors, and sets out proposals for strengthening the Bank of England. The new Tripartite Standing Committee must assume a central and continuing role in the financial stability work of the authorities at all time.


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Product Details
  • ISBN-13: 9780215523617
  • Publisher: TSO
  • Publisher Imprint: Stationery Office Books
  • Language: English
  • Sub Title: Seventeenth Report of Session 2007-08 - Report, Together with Formal Minutes, Oral and Written Evidence
  • ISBN-10: 021552361X
  • Publisher Date: 18 Sep 2008
  • Binding: Paperback
  • Series Title: Session 2007-08, 1008 HC


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Banking Reform: Seventeenth Report of Session 2007-08 - Report, Together with Formal Minutes, Oral and Written Evidence(Session 2007-08, 1008 HC)
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Banking Reform: Seventeenth Report of Session 2007-08 - Report, Together with Formal Minutes, Oral and Written Evidence(Session 2007-08, 1008 HC)

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