The FT reports that George Osborne will today make clear that any bank which attempts to circumvent the ringfencing rules, proposed as part of the Vickers Report and published today in the form of the Banking Reform Bill, faces the prospect of separation in full by the Bank of England.

Introduction On 10 December 2012, the Federal Deposit Insurance Corporation (FDIC) and the Bank of England (BOE) published a joint strategy paper on the resolution of globally active, systemically important, financial institutions (G-SIFIs). Broadly speaking, there are two main approaches to the resolution of G-SIFIs: “Single point of entry” (or “top down”) resolution pursuant to […]

Introduction The Bank of England (BoE) has published a speech given by Andrew Gracie, Director of the BoE’s Special Resolution Unit, to the British Bankers’ Association on 17 September 2012 entitled “A practical process for implementing a bail-in resolution power”, a summary of which is provided below. By way of introduction, Mr Gracie noted that […]

On 3 May 2012, Paul Tucker, Deputy Governor of the Bank of England and Chair of the FSB’s Resolution Steering Group gave a progress report on Resolution Planning at the Institute for Law and Finance Conference in Frankfurt.  Mr Tucker discussed a number of issues which will be of interest to those involved in recovery […]

Last night Sir Mervyn King gave the 2012 BBC Today Programme Lecture on current issues facing the global economy.  The speech gave an interesting insight into the relative importance of RRP with respect to the Bank’s future plans. Sir Mervyn detailed the priorities for the Bank of England in making the banking system safer, dubbed […]