The government opened its consultation on the Banking Reform Bill secondary legislation today.
17-7-2013 — /europawire.eu/ — This is the latest step in the government’s plan to create a stronger and safer banking sector.
The Banking Reform Bill will fundamentally reform the structure of the UK banking sector making banks more resilient to shocks, easier to fix when they get into difficulty and reducing the severity of financial crises in the future.
The government has been very clear. In the future, when banks make losses, retail customers should not be excessively affected and taxpayers’ money will not be used to bail banks out as it has been in the past.
The consultation sets out key details, in the form of draft statutory instruments, on the ring-fence, including the scope of the ring-fence, the de minimis exemption from ring-fencing and the prohibitions on ring-fenced banks’ activities, and on the framework for applying loss absorbency requirements to systemic banks.
The government published illustrative drafts of the principal statutory instruments in March 2013 to aid Parliamentary scrutiny of the Bill. It has continued to develop these, alongside further secondary legislation, and now seeks views on the following four statutory instruments:
The consultation will close on 9 October 2013. The government remains committed to putting all necessary legislation in place by the end of this Parliament and will seek to introduce final versions of these draft statutory instruments to Parliament as soon as time allows, following the granting of Royal Assent to the Banking Reform Bill.
The Banking Reform Bill will have its second reading in the House of Lords on 24 July 2013.
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