{"longTitle":null,"summary":"The Bill establishes for the first time a permanent statutory regime for dealing with failing banks, amends related current legislation and makes new provisions for the governance of the Bank of England.<br><br><strong>Key areas</strong><br><br><ul><li>establishes a permanent special resolution regime, providing the authorities with tools to deal with banks that get into financial difficulties. The regime has three options - transfer to a private sector purchaser, transfer to a bridge bank and transfer to temporary public sector ownership</li><li>creates a new bank insolvency procedure</li><li>provides for a new bank administration procedure for use where there has been a partial transfer of business from a failing bank</li><li>amends the Financial Services and Markets Act 2000 to enable changes to the Financial Services Compensation Scheme to be made, which fall outside the scope of the existing legislation</li><li>formalises the Bank of England&rsquo;s role in the oversight of inter-bank payment systems</li><li>repeals legislation governing the issue of banknotes in Scotland and Northern Ireland, limits their issuance to existing issuers and provides for new reserve requirements</li><li>makes provisions relating to the governance of the Bank of England, including a new statutory financial stability objective and the establishment of a Financial Stability Committee.</li></ul>","sponsors":[{"member":{"memberId":596,"name":"Mr Alistair Darling","party":"Labour","partyColour":"d50000","house":"Commons","memberPhoto":"https://members-api.parliament.uk/api/Members/596/Thumbnail","memberPage":"https://members.parliament.uk/member/596/contact","memberFrom":"Edinburgh South West"},"organisation":{"name":"HM Treasury","url":"https://www.gov.uk/government/organisations/hm-treasury"},"sortOrder":1},{"member":{"memberId":987,"name":"Lord Davies of Oldham","party":"Labour","partyColour":"d50000","house":"Lords","memberPhoto":"https://members-api.parliament.uk/api/Members/987/Thumbnail","memberPage":"https://members.parliament.uk/member/987/contact","memberFrom":"Life peer"},"organisation":{"name":"HM Treasury","url":"https://www.gov.uk/government/organisations/hm-treasury"},"sortOrder":2}],"promoters":[],"petitioningPeriod":null,"petitionInformation":null,"agent":null,"billId":339,"shortTitle":"Banking Act 2009","formerShortTitle":null,"currentHouse":"Unassigned","originatingHouse":"Commons","lastUpdate":"2009-11-20T13:33:35","billWithdrawn":null,"isDefeated":false,"billTypeId":1,"introducedSessionId":21,"includedSessionIds":[21,22],"isAct":true,"currentStage":{"id":2180,"stageId":11,"sessionId":22,"description":"Royal Assent","abbreviation":"RA","house":"Unassigned","stageSittings":[{"id":2008,"stageId":11,"billStageId":2180,"billId":339,"date":"2009-02-12T00:00:00"}],"sortOrder":22}}