{"longTitle":"A Bill to make provision about banking.","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":3869,"name":"Lord Myners","party":"Labour","partyColour":"d50000","house":"Lords","memberPhoto":"https://members-api.parliament.uk/api/Members/3869/Thumbnail","memberPage":"https://members.parliament.uk/member/3869/contact","memberFrom":"Life peer"},"organisation":{"name":"HM Treasury","url":"https://www.gov.uk/government/organisations/hm-treasury"},"sortOrder":1}],"promoters":[],"petitioningPeriod":null,"petitionInformation":null,"agent":null,"billId":362,"shortTitle":"Banking (No. 2) Bill [HL]","formerShortTitle":null,"currentHouse":"Lords","originatingHouse":"Lords","lastUpdate":"2009-02-23T11:37:37","billWithdrawn":null,"isDefeated":false,"billTypeId":1,"introducedSessionId":22,"includedSessionIds":[22],"isAct":false,"currentStage":{"id":1961,"stageId":2,"sessionId":22,"description":"2nd reading","abbreviation":"2R","house":"Lords","stageSittings":[{"id":1879,"stageId":2,"billStageId":1961,"billId":362,"date":"2008-12-16T00:00:00"}],"sortOrder":2}}