UK Unveils Law Empowering Treasury In Bank Crisis

Law360, New York (January 27, 2012, 7:37 PM EST) -- U.K. officials on Friday proposed sweeping changes to the county’s financial regulatory system that would give the British treasury sole authority to bail out banks in the event of a crisis like the one that crippled global markets in 2008.

Under a draft law introduced to Parliament on Friday, Chancellor of the Exchequer George Osborne would be able to direct the Bank of England, the U.K.’s central bank, to inject money into banks facing a liquidity crisis. The law is intended to clear up confusion about...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.