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...
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Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.