Banks in Crisis
The Legal Response
This title was first published in 2002: A detailed and critical analysis of the various legal problems that arise when banks are in serious financial difficulty, Banks in Crisis offers an invaluable, international perspective on the concept and causes of bank failure. It takes an authoritative and much-needed look at a number of key issues including: - Effective bank regulation as an instrument in the possible prevention of banking crises, with particular reference to the role of the Financial Services Authority in the UK, and the impact of the Financial Services and Markets Act 2000 - The role of the Bank of England in the new regulatory landscape, with particular reference to its function as lender of last resort - The legal controls on those involved in the management of banks - Insolvency procedures and bank liquidation - The use of depositor protection schemes. By drawing conclusions and weighing up the methods available to promote stability, prevent failure and promote rescues where appropriate, Banks in Crisis is an essential read and a welcome addition to this crucial area of research.
Table of Contents
Contents: Banking crises: the background; The regulation of banks; The role of the Bank of England in a banking crisis; Directors, controllers and managers; Insolvency procedures; The liquidation of a bank; Protecting depositors; Conclusions; Index.
Andrew Campbell, The University of Wales, Aberystwyth, UK Peter Cartwright, University of Nottingham, Nottingham, UK.
’...this lucid work provides a valuable tool for those lawyers practicing or researching in this vital field. It is to be recommended without reserve.' Professor David Milman, Centre for Law and Business, University of Manchester ’The recent financial crises have demonstrated that a sound legal and regulatory infrastructure is crucial to promote stability in the financial sector. Due to interactions among legal regulatory and systemic considerations this area is highly complex. Banks in Crisis deals with this issue in a remarkable manner. It is an excellent study of the ways in which the law seeks to protect the interests of all those who may be affected by a banking crisis. Introducing the topic with a historical overview of bank crises and failures the authors go beyond a discussion of the legal framework for the regulation of banks, the handling of banks in crises, the reorganisation and insolvency liquidation and deposit insurance of this topic under the Financial Services and Markets Act. They do so in a remarkable way by drawing ample comparisons with the law in the United States and European Union. It is a most thorough analysis of the topic with ample references to case law and discussion of the relevant literature on the topic. As such it should be essential reading for all legal academics and practitioners, bankers, regulators and policy makers.’ Dr. Eva HÃ¼pkes, Head of Regulation, Swiss Federal Banking Commission, Switzerland ’This lucid work, which contains informative comparative insights, provides a valuable tool for those lawyers practising or researching in this vital field. It is to be recommended without reserve.’ Insolvency Lawyer ’This is a very focused monograph that will prove of interest and use to those without a lengthy and technical background in banking.’ Journal of Financial Regulation and Compliance