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The Bank of England published a document setting out its approach to the resolution in practice of banks, building societies and certain investment firms.
On October 23, 2014, the Bank of England ("BoE")
published a document setting out its approach to the resolution in
practice of banks, building societies and certain investment firms,
including their parent and group companies. The document details
the BoE's approach to resolution from January 1, 2015, which is
when most of the provisions of the Banking Recovery and Resolution
Directive will come into force. The BoE's approach covers
choosing a resolution strategy and conducting a resolution, from
the stabilization phrase, to the restructuring phrase through to
exit, including transfers and bail-in options. The document does
not set out the BoE's approach to resolution of central
counterparties, which the BoE confirms will be set out in separate
documentation.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
