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1.IntroductionThe insolvency of the bank Northern Rock pie in 2007 was not only an event which signalled the extent of the financial crisis which had just begun to be felt in the UK, but can also be seen as an important trigger for reform of the legal mechanisms available to failing banks in the United Kingdom.The failure of this institution brought about a depositors run providing a clear sign that the UK system of banking regulation had severe deficiencies.Prior to the failure of Northern Rock, there had been no special legal mechanisms available to failing banks in the UK.Instead,policymakers placed faith in the power of"self-regulation" for banks and the broader financial services industry.Furthermore, insolvent or failing banks in the past had made use of the general insolvency procedures provided in the Insolvency Act 1986125 ("the 1986 Act").