Past resolution actions

Completed resolutions

We have carried out the following resolutions under the Banking Act 2009:

Silicon Valley Bank UK

On 10 March 2023, the Bank announced that it intended to place Silicon Valley Bank UK into a Bank Insolvency Procedure. After the emergence of a credible private sector purchaser, Silicon Valley Bank UK was resolved through share transfer to HSBC on 13 March 2023, including a mandatory reduction of capital instruments.

• Bank of England statement: Silicon Valley Bank UK (10 March 2023) 
• Statement on Silicon Valley Bank (13 March 2023) 
• Silicon Valley Bank UK Limited Mandatory Reduction and Share Transfer Instrument (DOC)
• Letter from Governor Andrew Bailey to Harriet Harman, Chair of the Treasury Select Committee, on SVB UK
• Bank of England Report on the Resolution of Silicon Valley Bank UK
• The Bank’s Silicon Valley Bank UK explainer page
• The US FDIC’s Silicon Valley Bank explainer page

Southsea Mortgage and Investment Company Limited

Southsea Mortgage and Investment Company Limited was placed into modified insolvency on 16 June 2011. 

• Southsea Mortgage and Investment Company Limited – News release (16 June 2011) (PDF)

Dunfermline Building Society

We resolved Dunfermline Building Society over the weekend of 28 to 29 March 2009. We used our resolution powers under the Banking Act.

We conducted a sales process, in which the retail and wholesale deposits, branches and residential mortgages (other than social housing loans and related deposits) were transferred to Nationwide Building Society. 

Some other assets – a portfolio of social housing loans – were placed into a temporary bridge bank, before they were sold to Nationwide. 

The rest of the bank, including commercial real estate and corporate loans, was placed into a building society administration procedure. 

• Dunfermline Building Society – News release (30 March 2009) (PDF)
• Dunfermline Building Society – News release (17 June 2009) (PDF)
• Dunfermline Building Society – News release (1 July 2009) (PDF)
• Report under Section 80(1) of the Banking Act 2009 on the Dunfermline Building Society (DBS) Bridge Bank (PDF)
• Dunfermline Building Society Property Transfer Instrument 2009 (PDF)
• DBS Bridge Bank Limited Supplemental and Onward Property Transfer Instrument 2009 (PDF)