The Bank has the responsibility for the resolution of a failing bank, building society or investment firm, and their group companies, under the (amended) Banking Act 2009 (the Act).
The resolution regime covers firms incorporated in the United Kingdom, including subsidiaries of foreign firms. The EU Bank Recovery and Resolution Directive extends this scope to branches of firms from outside the European Economic Area.
The Bank has published an update to The Bank of England’s approach to resolution, first published in 2014. This new publication explains the key features of the UK resolution regime – including the Bank’s statutory responsibilities and powers, and how the Bank would be likely to implement a resolution.