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Cross-Border Recognition of Foreign Resolution Actions: The Statutory Regime in the United Kingdom

In: Commercial Banking in Transition

Author

Listed:
  • Shalina Daved

    (Bank of England)

  • Clare Merrifield

    (Bank of England)

  • Michael Salib

    (Bank of England)

Abstract

When a bank fails, the relevant authorities may have to place the firm into a resolution procedure to ensure it fails in an orderly way. Given the cross-border nature of banking operations, it may be necessary for the authority to obtain “recognition” of its actions by authorities in other jurisdictions. This chapter provides an in-depth overview of the UK’s statutory recognition regime of foreign resolution actions: why it is important; when recognition will be granted or refused; and the formalities and practicalities of the recognition process.

Suggested Citation

  • Shalina Daved & Clare Merrifield & Michael Salib, 2024. "Cross-Border Recognition of Foreign Resolution Actions: The Statutory Regime in the United Kingdom," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Marco Bodellini & Gabriella Gimigliano & Dalvinder Singh (ed.), Commercial Banking in Transition, chapter 0, pages 283-304, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-031-45289-5_14
    DOI: 10.1007/978-3-031-45289-5_14
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