UK: Banking Bill introduced into the House of Commons

The Banking Bill has been introduced into the House of Commons. Amongst other things, the Bill provides for: the establishment of a permanent statutory framework (the special resolution regime) to deal with banks in financial difficulties; new regimes dealing with bank administration and insolvency; the placing on a formal footing of the Bank of England's role in the oversight of payment systems; changes to the governance of the Bank of England including a new statutory financial stability objective and the establishment of a Financial Stability Committee (a subcommittee of the Bank's court of directors). The Bill is accompanied by explanatory notes - see here.