The Banking Act 2009 (c. 1) is an act of the Parliament of the United Kingdom that entered into force in part on the 21 February 2009 in order, amongst other things, to replace the Banking (Special Provisions) Act 2008. The Act makes provision for the nationalisation of banks, amends the law on bank insolvency and administration, and makes provision about the Financial Services Compensation Scheme. It also makes provision about the regulation of inter-bank payment schemes (e.g. BACS), amends the law on the issue of banknotes by Scottish and Northern Irish banks, and makes other miscellaneous amendments to the law on banking.
Part 6 of the Act specifically deals with the right of certain commercial banks in Scotland and Northern Ireland to issue their own private banknotes, repealing the Bank Notes (Scotland) Act 1845, the Bankers (Ireland) Act 1845 and the Bankers (Northern Ireland) Act 1928. The 2009 Act empowers HM Treasury to control banknote issue more strictly, requiring commercial note-issuing bank to maintain backing assets so that, in the event of the commercial failure of a bank, the value of their banknotes would be protected.[2]
The Act additionally prohibits the issue of banknotes by any other banks other than those authorised under the 1845/1928 legislation and the Bank of England, and provides that, if a commercial bank decides to discontinue the issuing its own banknotes, it then irrevocably loses its note-issuing privileges.
The Banking Act 2009, as originally enacted from the National Archives.
Explanatory notes to the Banking Act 2009.
January 01, 1970
banking, 2009, parliament, united, kingdom, that, entered, into, force, part, february, 2009, order, amongst, other, things, replace, banking, special, provisions, 2008, makes, provision, nationalisation, banks, amends, bank, insolvency, administration, makes,. The Banking Act 2009 c 1 is an act of the Parliament of the United Kingdom that entered into force in part on the 21 February 2009 in order amongst other things to replace the Banking Special Provisions Act 2008 The Act makes provision for the nationalisation of banks amends the law on bank insolvency and administration and makes provision about the Financial Services Compensation Scheme It also makes provision about the regulation of inter bank payment schemes e g BACS amends the law on the issue of banknotes by Scottish and Northern Irish banks and makes other miscellaneous amendments to the law on banking Banking Act 2009 1 Act of ParliamentParliament of the United KingdomLong titleAn Act to make provision about banking Citation2009 c 1Introduced byAlistair Darling Chancellor of the Exchequer and Lord Davies of OldhamTerritorial extent England and WalesScotlandNorthern Ireland Sections 253 and 254 extend to Scotland only DatesRoyal assent12 February 2009CommencementCertain provisions on 21 February 2009Status AmendedHistory of passage through ParliamentText of statute as originally enactedRevised text of statute as amended Contents 1 Banknotes 2 See also 3 References 4 External linksBanknotes editPart 6 of the Act specifically deals with the right of certain commercial banks in Scotland and Northern Ireland to issue their own private banknotes repealing the Bank Notes Scotland Act 1845 the Bankers Ireland Act 1845 and the Bankers Northern Ireland Act 1928 The 2009 Act empowers HM Treasury to control banknote issue more strictly requiring commercial note issuing bank to maintain backing assets so that in the event of the commercial failure of a bank the value of their banknotes would be protected 2 The Act additionally prohibits the issue of banknotes by any other banks other than those authorised under the 1845 1928 legislation and the Bank of England and provides that if a commercial bank decides to discontinue the issuing its own banknotes it then irrevocably loses its note issuing privileges See also edit nbsp Banks portal 2008 United Kingdom bank rescue package 2009 United Kingdom bank rescue package Bank Charter Act 1844 Banknotes of the pound sterlingReferences edit The citation of this Act by this short title is authorised by section 265 of this Act Part 6 Banknotes Scotland and Northern Ireland Banking Act 2009 Explanatory Notes HM Government National Archives Retrieved 3 November 2011 External links editThe Banking Act 2009 as amended from the National Archives The Banking Act 2009 as originally enacted from the National Archives Explanatory notes to the Banking Act 2009 Retrieved from https en wikipedia org w index php title Banking Act 2009 amp oldid 1203328815, wikipedia, wiki, book, books, library,
