Building Societies

Treasury written question – answered on 4th March 2014.

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Photo of Cathy Jamieson Cathy Jamieson Shadow Minister (Treasury)

To ask the Chancellor of the Exchequer when he plans to publish proposals for consultation on bail-in orders in relation to building societies.

Photo of Sajid Javid Sajid Javid The Financial Secretary to the Treasury

The Financial Services (Banking Reform) Act 2013 added the bail-in stabilisation option to the Banking Act 2009. Section 17 of the 2013 Act grants the Treasury the power to make an order, making provision to facilitate the exercise of the bail-in powers in relation to a failing building society.

The Government said it would consult on this order, and a consultation will be published in due course.

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