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U.K. Treasury lays out new plan on investment firm insolvency
- Alston & Bird LLP
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- United Kingdom
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- September 17 2010
Yesterday, the United Kingdom's Commercial Secretary to the Treasury launched a consultation on a new special-resolution regime, Special administration regime for investment firms, to strengthen the government's ability to handle future insolvencies of failing investment banks to minimize cost and disruption of the overall national financial system
Iceland’s president vetoes bill to repay U.K. and Netherlands
- Alston & Bird LLP
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- Iceland, Netherlands, United Kingdom
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- January 8 2010
Citing public opposition to the bill, on Tuesday the president of Iceland vetoed legislation that would provide a state guarantee for repayment of approximately $5 billion of loans provided by the U.K. and the Netherlands governments to Iceland's Depositors' and Investors' Guarantee Fund, to fund payment of the minimum deposit guarantees to British and Dutch depositors in Icesave, the Internet unit of Landsbanki, which collapsed in late 2008 with the rest of the Icelandic banking sector
U.K. Treasury publishes proposals to manage investment bank failures
- Alston & Bird LLP
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- United Kingdom
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- December 17 2009
Yesterday, the U.K. Treasury announced that it had published a report setting out detailed proposals for the effective management and resolution of failed investment banks
Northern Rock restructuring to take effect January 1
- Alston & Bird LLP
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- United Kingdom
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- December 8 2009
Today, the U.K. Treasury and Northern Rock plc separately announced that the restructuring of Northern Rock will take place on January 1, 2010 (Transfer Date
Lloyds and RBS complete negotiations with HM Treasury on restructurings
- Alston & Bird LLP
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- United Kingdom
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- November 3 2009
Today, HM Treasury announced the conclusion of discussions with Lloyds Banking Group (Lloyds) and Royal Bank of Scotland Plc (RBS), regarding their participation in the U.K. Government’s Asset Protection Scheme (GAPS) announced this past January to "remove uncertainty about the value of banks’ past investments and allow banks to rebuild and restructure their operations to increase lending in the economy."
European Commission approves Northern Rock split
- Alston & Bird LLP
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- European Union, United Kingdom
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- October 28 2009
The European Commission (EC) yesterday approved the restructuring plan of Northern Rock plc
United Kingdom publishes reports addressing insolvency of investment banks, reforming the U.K. financial services sector, and regulatory responses to the global banking crisis
- Alston & Bird LLP
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- United Kingdom
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- May 12 2009
Yesterday, the U.K. government published a report entitled "Developing effective resolution arrangements for investment banks" which sets forth, primarily in response to the September 2008 collapse of Lehman Brothers Holding, Inc. (in particular its U.K. arm, Lehman Brothers International (Europe)), the U.K. government’s initial thinking as to the reforms which may need to be considered in developing effective resolution arrangements for future investment bank failures
Iceland drops legal proceedings against UK regarding Landsbanki seizure
- Alston & Bird LLP
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- United Kingdom
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- January 7 2009
Yesterday, Iceland's Prime Minister announced that the government has decided not to bring suit against the UK authorities for the Freezing Order issued against Landsbanki by the UK authorities on October 8, 2008, on the basis of their Anti-Terrorism, Crime and Security Act
London Scottish Bank placed into administration
- Alston & Bird LLP
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- United Kingdom
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- December 1 2008
Today, the U.K. Treasury announced that it “has taken decisive action to protect the interests of retail depositors and wider financial stability” by placing London Scottish Bank plc in administration
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- Firm Name - Alston & Bird LLP
- Workarea - Insolvency & Restructuring
- Jurisdiction - United Kingdom