Financial regulation in crisis? : the role of law and the failure of Northern Rock

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Title:

Financial regulation in crisis? : the role of law and the failure of Northern Rock

Author:

Gray, Joanna, 1960-

ISBN:

9781848445543

Publication Information:

Cheltenham : Edward Elgar, c2011.

Physical Description:

xiv, 112 p. ; 23 cm.

Series:

Elgar financial law

Elgar financial law.

Contents:

Was securitisation the culprit? : Explanation of legal processes behind creation of mortgage-backed sub-prime securities / Orkun Akseli -- Depositor protection and co-insurance after Northern Rock : less a case of moral hazard and more a case of consumer responsibility? / Jenny Hamilton -- Northern Rock, the financial crisis and the special resolution regime / Andrew Campbell -- State aid law meets financial regulation / Francesco De Cecco -- Financial regulation before and after Northern Rock / Joanna Gray -- The bank that rocked : does the problem lie in the global business model of conventional banking? / Abdul Karim Aldohni.

Abstract:

"The depositor run on the Northern Rock bank in September 2007, which led to the bank's subsequent nationalisation was the first run on a UK bank for nearly 150 years and was a seminal moment in the unfolding global financial crisis. This book provides a detailed legal analysis of the role played by financial law and regulation during this event, and the impact the episode made on the law. The contributors to the book explore and elaborate upon the legal technique of securitisation, and how Northern Rock itself created and employed securitised financial assets. There is also in-depth discussion and analysis of the origin of the problems experienced in the wholesale interbank markets surrounding the Northern Rock crisis"--Provided by publisher.

The depositor run on the Northern Rock bank in Sept 2007 was the first run on a UK bank for nearly 150 years and was a seminal moment in the unfolding global financial crisis. This book provides a detailed legal analysis of the role played by financial law and regulation during this event, and the impact the episode made on the law.

Corporate Subject:

Northern Rock (Firm)

Subject Term:

Financial services industry -- Law and legislation -- Great Britain.

Banking law -- Great Britain.

Bank failures -- Great Britain -- History -- 21st century.

Added Author:

Gray, Joanna, 1960-

Akseli, N. Orkun (Nazim Orkun)

Copies:

Available:*

Library	Material Type	Item Barcode	Shelf Number	Copy	Status
Searching... 1:IIEMSA	1:GEN-BOOK	33168025559580	346.41082 A315F 2011	1	Searching... Unknown

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Summary

The depositor run on the Northern Rock bank in September 2007, which led to the bank's subsequent nationalization was the first run on a UK bank for nearly 150 years and was a seminal moment in the unfolding global financial crisis.

This book provides a detailed legal analysis of the role played by financial law and regulation during this event, and the impact the episode made on the law. The contributors to the book explore and elaborate upon the legal technique of securitization, and how Northern Rock itself created and employed securitized financial assets. There is also in-depth discussion and analysis of the origin of the problems experienced in the wholesale interbank markets surrounding the Northern Rock crisis. Chapters focus on risk-based financial regulation, depositor protection, and bank rescue and resolution mechanisms in the UK before and after the Northern Rock crisis. State aid implications of the nationalization of Northern Rock, and the future of financial regulation are also considered.

This timely new book will appeal to academics, postgraduate and undergraduate students in law and business schools as well as practitioners, regulators and lawmakers.

Contributors include: O. Akseli, A. Campbell, F. De Cecco, J. Gray, J. Hamilton

Contents: Introduction; 1. Securitisation: Was Securitisation the Culprit?; 2. Risk-based Financial Regulation Before and After Northern Rock; 3. Depositor Protection in the UK Before and After the Run on Northern Rock; 4. Bank Rescue Mechanisms in the UK: Before and After Northern Rock; 5. State Aid Implications of the Nationalisation of Northern Rock