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This code of practice supports the legal framework of the special resolution regime and provides guidance as to how and in what circumstances the authorities will use the special resolution tools.
This code of practice was first published in November 2010 and was updated in March 2015, March 2017 and December 2020.
Bank Resolution (Recapitalisation) Bill: draft updates to the Code of Practice
The government has published a new chapter of the code of practice in draft, following the introduction of the Bank Resolution (Recapitalisation) Bill in Parliament. The chapter sets out in draft details of the recapitalisation payment mechanism introduced by the Bill.
This draft chapter may change, including as a result of any amendments made to the Bill during the parliamentary process and engagement with the Banking Liaison Panel. The government intends to issue a finalised version of the Code in full when the Bill comes into force.