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Gray, Joanna; Akseli, Orkun --- "Financial Regulation in Crisis?" (Edward Elgar Publishing, 2011) [2011] ELECD 605

Editor(s): Gray, Joanna; Akseli, Orkun

Title: Financial Regulation in Crisis?

Sub-title: The Role of Law and the Failure of Northern Rock

Series: Elgar Financial Law series

Topics: Financial Economics and Regulation; European Law; Finance and Banking Law

Publisher: Edward Elgar Publishing

Date of Publication: 29 July 2011

Number of pages: 128

ISBN (hard cover): 9781848445543

EISBN: 9780857933102

Abstract/Description:

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. 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 nationalisation 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.