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Banking Bill

I am disappointed that I did not pass the test. Where the bank or the FSA applies to have a bank placed in the bank insolvency procedures, both the general conditions must be satisfied. Additional conditions must be satisfied that relate to the conventional test for entering insolvency procedures—for example, principally if the bank is unable or is likely to become unable to pay its debts. The general conditions do not apply where the Secretary of State applies to have a bank wound up on the basis that this is fair. This reflects the Secretary of State’s historic and rarely exercised jurisdiction to apply to have any firm placed in insolvency procedures on the grounds of the general public interest, which is separate from the SRR.