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首页> 外文期刊>Journal of Financial Regulation and Compliance >The sub-prime crisis, the credit crunch and bank “failure”: An assessment of the UK authorities' response
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The sub-prime crisis, the credit crunch and bank “failure”: An assessment of the UK authorities' response

机译：次贷危机，信贷紧缩和银行“失败”：对英国当局应对措施的评估

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Purpose – The purpose of the paper is to explain how UK bank failure resolution policy has evolved since the nationalisation of Northern Rock in February 2008 in the light of the fallout from the sub-prime crisis and the subsequent credit crunch. Design/methodology/approach – The evolution of the UK authorities' approach, from a piecemeal approach to a comprehensive, system-wide approach, is traced through analysis of the treatment accorded the troubled entities Alliance and Leicester, HBOS (both the subject of separate officially brokered takeover-rescues) and Bradford and Bingley (eventually nationalised, like Northern Rock) prior to consideration of the two industry-wide bailout schemes introduced in October 2008 and January 2009. Findings – Confounding initial hopes, Northern Rock proves to be just the first of a series of major institutional casualties of the fallout from the sub-prime crisis, eventually necessitating a comprehensive and system-wide solution. While this successfully prevents the system from literally collapsing in the Autumn of 2008, in the wake of the decision not to rescue Lehman Brothers in the USA, it fails to stimulate lending, as intended. Accordingly, a second industry bailout package was introduced in January 2009, but even this may fail to secure the main goals of intervention-financial stability and a resuscitation of bank lending to support the ailing economy-heralding possible further state inroads into domestic bank ownership. Originality/value – The paper clearly identifies the need for, and nature of, both the ad hoc and system-wide solutions adopts to deal with individual cases of institutional “failure” and the wider stability concerns, respectively. The authorities' actions are subject to critical analysis, while a personal assessment of both the House of Commons Treasury Committee's report on Northern Rock and the tripartite authorities' reform proposals, which culminate in the Banking Act of 2009, is also provided.
机译：目的–本文的目的是说明次贷危机和随后的信贷紧缩带来的影响，自2008年2月北岩（Northern Rock）国有化以来，英国的银行破产解决政策是如何演变的。设计/方法论/方法-英国当局方法的演变，从零散方法到全面的全系统方法，是通过分析陷入困境的实体Alliance和HBOS莱斯特的处理方法（两者分开在考虑2008年10月和2009年1月推出的两个行业范围的救助计划之前，以及布拉德福德和宾利（最终被国有化，与Northern Rock一样被国有化）。结果–最初的希望令人困惑，Northern Rock被证明只是次贷危机带来的一系列重大机构伤亡中的第一，最终需要一个全面的，全系统的解决方案。尽管这成功地阻止了该系统在2008年秋季的崩溃，但在决定不挽救美国雷曼兄弟之后，它却未能如期刺激贷款。因此，2009年1月推出了第二个行业救助计划，但即便如此，也可能无法确保干预金融稳定和复兴银行贷款以支持经济不景气的主要目标，这预示着政府可能进一步涉入国内银行所有权。原创性/价值–该文件清楚地确定了分别用于应对体制性“失败”和更广泛的稳定性问题的个别案例的临时解决方案和系统范围解决方案的需求和性质。当局的行动需要进行批判性分析，同时还对下议院财政委员会关于北岩的报告和三方当局的改革建议进行个人评估，最终以2009年《银行法》为最终结果。

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