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.
Bibliography, etc. Note
Includes bibliographical references and index.
Formatted Contents Note
1. Was securitisation the culprit? : explanation of legal processes behind creation of mortgage-backed sub-prime securities / Orkun Akseli 2. Depositor protection and co-insurance after Northern Rock : less a case of moral hazard and more a case of consumer responsibility? / Jenny Hamilton 3. Northern Rock, the financial crisis and the special resolution regime / Andrew Campbell 4. State aid law meets financial regulation / Francesco De Cecco 5. Financial regulation before and after Northern Rock / Joanna Gray 6. The bank that rocked : does the problem lie in the global business model of conventional banking? / Abdul Karim Aldohni.