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Financial Regulation In Crisis?

The Role of Law and the Failure of Northern Rock
Elgar Financial Law series
Edited by Joanna Gray, Professor of Financial Regulation and Orkun Akseli, Senior Lecturer in Commercial Law, Durham University Law School, UK
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.
Extent: 128 pp
Hardback Price: £70.00 Online: £63.00
Publication Date: 2011
ISBN: 978 1 84844 554 3
Availability: In Stock
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  • Economics and Finance
  • Financial Economics and Regulation
  • Law - Academic
  • European Law
  • Finance and Banking Law
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.
Contributors: O. Akseli, A.K. Aldohni, A. Campbell, F. De Cecco, J. Gray, J. Hamilton
Contents:

Introduction
Orkun Akseli, Joanna Gray and Andrew Campbell

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

Index