Banking (Special Provisions) Act 2008

(redirected from Banking Special Provisions Act)

Banking (Special Provisions) Act 2008

Legislation in the United Kingdom authorizing the British government to nationalize failing banks under certain circumstances. The proximate cause of the act was the nationalization of Northern Rock, which collapsed in 2007. However, three other banks were taken over the same year under the act. See also: Late 2000s recession.