Research Handbook on State Aid in the Banking Sector
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Research Handbook on State Aid in the Banking Sector

Edited by François-Charles Laprévote, Joanna Gray and Francesco De Cecco

The Research Handbook on State Aid in the Banking Sector brings together experts in state aid and in financial regulation, drawn from legal academia, legal practice, economics, and from the EU and EEA institutions to shed light on this relationship. The editors and expert contributors do this by elucidating key concepts that underpin the application of state aid law to banks, and by considering specific aspects of the interface between state aid and financial regulation. The Research Handbook's analysis is complemented by a number of key country-based case studies, and by a concluding section which takes stock of the Banking Union’s package of legislative/regulatory reforms and reflects on the possible future role of state aid in this sector.
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Chapter 9: The United Kingdom

Conor Quigley

Abstract

This chapter describes the application of State aid rules to the United Kingdom during the financial crisis. It considers the schemes granted through bank recapitalization, the wholesale funding guarantee scheme, short-term liquidity measures, and a working capital guarantee scheme or asset-backed securities scheme. It also describes individual aid granted by the UK State to Northern Rock, Bradford & Bingley, Dunfermline Building Society, Royal Bank of Scotland and Lloyds Banking Group.

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