Shock of the new

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In the wake of the collapse of Northern Rock, the UK government is preparing for a radical change in its approach to failing banks. David Strachan, head of financial stability at the Financial Services Authority (FSA), explains the new system, set to come into force in April next year: "It will be very different. At present, putting a bank into administration would be a court-led procedure. The new way will give the Bank of England a range of new powers, including some that don't exist in any

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