New bank insolvency system for the UK according to the Wall Street journal

The Wall Street Journal are reporting that the UK is to enact a new bank insolvency system. The story notes, inter alia:

"The U.K. government on Thursday laid out proposals for a new special-administration regime to handle the insolvencies of failing investment banks more effectively, to minimize the impact on financial stability.
The new system would manage bank insolvencies that aren't put into the U.K.'s new special-resolution regime, which was developed to ensure that a systemically important bank is rescued or sold off very quickly to avoid financial contagion..."

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