Tuesday, August 9, 2011

Seems like a step in the right direction

All UK banks told to draw up ‘living wills’

All UK deposit-takers and large investment firms will have to draw up “living wills” by the end of next year that would allow them to be wound down over a weekend and quickly return assets to clients, Six big UK banks are already working on such recovery and resolution plans, part of a broad effort to avoid another banking crisis. But the Financial Services Authority said in a consultation paper on Tuesday the requirement would be extended to more than 250 banks and building societies, as well as investment firms with more than £15bn in assets.

Posted by quiet guy @ 07:09 PM (1033 views)
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One thought on “Seems like a step in the right direction

  • general congreve says:

    So they just specify what creditors get what so there’s no fuss. I doubt it does any more to protect savers. All they’ll get is devalued funny money from the printing presses via the FSCS.

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