Bank Of England Sets Out New Crisis Rules For UK Banks

Law360, London (July 30, 2019, 12:35 PM BST) -- The Bank of England confirmed Tuesday that Britain's major banks must publicly disclose their plans for winding down without a taxpayer handout if they go bust, part of the planning to avoid a repeat of the government bailouts needed during the financial crisis.

The central bank and its regulatory arm, the Prudential Regulation Authority, said they will push ahead with plans to make lenders prove they can be “resolved” in a crisis without jeopardizing customer deposits and core services. The BoE wants to see the first set of plans submitted by banks in 2021 and then every two years.

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