Britain's largest banks will present their "living wills" to the FSA next month, ahead of the G20 summit of leading industrialised nations in South Korea.
he resolution plans detail how each bank might be speedily and smoothly wound down in the event of failure, writes the Independent. A lack of such plans during the last financial crisis was blamed by many for contributing to the "too big too fail" problem. The "living wills" will form part of talks about reform of the global banking system, to be held at the G20 on 11 and 12 November. HSBC, Barclays, Royal Bank of Scotland, Standard Chartered, Lloyds Banking Group and Santander will all submit draft proposals next month. Read more Banks' report aims to blunt lending row Bri...
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