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Bank of England says top UK banks no longer "too big to fail"

Bank of England says top UK banks no longer "too big to fail"

reuters.com · 06/10/2022 02:24
Bank of England says top UK banks no longer "too big to fail"

- The Bank of England said on Friday it was satisfied that Britain's top banks could be shut without putting at risk the stability of the financial system or disrupting customers.

In its first public assessment of how failing lenders could be dismantled in a crisis without taxpayer handouts, the BoE said it had identified "shortcomings" for three firms and "areas for further enhancement" for six firms.

The BoE is aiming to stop banks from being "too big to fail" requiring taxpayers to bail them out as happened in the 2007-09 global financial crisis.



(Writing by William Schomberg and Huw Jones; editing by William James
)

((william.schomberg@thomsonreuters.com; +44 207 542 7778; Reuters Messaging: william.schomberg.reuters.com@reuters.net))