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February 28, 2013

US raises stakes on bank crisis plans

US regulators have raised the prospect of taking severe action against banks that submit deficient “living wills” in a sign that supervisors are concerned about the ability of global banks to unwind themselves in a crisis.

Officials at the Federal Reserve and Federal Deposit Insurance Corporation are deciding how much time to give banks to draw up credible resolution plans, or living wills, before they impose corrective measures, ranging from requirements for more capital to forced break-up.

Described as a more “robust” debate within the FDIC than at the Fed, the high-level discussions follow living-will submissions by 11 banks last year, including JPMorgan Chase, Goldman Sachs, Deutsche Bank and Barclays, people familiar with the matter said.

The debate comes amid mounting calls from within Congress and among some senior regulators for far-reaching financial reforms in the US. Politicians on the left and right argue that the largest banks enjoy unfair subsidies and should be broken up.”


Read full Financial Times article here

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