BoE allows banks in Britain breathing space over crisis plans
LONDON (UK) – Main banks in the UK will get extra time before they announce how they could be closed down during a crisis, said the Bank of England on Wednesday.
Banks in the country were told to submit a report to the BoE this month after assessing how they would be closed down in a crisis without needing the support of taxpayers. They were told to publish a summary next June. The central bank has proposed a one-year delay for both deadlines.