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Fed [Urgently] Requires Resolution Plans For 15 Banks by December 17th

Resolution Plans Banks
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EDITOR NOTE: On Dec 9th, a major event receiving virtually no press, the Federal Reserve announced “resolution plan actions” for several US Banks and Banks abroad. The document detailing contingency plans in the event of a bank failure outlines resolution plans that are not only timely, given the current pandemic environment, but are also likely to be activated. The Fed is enforcing a requirement for an event that it may be anticipating. Given the current economic uncertainty, the odds of bank failures remain high. Watch this video-reading of the FDIC/Bank of England joint paper to realize the FDIC can't insure another Globally Active, Systemically Important, Financial Institution in resolution, WITHOUT SEIZING YOUR MONEY-- and this could be the nail in the coffin for the US Dollars' value. The hard date set for the 15 banks listed is set for December 17th, 2020! Could this be the anticipated "Resolution Weekend" discussed in the Joint Paper? Buy as much non-CUSIP gold and silver as you can NOW! Among the banks required to submit resolution plans by next week are the following. Ask yourself, do you hold funds in any of these banks?

The Federal Deposit Insurance Corporation and the Federal Reserve Board today announced several resolution plan actions. Resolution plans, commonly known as living wills, must describe the company's strategy for rapid and orderly resolution in bankruptcy in the event of material financial distress or failure of the company.

First, the agencies confirmed that weaknesses previously identified in the resolution plans for several large foreign banks—Barclays, Credit Suisse, Deutsche Bank, and UBS—have been remediated.

Second, the agencies finalized guidance for the resolution plans of certain large foreign banks. The final guidance modifies the proposed guidance, which was issued in March of this year, in several ways. The agencies tailored their expectations around resolution capital and liquidity, derivatives and trading activity, as well as payment, clearing, and settlement activities. The scope of the guidance was also modified to generally cover foreign banks in category II of the agencies' large bank regulatory framework. As a result, the guidance will apply to the 2021 resolution plans from Barclays, Credit Suisse, and Deutsche Bank, and also to MUFG for its full plan due in 2024.

And third, the agencies provided information for large foreign and domestic banks that will inform the content of their next resolution plans, which now are due December 17, 2021. In particular, these targeted plans will be required to include core elements of a firm's resolution strategy—such as capital, liquidity, and recapitalization strategies—as well as how each firm has integrated changes to and lessons learned from its response to the coronavirus into its resolution planning process. The information applies to foreign and domestic banks in categories II and III of the large bank regulatory framework.

SECOND EDITOR NOTE: Among the banks required to submit resolution plans by next week are the following. Ask yourself, do you hold funds in any of these banks?

1. Barclays

2. Bank of Montreal

3. BNP Paribas

4. Capital One Financial Corporation

5. Credit Suisse

6. Deutsche Bank

7. HSBC Holdings plc

8. Mizuho Financial Group, Inc.

9. Mitsubishi UFJ Financial Group, Inc.

10. Northern Trust Corporation

11. The PNC Financial Services Group, Inc.

12. Sumitomo Mitsui Financial Group, Inc.

13. The Toronto-Dominion Bank

14. UBS

15. U.S. Bancorp

Originally posted on FederalReserve.gov

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All articles are provided as a third party analysis and do not necessarily reflect the explicit views of GSI Exchange and should not be construed as financial advice.

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