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Federal Reserve gives one-year 'living will' extension for some banks

Published 2017-08-08, 04:00 p/m
© Reuters.  Federal Reserve gives one-year 'living will' extension for some banks
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WASHINGTON, Aug 8 (Reuters) - The Federal Reserve on Tuesday gave a one-year extension for 19 foreign banks and 2 domestic lenders to write their 'living wills' in case of bankruptcy, giving the banks until the end of 2018 to comply.

The 'living will' plans explain how each lender would unwind without damaging the wider financial system. Before Tuesday's announcement, the plans would have been due at the end of this year.

The foreign banks are: Banco Bilbao Vizcaya Argentaria BHI.SN ; Banco Santander SAN.MC , Bank of China Limited, Bank of Montreal BMO.TO , BNP Paribas (PA:BNPP), BPCE BPCE.UL , Coöperatieve Rabobank RABOO.UL , Crédit Agricole S.A. CAGR.PA , HSBC Holdings plc HSBA.L , Industrial and Commercial Bank of China Ltd. 601398.SS , Mitsubishi UFJ Financial Group, Inc. 8306.T , Mizuho Financial Group Inc., Royal Bank of Canada RY.TO , Société Générale SOGN.PA , Standard Chartered PLC STAN.L , Sumitomo Mitsui Financial Group Inc., The Bank of Nova Scotia, The Norinchukin Bank, and The Toronto-Dominion Bank TD.TO . The two U.S. firms are: CIT Group Inc CIT.N and Citizens Financial Group Inc.

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