WASHINGTON, Jan 29 (Reuters) - U.S. banking regulators said Monday that "living wills" submitted by 19 foreign banks are largely satisfactory, and are likely to ease expectations for future submissions from those firms.
After the 2008 financial crisis, regulators have been demanding so-called living wills to be drawn up by some banks and financial institutions to provide a contingency plan in case they become insolvent and needs to be restructured.
The Federal Reserve and Federal Deposit Insurance Corporation provided comments to 19 banks regarding their 2015 resolution plans, which were found to not have any major issues.
The regulators said in a statement that due to the limited complexity of the banks' U.S. operations, they are "tailoring their expectations" for the next round of plans, due at the end of 2018.
The banks that submitted plans are Banco Bilbao Vizcaya Argentaria, S.A. BBVA.MC; Banco Santander , S.A. SAN.MC ; Bank of China Limited; Bank of Montreal BMO.TO ; BNP Paribas BNPP.PA ; BPCE BPCE.UL ; Coöperatieve Rabobank U.A. RABOO.UL ; Crédit Agricole S.A. CAGR.PA ; HSBC Holdings plc HSBA.L ; Industrial and Commercial Bank of China Ltd.; Mitsubishi UFJ Financial Group, Inc. 8306.T ; Mizuho Financial Group, Inc. 8411.T ; Royal Bank of Canada RY.TO ; Société Générale SOGN.PA ; Standard Chartered PLC STAN.L ; Sumitomo Mitsui Financial Group, Inc. 8316.T ; the Bank of Nova Scotia BNS.TO ; the Norinchukin Bank NORB.UL ; and the Toronto-Dominion Bank TD.TO .