US Agencies (FED and FDIC) released the public portions of the resolution plans of several banks. FED published resolution plans of four foreign banking organizations: Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG, and UBS AG. The plans were required to be submitted by July 01 and are focused on these banks' U.S. operations. In addition, FDIC received and posted the public sections of separate resolution plans, which were also due by July 01, by 41 large insured depository institutions.
The resolution plans are required by the Dodd-Frank Act and commonly known as living wills. The plans must describe the strategy of a company for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure. By regulation, resolution plans must be divided into public and confidential sections. To foster transparency, the agencies have required each firm's public section to summarize certain elements of the resolution plan and information explaining how the resolution plan would be executed. The public portions of the resolution plans are available on the websites of the US Agencies. The agencies will review both the confidential and public portions of the resolution plans.
Keywords: Americas, US, Banking, Dodd Frank Act, Resolution Plan, FDIC, FED
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