US Agencies (FDIC and FED) communicated their expectations about the next resolution plans to 19 foreign-based banking organizations. The next resolution plans from these companies are due by December 31, 2018. To reflect the limited complexity of most of these firms' U.S. operations, the agencies are further tailoring their expectations for these firms' 2018 resolution plans. FED also released feedback letters issued to these companies.
The 19 foreign banking organizations, which submitted plans in December 2015, are Banco Bilbao Vizcaya Argentaria, S.A.; Banco Santander, S.A.; Bank of China Limited; Bank of Montreal; BNP Paribas; BPCE; Coöperatieve Rabobank U.A.; Crédit Agricole S.A.; HSBC Holdings plc; Industrial and Commercial Bank of China Ltd.; Mitsubishi UFJ Financial Group, Inc.; Mizuho Financial Group, Inc.; Royal Bank of Canada; Société Générale; Standard Chartered PLC; Sumitomo Mitsui Financial Group, Inc.; The Bank of Nova Scotia; The Norinchukin Bank; and The Toronto-Dominion Bank. Resolution plans are required by the Dodd-Frank Act and are commonly known as living wills. These plans must describe a company's strategy for rapid and orderly resolution under bankruptcy, in the event of material financial distress or failure of the company. For foreign banking organizations, resolution plans are focused on their U.S. operations.
Related Link: Press Release and Feedback Letters
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