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UK banks ‘not yet sufficiently prepared’ for resolution assessments, BOE letter says

( February 24, 2021, 14:45 GMT | Official Statement) -- MLex Summary: Lenders in the UK aren't yet “sufficiently prepared” to assess their ability to be resolved against the Bank of England’s required framework, the central bank said in a letter today. BOE deputy governor Dave Ramsden wrote to bank chiefs today, noting that “in general” it has not observed that lenders are prepared for the runup to the January 2022 implementation deadline. The letter also says that the BOE’s own statement on bank resolvability, to be published by June 2022, will include views on individual lenders, which will present them with a “strategic opportunity to reinforce their reputation as safe and sound financial institutions.”The statement follows. The letter is attached....

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