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International banks in UK could see new criteria to maintain branch status

( July 30, 2024, 11:33 GMT | Official Statement) -- MLex Summary: The Bank of England is considering increasing the threshold of demand deposits that international banks' branches can hold before being asked to become a subsidiary. Demand deposits are money deposited into a bank account that can be withdrawn at any time. Currently, when they exceed 100 million pounds, the Prudential Regulation Authority would consider whether the branch, or the extension of international bank, should become a subsidiary, or a separate legal entity under UK law instead. Britain's central bank said that an increase to 300 million pounds would better align regulatory requirements with the coverage under the the Financial Services Compensation Scheme.Consultation paper is attached....

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