U.S. and UK Officials Meet to Discuss Components for Resolution of a Global Systemically Important Bank

The FDIC held a meeting and an exercise in which financial regulatory officials from the United States and the United Kingdom explored resolution strategies in the event of the failure of a global systemically important bank ("G-SIB").

The event consisted of discussions of principles regarding G-SIB resolution strategies under U.S. and UK resolution regimes, aspects of those strategies requiring coordination between U.S. and UK authorities, and key challenges to the successful resolution of U.S. and UK G-SIBs. It built on prior bilateral work between U.S. and UK authorities, which included the publication of a joint paper on G-SIB resolution, as well as detailed simulation exercises and other joint G-SIB resolution planning efforts.

Along with FDIC Chair Martin Gruenberg and other members of the FDIC, participants from the United States included leaders from the U.S. Treasury Department, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the SEC and the CFTC.

Participants from the United Kingdom included the Chancellor of the Exchequer and officials from the Bank of England and the Financial Conduct Authority.

See: FDIC Press Release.