Agencies post public portions of ‘living wills’ for 4 foreign banking firms

The public portions of resolution plans for four foreign banking organizations – Barclays PLC, Credit Suisse Group AG, Deutsche Bank AG, and UBS AG – were published Monday by the Federal Reserve Board and Federal Deposit Insurance Corp. (FDIC).

The banks were required to submit the plans by July 1. Focusing on the banks’ U.S. operations, these “living wills” describe the firms’ strategy for rapid and orderly resolution under bankruptcy in the event of material financial distress or failure. The plans are required to be filed under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). There are confidential and public portions, both of which are being reviewed by regulators.

“By regulation, resolution plans must be divided into public and confidential sections,” the agencies said in their releases Monday. “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.”

Federal Reserve Board release

FDIC release