Banking
House of Lords
Lord Myners (Labour)
To ask Her Majesty's Government whether they are content with the progress being made by United Kingdom banks towards producing recovery and resolution plans, known as "Living Wills".
Lord Sassoon (Commercial Secretary, HM Treasury; Conservative)
The Financial Services Authority (FSA) is running a pilot programme involving a number of UK banks drawing up draft recovery and resolution plans (RRPs) to inform policy development. Good progress is being made by these firms and the lessons learnt are been fed in to the domestic, EU and G20 policy-making processes. However, this is an iterative process involving complex global financial institutions and will continue into next year. The FSA is expected to begin consultation on the RRPs at the end of the year.