The market has welcomed a decision by the Federal Reserve
Board and the Federal Deposit Insurance Corporation (FDIC) to
extend the deadline for 21 banking organisations to submit
resolution plans until the end of 2018.
The extension, published last month, has not come as much of a
surprise to the market, which feels that it was a necessary
allowance to ensure that the institutions had the time to adapt
to previously offered guidance on how to prepare resolution
plans, also known as living wills.
Not only was the measure expected, it was hoped for by the
institutions. Following the initial guidance by the
institutions back in March, the four largest foreign banking
organisations (FBOs) in the US - Barclays, Credit Suisse,
Deutsche Bank and UBS – were offered extensions until
July 1 2018 to be able to meet liquidity requirements and 'to
reflect the significant restructuring that they have