The biggest banks in the United Kingdom are no longer “too big to fail,” and could continue offering services even when facing a crisis, the Bank of England (BoE) said in a June 10 press release.
The UK central bank works with financial institutions to minimize disruptions to the economy should the banks fail: a process called resolution.
The statement came after the BoE, prompted by the global financial crisis, conducted its first-ever assessment of top banks’ resolution plans.
“The Bank’s assessment of resolvability shows that even if a major UK bank were to require resolution, customers would be able to keep accessing their accounts and business services as normal,” the press release said….