Press releases

Alastair Morley comments on the Bank of England’s resolvability assessment of major UK banks

10 June 2022

Alastair Morley, partner in Deloitte’s Financial Advisory practice, comments on the Bank of England’s resolvability assessment of major UK banks:

“Today’s public disclosures, summarising firms’ preparedness for resolution, represent a culmination of over a decade of hard work for both firms and regulators. Simply put – we are in a vastly different place today than just after the financial crisis. Both firms and regulators are much better positioned to deal with failure, without having to resort to taxpayers’ funds for bailouts.

“The disclosures promote greater transparency and public understanding of resolution, by providing a comprehensive appraisal of resolvability work to date. Yet there is a balance to be made as Banks cannot be designed solely along the lines of resolvability. However, as evidenced by the areas called out by firms themselves and more broadly by the BoE, there is still work to do to ensure that resolvability is fully embedded and as robust as possible.”

-ENDS-

 

Notes to editors

About Deloitte

In this press release references to “Deloitte” are references to one or more of Deloitte Touche Tohmatsu Limited (“DTTL”) a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see deloitte.com/about for a detailed description of the legal structure of DTTL and its member firms.

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The information contained in this press release is correct at the time of going to press.For more information, please visit www.deloitte.co.uk

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