BoE moves to prepare UK banks for EU recovery and resolution rules

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The Bank of England

The Bank of England (BoE) has called on financial companies to amend legal provisions governing their liabilities to forewarn foreign creditors they will be bailed in by the UK Prudential Regulation Authority (PRA) if a debtor is wound down or restructured.

The proposed rule features in a consultation paper published today by the PRA, which banks have until September 19 to respond to. The paper is part of a bid to overhaul the UK resolution framework to make it compliant with the EU Bank Recover

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