Fed, BoE officials mount defence of resolution regimes
Resolution regimes are “not a power grab” by regulators, says BoE’s Gracie
Central bank officials from the US and UK have hit back at critics who claim the G20 push to establish special resolution regimes for failing banks amounts to a bureaucratic power grab.
"Resolution is a new paradigm. None of us were set up in 2008 to manage the failure of large banks, but as part of that paradigm, in setting out to end too-big-to-fail, we want to make the market work," said Andrew Gracie, executive director for resolution at the Bank of England (BoE). "This is not a power grab
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