US rules on foreign banks criticised by SRB’s König
Elke König, head of the eurozone's bank resolution authority, says US requirements for foreign banks to have a local holding company run counter to the single point-of-entry approach to resolution
The US has taken "a step in the wrong direction" by requiring foreign banks to set up a local holding company, according to Elke König, chair of the eurozone's bank resolution authority, the Single Resolution Board (SRB). If the holding company is used to ring-fence US assets and liabilities, this could jeopardise the effective cross-border resolution of a stricken bank, she warns in an interview
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