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MNI (Washington)
     WASHINGTON (MNI) - The following is the text of a joint press release
issued Tuesday by the Federal Reserve and the Federal Deposit Insurance
Corporation extending the deadline for filing so-called living will plans to the
U.S. subsidiaries of 19 foreign banks and two large domestic bank holding
companies. 
     The Federal Reserve Board and the Federal Deposit Insurance Corporation
(FDIC) today extended the resolution plan filing deadline for 19 foreign banking
organizations and two large domestic bank holding companies to December 31,
2018, to give the firms an additional year to address any supervisory guidance
in their next plan submissions. 
     Resolution plans, required by the Dodd-Frank Act and commonly known as
living wills, must describe the company's strategy for rapid and orderly
resolution under bankruptcy in the event of material financial distress or
failure of the company. For foreign banking organizations, resolution plans are
focused on their U.S. operations. 
     The foreign banks are: Banco Bilbao Vizcaya Argentaria, S.A., Banco
Santander, S.A., Bank of China Limited, Bank of Montreal, BNP Paribas, BPCE,
Cooperatieve Rabobank U.A., Credit Agricole S.A., HSBC Holdings plc, Industrial
and Commercial Bank of China Ltd., Mitsubishi UFJ Financial Group, Inc., Mizuho
Financial Group, Inc., Royal Bank of Canada, Societe Generale, Standard
Chartered PLC, Sumitomo Mitsui Financial Group, Inc., The Bank of Nova Scotia,
The Norinchukin Bank, and The Toronto-Dominion Bank. The two domestic firms are:
CIT Group, Inc. and Citizens Financial Group, Inc. 
     Also, the agencies announced that they would allow two smaller foreign
firms, Canara Bank and Mercantil Servicios Financieros, C.A., to file
reduced-content resolution plans moving forward. The firms have submitted prior
plans that provide the agencies with an understanding of their limited U.S.
operations. Reduced-content plans focus on material changes the firms have made
to their prior resolution plans, alterations or actions to improve the
effectiveness of their plans, and, where applicable, actions to ensure any
subsidiary insured depository institution is adequately protected from the risks
arising from the activities of nonbank subsidiaries of the firm.
--MNI Washington Bureau; +1 202-371-2121; email: jean.yung@marketnews.com
[TOPICS: M$U$$$]
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com
MNI Washington Bureau | +1 202-371-2121 | jean.yung@marketnews.com

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