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The UK’s eight largest banks have all drawn up plans that would allow them to fail “safely” without harming taxpayers or customers, but are expected to make other improvements to improve the process, the Bank said on Friday. from England.

The financial year marked the first time that regulators have given their verdict on the resolvability plans of the UK’s eight largest banks and building societies, including Barclays, HSBC, Lloyds Banking Group, Nationwide, NatWest, Santander UK, Standard Chartered and Virgin Money UK.

The plans are the latest part of a package of measures to ensure that bank failures are more orderly and less destructive than the 2007 global financial crisis. are structured so that they can be closed safely. if they encounter difficulties, without leaving taxpayers behind.

“Resolving a large bank safely will always be a complex challenge, so it’s important that we and the large banks continue to prioritize work on this issue,” Dave Ramsden, deputy governor for financial institutions, said Friday. markets and banks at the Bank of England.

The central bank said it found shortcomings in some of the companies’ plans as well as “areas for improvement”.

HSBC said it has been asked to take steps to improve the resolvability of its international infrastructure which spans 64 countries and territories.

“The changes that would be required to this infrastructure to support certain restructuring actions, which may be required for resolution, would be complex,” the bank said, adding that the work would be carried out over a “multi-year period.”

Barclays said it had “identified some areas for refinement, including the continued optimization of processes and the use of automation where appropriate, which it will continue to drive forward.”

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