UK to Update Playbook for Bank Failures After SVB Flagged Flaws
- City Minister says bank resolution consultation will come soon
- Some vulnerabilities exposed by Silicon Valley Bank’s collapse
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The Treasury is poised to start a consultation to bolster the UK’s bank resolution toolkit, after the crisis at Silicon Valley Bank revealed some shortcomings, according to the City minister.
Bim Afolami, economic secretary to the Treasury, said SVB’s collapse showed the UK resolution regime worked but that it is looking at ways to make it as “solid as possible” following a rush by businesses to withdraw money.