Bank of England sets out rules for foreign bank branches
Branches lacking credible resolution plans could have licences revoked
The Bank of England (BoE) today introduced a rule requiring foreign banks to ensure their ability to resolve UK branches in an orderly way or risk being barred from operating in the country.
The new rule is the centrepiece of the Prudential Regulation Authority (PRA) – a BoE subsidiary and micro-prudential regulator – framework for supervising UK branches of banks based outside the European Economic Area (EEA).
Unlike a subsidiary, which is a separate legal entity from its parent bank and
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