Financial Times FT.com

Watchdog to set out rules for ‘living wills’

By Brooke Masters and Gillian Tett

Published: September 15 2009 23:32 | Last updated: September 16 2009 00:01

Plans to force UK banks to prepare “living wills” so they can be dismantled more easily in a crisis have started to be drawn up by the City watchdog.

Large UK banks will be required to detail what businesses they would sell to raise emergency funds and allow them to wind up their trading books within 60 days of a ­collapse, under the plans by the Financial Services Authority.

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