It appears that the major UK banks have been pulled up by the BoE and told that they're not quite ready to 'fail safely' yet.
I notice the Dxy $ is at 1.4 and the 10 yr at 3.1%. Hell, the 2 yr is now at 3.06%.
Does anybody really think that they won't fail? And if so, why not?
"The banks’ plans were judged on how they would fund themselves through their demise, how they would keep their businesses operating smoothly and how they would communicate their plans and co-ordinate decision making."
HSBC, Lloyds and Standard Chartered all had funding “shortcomings” and NatWest, Nationwide and Virgin UK were asked to make “enhancements” to address less serious issues.
HSBC, the UK’s largest bank by assets, was also found to have shortcomings in its plans for how it would be restructured during its demise, as was Standard Chartered.
In its statement, HSBC said it had been asked to take steps to improve the resolvability of its international infrastructure, which spans 64 countries and territories.
Q
https://www.irishtimes.com/business/fin ... il-safely/