April 1, 2014 / 9:46 AM / in 4 years

BoE's Bailey says solving "too big to fail" banks top priority

LONDON, April 1 (Reuters) - Unless big banks can be closed down easily, markets will continue to fragment and harm economic recovery, Bank of England Deputy Governor Andrew Bailey said on Tuesday.

Regulators across the world are trying to solve the problem of so-called “too big to fail” banks to avoid the market mayhem caused when Lehman Brothers collapsed in 2008 and ensure that taxapayers don’t have to rescue major lenders which get into trouble.

“I am an optimist. My view is that we have to solve this,” Bailey told a conference.

Reporting by Huw Jones; Editing by Erica Billingham

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