October 2, 2017 / 9:38 AM / 10 months ago

BoE tells banks to find 4 billion pounds of bail-in debt by 2022

LONDON, Oct 2 (Reuters) - Banks headquartered in Britain must find a net 4 billion pounds ($5.3 billion) to comply by 2022 with rules aimed at shielding taxpayers when lenders go bust, the Bank of England said on Monday.

Ten years after a financial crisis that forced UK taxpayers to inject billions of pounds into lenders like Royal Bank of Scotland and Lloyds, the BoE said the final pieces to a system for dealing with failing banks was being slotted into place.

This would ensure that even large banks can be wound down and were no longer “too big to fail” and hold taxpayers to ransom. ($1 = 0.7515 pounds) (Reporting by Huw Jones, editing by Louise Heavens)

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