August 8, 2017 / 8:01 PM / a year ago

Federal Reserve gives one-year 'living will' extension for some banks

WASHINGTON, Aug 8 (Reuters) - The Federal Reserve on Tuesday gave a one-year extension for 19 foreign banks and 2 domestic lenders to write their ‘living wills’ in case of bankruptcy, giving the banks until the end of 2018 to comply.

The ‘living will’ plans explain how each lender would unwind without damaging the wider financial system. Before Tuesday’s announcement, the plans would have been due at the end of this year.

The foreign banks are: Banco Bilbao Vizcaya Argentaria ; Banco Santander, Bank of China Limited, Bank of Montreal, BNP Paribas, BPCE, Coöperatieve Rabobank, Crédit Agricole S.A., HSBC Holdings plc, Industrial and Commercial Bank of China Ltd., Mitsubishi UFJ Financial Group, Inc., Mizuho Financial Group Inc., Royal Bank of Canada, Société Générale, Standard Chartered PLC, Sumitomo Mitsui Financial Group Inc., The Bank of Nova Scotia, The Norinchukin Bank, and The Toronto-Dominion Bank. The two U.S. firms are: CIT Group Inc and Citizens Financial Group Inc. (Reporting By Patrick Rucker; Editing by Nick Zieminski)

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