HSBC, Lloyds Banking Group and Standard Chartered have “shortcomings” in their plans to ensure they could fail without detriment to customers and taxpayers, the Bank of England said on Friday.
The regulator ordered them to fix issues including how they would fund themselves if they ran into trouble and how they would smoothly serve customers.
The BoE said five other big UK banks must make “enhancements” to their resolution plans, which they were ordered to create as part of 2019 measures to make sure the bailouts of the 2007-08 crisis would not be repeated. The UK offshoot of Spain’s Santander was the only one of the UK’s eight top banks that came through the BoE’s first assessment of lenders’ resolution plans without any recommendations.
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