Fed, BoE officials mount defence of resolution regimes

Resolution regimes are “not a power grab” by regulators, says BoE’s Gracie

Resolution regimes are seen as the solution to the 'too-big-to-fail' problem

Central bank officials from the US and UK have hit back at critics who claim the G20 push to establish special resolution regimes for failing banks amounts to a bureaucratic power grab.

"Resolution is a new paradigm. None of us were set up in 2008 to manage the failure of large banks, but as part of that paradigm, in setting out to end too-big-to-fail, we want to make the market work," said Andrew Gracie, executive director for resolution at the Bank of England (BoE). "This is not a power grab

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