US gives 21 banks another year to solve resolution problems

Banks including Societe Generale, Santander and BNP Paribas have until end-2018 to file plans

The US Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) have extended by one year the resolution plan-filing deadline for 19 foreign banks and two large domestic financial institutions, they announced on August 8.

The Fed announced it had decided to give the firms an additional year, ending on December 31, 2018, “to address any supervisory guidance in their next plan submissions”.

The regulators want to use the extended window to address the doubts and structural