Central bank hits out at stress tests

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The Bank of England gave the UK banking industry a stark warning last month to improve stress-testing models to avoid being dangerously exposed in the event of a severe shock to the financial system. The UK's central bank made the comments in its twice-yearly Financial Stability Report, which found that risk models used by banks are better at capturing certain types of risk, such as credit risk, than others, such as liquidity risk.

Banks' risk management systems are also failing to keep pace

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