PRINCIPALS OF U.S., EUROPEAN BANKING UNION, AND U.K. FINANCIAL AUTHORITIES MEET FOR REGULAR COORDINATION EXERCISE ON CROSS-BORDER RESOLUTION PLANNING
WASHINGTON The heads of resolution, regulatory and supervisory authorities, central banks, and finance ministries of the United States, the United Kingdom, and the European Banking Union are among leaders participating in a Trilateral Principal Level Exercise (TPLE) on Saturday, April 20, 2024.
The meeting is part of a series of regular exercises and exchanges among the principals of these key financial sector authorities. The intent is to enhance understanding of each jurisdictions resolution regime for global systemically important banks (G-SIBs), strengthen coordination on cross-border resolution, and promote confidence in and commitment to the orderly resolution of G-SIBs.
The 2024 TPLE builds on a series of such exercises going back to 2014, with the European Banking Union authorities joining in 2016. The exercise coincides with the spring meetings in Washington, D.C. sponsored by the World Bank and International Monetary Fund. The 2024 TPLE will draw on cross-border cooperation processes developed to operationalize international standards applicable to G-SIBs and lessons learned from the 2023 failures of large banks in multiple jurisdictions.
The Federal Deposit Insurance Corporation (FDIC) will host the TPLE. Participants from the U.S. include principals from: the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, the FDIC, the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the Commodity Futures Trading Commission.
Participants from the European Banking Union include principals from: the Single Resolution Board, the European Commission, and the European Central Bank.
Participants from the United Kingdom include principals from His Majestys Treasury and the Bank of England.
###
MEDIA CONTACT:
Brian Sullivan
(202) 412-1436
PR-25-2024
|