{
  "title": "United Kingdom: Financial Sector Assessment Program-Select Issues in Financial Safety Net Arrangements and Financial Crisis Preparedness",
  "publication": "IMF Staff Country Reports, April 8, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/04/07/united-kingdom-financial-sector-assessment-program-select-issues-in-financial-safety-net-516276",
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  "summary": "The United Kingdom (U.K.) bank resolution and financial crisis readiness arrangements are sound but with opportunities for continued and accelerated enhancements. The U.K. authorities’ individual and collective crisis readiness—including with other major jurisdictions—continues to improve.",
  "sections": [
    {
      "heading": "Overall assessment",
      "content": "- The United Kingdom (U.K.) bank resolution and financial crisis readiness arrangements are sound but with opportunities for continued and accelerated enhancements.\n- The U.K. authorities’ individual and collective crisis readiness—including with other major jurisdictions—continues to improve.\n- Mid-2022, all major U.K. banks and the authorities will issue the first public statements about these banks’ resolvability."
    },
    {
      "heading": "Special resolution regime (SRR) and resolvability assessment framework (RAF)",
      "content": "- There is a comprehensive special resolution regime (SRR) and resolvability assessment framework (RAF) for banks.\n- The existing SRR and RAF support public resolvability statements by major banks and authorities."
    },
    {
      "heading": "Gaps and areas for enhancement",
      "content": "- The SRR should be further enhanced, including:\n  - Its application to central counterparties (CCPs).\n  - Introduction of a special resolution regime for insurance companies.\n- Elements of the deposit insurance system should be strengthened.\n- Firm-specific resolution decision-making needs reinforcement."
    },
    {
      "heading": "Implementation and reputation risk",
      "content": "- Implementation risk and reputation risk associated with resolution and crisis arrangements should be addressed to improve overall effectiveness."
    },
    {
      "heading": "Subject and keywords (as provided)",
      "content": "- Subject: Bank resolution framework, Contingency planning, Crisis management, Financial crises, International organization, Monetary policy, Special resolution regime\n- Keywords: Bank resolution framework, Contingency planning, Crisis management, financial crisis preparedness, FSAP's finding, Global, Resolution arrangement, resolvability Assessment framework, Special resolution regime, U.K. financial system\n\n---\n\n Content in this bundle\n\n- 1gbrea2022007\n  - 1gbrea2022007 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - 1gbrea2022007 (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: April 8, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400206733.002",
    "The United Kingdom (U.K.) bank resolution and financial crisis readiness arrangements are sound but with opportunities for continued and accelerated enhancements.",
    "The U.K. authorities’ individual and collective crisis readiness—including with other major jurisdictions—continues to improve.",
    "Mid-2022, all major U.K. banks and the authorities will issue the first public statements about these banks’ resolvability.",
    "There is a comprehensive special resolution regime (SRR) and resolvability assessment framework (RAF) for banks.",
    "The existing SRR and RAF support public resolvability statements by major banks and authorities.",
    "The SRR should be further enhanced, including:",
    "Elements of the deposit insurance system should be strengthened.",
    "Firm-specific resolution decision-making needs reinforcement.",
    "Implementation risk and reputation risk associated with resolution and crisis arrangements should be addressed to improve overall effectiveness.",
    "Subject: Bank resolution framework, Contingency planning, Crisis management, Financial crises, International organization, Monetary policy, Special resolution regime",
    "Keywords: Bank resolution framework, Contingency planning, Crisis management, financial crisis preparedness, FSAP's finding, Global, Resolution arrangement, resolvability Assessment framework, Special resolution regime, U.K. financial system",
    "**1gbrea2022007**"
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