BoE’s Cunliffe Tells Banks To Prepare For Post-”too Big To Fail” World
Britain’s banks need to start preparing for a financial environment in which they are no longer “too big to fail”, Bank of England Deputy Governor Jon Cunliffe said on Tuesday. Taxpayers in Britain poured 65 billion pounds into banks during the 2007-09 financial crisis and the B of E wants to ensure that no bank is so big that letting it fail would risk the market mayhem seen when Lehman Brothers went bust in September 2008. Speaking at an event held by Barclays Bank, Cunliffe cautioned lenders that once new rules are in place to ensure that no bank is too big to fail, market liquidity won’t return to levels seen in the run-up to the financial crisis.
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