UK Banks’ Resolveability Assessment: 2024

press release

Today, the Bank of England published its second assessment of each of the UK’s eight biggest banks under the Resolution Assessment Framework (RAF), our approach to assessing whether these companies are prepared for resolution. Our assessments provide further confidence that even if a major UK bank were to fail today, it would be able to enter into resolution safely, meaning it would continue to operate and provide essential banking services, with shareholders and investors (not public money) being the first to bear the costs of failure.

The assessment found that the UK’s major banks are making continued progress in improving their resolution readiness, including embedding resolution readiness into their day-to-day operations and addressing issues that have remained unresolved since the first assessment in 2022.

The bank used the second RAF assessment to assess the progress of major UK banks on the issues outstanding in the first assessment, and to test for the first time how their readiness for resolution works in practice. The assessment focused on one of the three outcomes that major UK banks must achieve to be considered resolvable: having adequate financial resources in the context of a resolution.

As a natural outgrowth of the more detailed assessment the Bank has undertaken and the work the Company has undertaken to test its own capabilities, this second RAF assessment has identified new issues, but none of these are likely to impede the Bank’s ability to execute its resolutions. Further improvements in the areas identified in this assessment would help to facilitate the implementation of its resolutions.

Banks should prioritize addressing feedback from this and previous RAF assessments and continually maintain and improve their resolution capabilities.

We will use the RAF assessments to conduct a more detailed analysis of the major UK banks in the future. The next RAF assessment will focus on continuity and restructuring outcomes, including assessing whether the major UK banks are prepared to quickly plan and implement restructuring options to address the causes of failure and restore viability.

Given the progress to date on resolvability, and to allow time for banks and the major UK banks to further refine and progress their resolvability testing ahead of the next assessment, the PRA will consult on any necessary rule changes to delay the third RAF assessment by one year to 2026-27 rather than 2025-26. Banks will work with the major UK banks over the coming months to discuss their work plans and anticipated focus areas during this period to ensure that progress on resolvability continues.

Dave Ramsden, Deputy Governor for Markets, Banking, Payments and Resolutions, said:

“We welcome the progress made by the major UK banks. Maintaining a credible and effective resolution regime is an ongoing process, and authorities and firms must respond as the financial system and regulatory environment evolve. Resolution will never be ‘done’ and there will always be lessons to be learned from putting the regime into practice.”

Notes to editors The eight UK banks included in the RAF report are: Barclays, HSBC, Lloyds Banking Group, Nationwide, NatWest Group, Santander UK, Standard Chartered and Virgin Money UK. You should read their disclosures in conjunction with the bank’s assessment. We do not assess a company because we think it is likely to experience trouble, but because we and the bank are prepared for the worst and can take action if necessary. The Bank of England is the UK’s resolution agency. We work with companies to ensure they are prepared to take action if necessary. If a company fails, we ensure an orderly resolution to minimise disruption to critical services. This process is called resolution. For more information, see the Bank of England’s approach to assessing resolution and the Bank of England’s approach to resolution. We assess a company’s readiness for resolution based on whether it can achieve three resolution outcomes: securing adequate financial resources in a resolution context; being able to continue to operate through resolution and restructuring; and coordinating and communicating effectively internally, with authorities and with the market. The three outcomes are supported by policies announced by the banks and the PRA to remove barriers to resolution. Firms must meet the objectives of these policies to achieve the resolution outcomes at a minimum. For the results of the first RAF assessment, see Resolution Assessment of the UK’s Major Banks: 2022. For today’s results, see Resolution Assessment of the UK’s Major Banks: 2024.

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