August 30, 2018 / 8:00 PM / 3 months ago

Federal Reserve gives Deutsche Bank, others extension on 'living will' submissions

WASHINGTON, Aug 30 (Reuters) - The Federal Reserve said on Thursday that it was giving Deutsche Bank AG and four other financial institutions an additional year to submit “living wills” detailing how they could be safely dissolved in a crisis.

The Fed, along with the Federal Deposit Insurance Corporation, said Deutsche, Barclays PLC, Credit Suisse Group AG and UBS AG would now be required to submit those resolution plans by July 1, 2020. The banks previously were expected to submit plans by July 1, 2019.

Additionally, the regulators said Prudential Financial Inc would face a new submission deadline of Dec. 31, 2019. Prudential’s latest plan submission was due at the end of 2018. The regulators said the extension would allow them to provide additional feedback to banks and give them more time to prepare the new plans. (Reporting by Pete Schroeder Editing by Leslie Adler)

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