FSA opens resolution and recovery consultation
The UK’s banks are in the spotlight again, after their regulator opened discussions on resolution and recovery plans (RRPs). The FSA launched a consultation on Tuesday, proposing that all the UK’s banks submit their first RRPs by June next year.
In the markets, European bank CDS retraced some of the weeks widening on Wednesday morning. The volatile backdrop dominated by peripheral sovereign worries and the US ratings downgrade put a stop to any new FIG issuance, however.
As Commerzbank reported it had reached its funding target for 2011,
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