UK to boost bank resolution toolkit after SVB collapse shortcomings - reports

City minister Bim Afolami

The Treasury is set to open a consultation aiming to strengthen the UK’s bank resolution toolkit, after shortcomings in the sector were exposed by the collapse of Silicon Valley Bank.

Economic secretary to the Treasury Bim Afolami told Bloomberg that, although the collapse of SVB showed the UK resolution regime worked, businesses' rush to withdraw money in the aftermath showed the need for it to be solidified. London Capital & Finance scars raise risk concerns over LTAFs among MPs Although he did not provide a timeline, the City minister said the consultation will come "quite soon". He told Bloomberg News: "When the consultation comes out, there will then be a debate about exactly how best to get that strong foundation for institutions that may not be covered at...