The UK government is planning to allow the Bank of England to access the country’s deposit insurance fund in order to support the resolution of smaller banks. The proposal would enable the BoE to use funds from the Financial Services Compensation Scheme (FSCS) for various purposes, such as recapitalising a failed firm, covering operating costs, and paying legal fees. This move aims to enhance the resolution efforts of the central bank.
UK’s deposit insurance to boost resolution plans.
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