BANKOCALYPSE DRILL: US AND UK TO RUN ‘TOO BIG TO FAIL’ COLLAPSE SIMULATION (STA BREAKING NEWS and ARCHIVES)

by STANews , Sunday, October 12, 2014, 12:51

<THEY ARE GETTING READY>

The US and UK will stage a comprehensive simulation next week check whether the countries’ financial and banking sectors are still vulnerable to the problem of the ‘too big to fail’ institutions and coordinate their actions in case of such collapse.

Government financial leaders from Britain and US will simulate a failure of a large banking institution on Monday in Washington, DC, to test the effectiveness of each county’s banking regulations.

They hope the simulation – which will not mimic the collapse of any particular ‘too big to fail’ institution – will demonstrate what the officials have learned from the financial crisis about their respective roles, and how new practices should shield taxpayers from further bailouts. The simulation will run through procedures if a large UK bank with US operations failed, and those for a US bank with a British presence.

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http://rt.com/business/195052-us-uk-simulation-bank-collapse/