10th Oct 2014 12:25
LONDON (Alliance News) - The Bank of England will release the results of its stress tests on the UK's eight major banks and building societies on December 16, the central bank said on Friday.
Barclays PLC, Co-operative Bank, HSBC, Lloyds Banking Group PLC, Nationwide, Royal Bank of Scotland Group PLC, Santander UK, and Standard Chartered PLC are the eight firms under the Bank of England's stress test microscope.
The stress test results will be revealed after the central bank's Financial Policy Committee and Prudential Regulation Authority make final decisions on the outcomes on December 15. The banks will be told the results that day, and they will be made public on December 16.
The Bank of England has already received banks and building societies' initial stress testing submissions and is analysing the results.
UK institutions will discover the Bank of England's assessment more than one month after the European Banking Authority publishes its own EU-wide stress test results on October 26.
The Bank of England's stress tests will add a number of additional UK layers to the EBA stress test in order to take into account particular areas of vulnerability facing the UK banking system.
By Samuel Agini; [email protected]; @samuelagini
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