Andrew Bailey said reforms enacted from previous financial crises had stood firm and the world did not face a systemic banking collapse.
| Bank of England governor Andrew Bailey said regulators need to look again at how much protection they extend to depositors at smaller banks, one of the key lessons he said should be learned from the recent crisis in the financial system., Mr Bailey expressed confidence in the health of the financial system. He said rules enacted after the crisis more than a decade ago have stood firm.
He noted that larger banks in Europe must hold “eligible liabilities”, which can be converted into equity in the event of a bank failure.But smaller banks find it harder to issue securities which count as eligible liabilities, he said. There was a trade-off, Mr Bailey added, between increasing protections for customers and placing too heavy a burden on lenders.
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