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WASHINGTON, June 8 (Reuters) - Four big foreign banks withlarge American operations are being given an extra year todetail plans on how they would sell or liquidate the assets oftheir U.S. subsidiaries if they were to fail, regulators said onWednesday.
Barclays PLC, Deutsche Bank AG, UBSGroup AG and Credit Suisse Group AG will haveuntil July 2017 to submit their resolution plans, or "livingwills," to U.S. government regulators. The previous deadline hadbeen next month.
The regulators granted the extension because the banks arein the process of simplifying their organizational structuresunder a separate rule, the Federal Reserve and Federal DepositInsurance Corporation said in separate statements.
The banks must satisfy that intermediate holding companyrequirement, set by the Fed, by July 1. The result of thatprocess will affect foreign banks' living wills plans,regulators said.
The living will process is required by the Dodd-Frankfinancial reform law passed in 2010 in response to the financialcrisis, and is intended to protect U.S. taxpayers from having tobail out failing banks.
The law requires bank holding companies based in the UnitedStates with more than $50 billion in assets, includingsubsidiaries of foreign banks, to meet more stringent standardsfor safety and soundness. (Reporting by Patrick Rucker; Editing by Lauren Tara LaCapraand Will Dunham)
