Last checked at 
By Philip Scipio
NEW YORK, June 8 (IFR) - Barclays, Credit Suisse, DeutscheBank and UBS have received a one year extension on the deadlineto submit their resolution plans, or "living wills", to USregulators.
The plans, which detail how each bank would be dismantled inthe event of a catastrophic failure, were due on July 1.
The overseas banks are also under the gun to put thefinishing touches on their US intermediate holding companies,due by the same date.
The US Federal Reserve and the Federal Deposit InsuranceCorporation said on Wednesday the four banks will be given untilJuly 2017 to submit their next living wills, in light of the"significant restructuring" they are undertaking to create theholding companies.
While the banks will have another year to produce livingwills it is likely they will face a tougher standard next year.The Fed and FDIC have been increasing pressure on banks to bemore precise in their resolution planning, casting a morecritical eye towards plans they deem unworkable.
Earlier this year regulators rejected the plans of fivemajor US banks, including JP Morgan, Bank of America MerrillLynch and Wells Fargo.
Failing to produce a credible plan could come with heavyconsequences. Banks could be forced to suspend dividends or makeasset sales.
The Fed and FDIC said they expect to provide ongoingfeedback to the four European banks about the 2017 plans basedon proposals they submitted last year. Those plans fell short ofthe standard set by submissions by US banks.
While plans submitted by US banks offered detailed outlinesof how they should be dismantled in the event of a severecrisis, the 2015 plans from European banks relied heavily on theuse of liability bail-in processes in their home countries tostabilize their US operations. (Reporting by Philip Scipio; Editing by Steve Slater)
