The Federal Deposit Insurance Corporation (FDIC) will host a Trilateral Principal Level Exercise on Saturday.
Key financial sector authorities have been participating in a series of regular exercises and exchanges to strengthen coordination on cross-border resolution, enhance their understanding of each jurisdiction’s resolution regime for global systemically important banks (G-SIBs), and promote confidence in and commitment to the orderly resolution of G-SIBs.
Participants include the finance ministries of the United States, the European Banking Union, and the United Kingdom as well as the leaders resolution and regulatory authorities, and central banks.
American participants include representatives from the FDIC, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Department of the Treasury, the Federal Reserve System board of governors, and the Federal Reserve Bank of New York.
European Banking Union participants include representatives from the Single Resolution Board (SRB), the European Commission, and the European Central Bank.
“This exercise underscores the shared commitment of key global authorities to ensure that a G-SIB can be resolved in an orderly manner, without jeopardizing international financial stability,” Dominique Laboureix, SRB chairwoman, said.
British participants include representatives from His Majesty’s Treasury and the Bank of England.
The April 18 exercise coincides with the World Bank Group and the International Monetary Fund’s spring meetings.