Joint Release/Agencies Extend Deadline for Certain Foreign Banking Organizations' Resolution Plan Submissions — 2016-06-08

Board of Governors of the Federal Reserve System Joint Release Federal Deposit Insurance Corporation For release at 9:00 a.m. EDT June 8, 2016 Agencies Extend Deadline for Certain Foreign Banking Organizations’ Resolution Plan Submissions The Federal Reserve Board and the Federal Deposit Insurance Corporation (FDIC) on Wednesday announced that four foreign banking organizations (FBOs) will be required to submit their next resolution plans on July 1, 2017. Previously, the four FBOs--Barclays PLC, Credit Suisse Group, Deutsche Bank AG, and UBS--were required to submit their next plans on July 1, 2016. However, the agencies jointly determined the 2016 annual resolution plan filing requirement will be satisfied by the submission of 2017 resolution plans. The agencies made their decision in light of the significant restructuring these companies are undertaking to come into compliance with the Federal Reserve Board’s Intermediate Holding Company (IHC) requirement, which is also due on July 1, 2016.