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- Sarah ten Siethoff is New Associate Director of SEC Investment Management Rulemaking Office
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- SEC Chair Clayton Goes 'Hat in Hand' Before Congress on 2019 Budget Request
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- Deutsche Bank faces another challenge with Fed stress test
- Former JPMorgan Broker Files racial discrimination suit against company
- $3.3Mn Winning Bid for Lunch with Warren Buffett
- Julie Erhardt is SEC's New Acting Chief Risk Officer
- Chyhe Becker is SEC's New Acting Chief Economist, Acting Director of Economic and Risk Analysis Division
- Getting a Handle on Virtual Currencies - FINRA
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NEWSLETTERS & ALERTS
RBS Fails Stress Test from The Bank of England
[Photo by Elliott Brown / Flickr]
The Royal Bank of Scotland (RBS) announced a revised capital plan on Wednesday following the announcement that it had failed the latest round of stress tests administered by the Bank of England (BOE). Fact is, RBS was the poorest performer of the 7 lending institutions examined.
From a capital adequacy perspective, RBS, Barclays and Standard Chartered were the 3 banks which failed to surpass the complete set of hurdles tested by the Bank of England.
RBS' updated plan was approved by the Bank of England's Prudential Regulation Authority (PRA) on Tuesday evening ahead of Wednesday's announcement that the bank had failed to meet 2 of its key measures of financial strength – (i) the common equity Tier 1 (CET1) capital rate, and (ii) the Tier 1 leverage hurdle rate. Both calculate the buffers that banks keep for times of financial stress.
RBS' relative weakness was largely due to its sensitivity to ongoing conduct fines, impairments and regulatory changes to risk-weighted asset requirements. The risk profile of its book – more weighted towards the worse performing unsecured, corporate and globally exposed loans than the better-performing domestically focused secured loans – also affected its stress test performance.