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Financial News: BoE: Major UK Banks Clear 2017 Stress Test

BoE: Major UK Banks Clear 2017 Stress Test

11/28/2017 - 02:47:00 (RTTNews)

(RTTNews) - For the first time since the Bank of England launched its stress tests in 2014, no bank needs to strengthen its capital position as a result of the stress test, the central bank said Tuesday.

The results of the test revealed that the UK banking system is resilient to deep simultaneous recessions in the UK and global economies, large falls in asset prices and a separate stress of misconduct costs.

The bank noted that the economic scenario in the test was more severe than the global financial crisis.

In the test, banks incur losses of around GBP 50 billion in the first two years of the stress. The stress test showed that these losses can now be absorbed within the buffers of capital banks have on top of their minimum requirements.

The Financial Policy Committee raised the system-wide UK countercyclical capital buffer rate, which applies to all banks, to 1 percent from 0.5 percent.

According to FPC, there are potential risks arising from the macroeconomic consequences of some possible Brexit outcomes.

The FPC assessed the UK banking system could continue to support the real economy through a disorderly Brexit.

However, the FPC said combination of a disorderly Brexit and a severe global recession and stressed misconduct costs could result in more severe conditions than in the stress test.

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