By Jessica Holzer
Washington--Nine large banks will provide quick peeks of their
strategies to quickly and cleanly liquidate themselves in a crisis
on Tuesday, but the summaries aren't expected to contain much
information not already available to the public.
The banks, which must submit thorough "living wills" to
regulators by July 1, resisted giving many details in the broad
summaries they must provide to the public out of concern they will
reveal proprietary information to competitors, a Federal Deposit
Insurance Corp. official said Friday.
The public portions of the plans will likely contain only
financial and other data that is already found in other public
sources, and regulators won't be reviewing the summaries for
sufficiency or accuracy, the official said.
Around 125 large financial companies are required by the 2010
Dodd-Frank financial law to submit living wills by the end of 2013.
Nine of the largest banks must submit their initial living wills to
the FDIC and Federal Reserve by July 1.
The early group includes top U.S. banks such as Bank of America
Corp. (BAC) and Citigroup Inc. (C) as well as large foreign banks
including Deutsche Bank AG (DB, DBK.XE), Barclays PLC (BCS,
BARC.LN) and Credit Suisse Group (CG, CSGN.VX).
-Jessica Holzer; 202-862-9228; jessica.holzer@dowjones.com
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