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News Release

US Bank Choses to Work with Holley Holland on Recovery and Resolution Plan

Holley Holland appointed to design and execute Recovery and Resolution plans for a major US bank
Released: 9th September 2013
Publisher: Holley Holland

Holley Holland, a London-based boutique consultancy specialising in the financial services industry, has been appointed to design and execute Recovery and Resolution plans for the European operations of a major US bank.

The European Commission now requires banks and other financial institutions to prepare and implement Recovery and Resolution plans (sometimes known as “living wills”). The purpose of this directive is to prevent a repeat of the situation in 2007/8 when governments were forced to use taxpayers’ money to prevent banks from failing. It puts an end to the notion that some institutions are “too big to fail” and will be rescued by the government and instead forces them to set out its arrangements to restore their own viability.

“Holley Holland has in-depth experience of the banking and financial services industry and we are delighted to have the opportunity to use this knowledge on this major project. Our on-going relationship with the bank has shown them that they can trust us to get the job done, despite the many challenges involved,” explains Andrew Holley, partner, Holley Holland.

“Recovery and Resolution plans are proving far more extensive for many financial institutions than first thought and, thankfully, the deadline for plans has been extended to the end of 2014 because of this. However, the complexity and commitment required means that any company that still needs to develop its plans must act quickly and preferably hire expert help,” explains Andrew Holley, partner, Holley Holland.


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