Asked about protecting Silicon Valley Bank depositors in the United States, Bailey said it should not be the norm that all bank deposits are guaranteed, amid a debate about the safety of uninsured deposits above guaranteed levels in various countries. (Reporting by William Schomberg, writing by Sarah Young Editing by Iain Withers)
Messaging: sarah.young.thomsonreuters@reuters.net)) LONDON, March 28 (Reuters) - Bank of England Governor
Andrew Bailey said on Tuesday that creditor hierarchy was a
"cardinal principle" and in Britain additional tier one (AT1)
bondholders would not be treated as they were in the emergency
takeover of Credit Suisse by UBS.
"In any resolution we will always abide by the code of
hierarchy because that's a cardinal principle," he told a
committee of lawmakers.
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