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Britain and America will hold 'war games' next week to test their response to the collapse of a major bank on either side of the Atlantic.
Chancellor George Osborne and Bank of England governor Mark Carney will join US Treasury Secretary Jack Lew and Federal Reserve chief Janet Yellen in a Washington war room on Monday.
The simulated exercise will look at two scenarios – a major US bank with UK operations at risk and a major UK bank with US operations about to go under
Treasury Secretary Jack Lew and the UK's Chancellor of the Exchequer, George Osborne, on Monday will run a joint exercise simulating how they would prop up a large bank with operations in both countries that has landed in trouble.
Also taking part are Federal Reserve Chair Janet Yellen and Bank of England Governor Mark Carney, and the heads of a large number of other regulators, in a meeting hosted by the U.S. Federal Deposit Insurance Corporation.
"We are going to make sure that we can handle an institution that previously would have been regarded as too big to fail. We’re confident that we now have choices that did not exist in the past," Osborne said at the International Monetary Fund's annual meeting.
Six years after the financial crisis, politicians and regulators around the globe are keen to prove they have created rules that will allow them to let a large bank go under without spending billions in taxpayer dollars.