UK banks win two-year extension of crisis debt-rule deadline

London

THE Bank of England pushed back the deadline for lenders to amass the equity and debt they'll need to comply with new rules intended to keep taxpayers off the hook in a crisis.

UK banks have until Jan 1, 2022, to satisfy the requirement, which is the centrepiece of regulators' efforts to protect against a repeat of the 2008 financial crisis, when British taxpayers had to bail out firms including Royal Bank of Scotland Group Plc. That's two years later than initially proposed by the BOE.