KPMG identifies sequencing issue in proposed bank deposit guarantee scheme

Wed, 10 Jul 2019

By Pattrick Smellie July 11 (BusinessDesk) - Financially distressed banks may need to go through the controversial Open Banking Resolution process and fail before the government's proposed deposit guarantee would come into play, KPMG says. "Under the Open Banking Resolution concept, the bank enters the OBR stage when the bank becomes 'unstable' or 'distressed'," the accounting firm says in its latest quarterly banking sector review. "The process, when activated, would result in some deposits being frozen while a statutory manager takes ov...

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