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Now here's a simple, straightforward plan for British banks that are deemed "too big to fail": By the end of the year, large British banks will be required to draw up "living wills" in which they outline procedures to help them wind down in the event of failure.
The living wills will also include ways of separating the banks' deposit-taking arms from securities trading units.
The Financial Services Authority (FSA) will also require the too-big-to-fail banks to hold more capital as protection in the event of a bank failure. The authority has said that bumper bank profits are to be used to bolster balance sheets -- not for bankers' bonuses.
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