Fsa Chief Tells Building Societies to Sharpen Up ; Finance

Summary

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BUILDING societies need to raise their game and assume any new financial crisis could be much worse than the subprime one that started last summer, the head of the City watchdog warned today.

Hector Sants, chief executive of the Financial Services Authority, told building society bosses at their annual conference: Most of the stress testing performed before last August was based upon firm-specific rating downgrades and, even where firms modelled the closure of some wholesale markets, it was assumed these would reopen quickly.

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Fsa Chief Tells Building Societies to Sharpen Up ; Finance

Your stress testing assumptions need ...

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