BOE's Cunliffe says current EU bank resolution is not ready to deal with cross border bank failure

BOE's Sir Jon Cunliffe and Andrew Bailey are at a Treasury sub-committee on EU financial affairs

• Current EU bank resolution arrangements are not yet in a position to deal with a failure of a major cross border bank

In the current environment of the market worrying about bank stability, that's probably not a comment people want to hear.

• Does not expect the UK to be part of EU banking union
• Not desirable for UK to be part of banking union for accountability reasons

Reuters reporting the comments