Citi Statement on Resolution Authority, Public Summaries

July 03, 2012 02:58 PM

Citi issued the following statement on the public summary of its resolution plan, which was released by the Federal Deposit Insurance Corporation (FIDC) and the Federal Reserve earlier today.

"Citi believes that recovery and resolution planning, together with strong liquidity and capital requirements, are important elements of mitigating systemic risk, ending too big to fail, and strengthening the global banking system. Citi's resolution plan, submitted to the FDIC and Federal Reserve on June 29, includes a range of strategies for avoiding adverse systemic effects should the resolution of the company become necessary, as well as descriptions of the company's organizational structure, material entities, interconnections and interdependencies, and management information systems.

"The plan shows that, based upon its capital strength and asset quality, Citi can be resolved without taxpayer support and in a manner that mitigates systemic disruption in the unlikely event of its failure.

"We look forward to our continuing work with the FDIC, Federal Reserve, and the other banking regulators as they evaluate our resolution planning in the coming months."

A copy of the public summary may be accessed at https://www.fdic.gov/regulations/reform/resplans/index.html or https://www.federalreserve.gov/bankinforeg/resolution-plans.htm.