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October 23, 2025
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Bank of England deputy governor Sam Woods is confident that post-Great Financial Crisis rules have fixed the banking system. One might question whether it was Swiss national pride, rather than ¿living wills¿ for banks, which saved the blow-up at Credit Suisse in 2023 from becoming a global catastrophe. There is a confidence among regulators that the banking system has been rendered safe. What hasn¿t been dealt with are the interconnections between private finance and regulated banks. The highly-leveraged public-to-private takeover of Royal Mail owner International Distribution Services would not have been possible unless London-based US and European banks had agreed to offer high interest credit lines.

Opinion: Barclays has not learned any lessons from past mistakes

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