The largest global financial institutions will have to submit living wills explaining how they would divide up their assets and detailing how they would dismantle themselves by July 1, 2012, according to a rule set to be approved by the Federal Deposit Insurance Corp. on Tuesday.
Financial institutions with more than $250 billion in so called 'non-bank' assets such as derivatives will need to submit their plan by July 1, 2012, later than the deadline set when the rule was proposed in April.
Institutions with between $100 billion and $250 billion in non-bank assets must submit their plans by July 1, 2013 and all other banks are required to provide their plans by December, 2013.
The central bank estimated in April that roughly 124 institutions - including dozens of foreign banks - will need to submit living wills.
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