US and UK regulators will today unveil the first cross-border plans to deal with failing global banks, outlining proposals to force shareholders and creditors on both sides of the Atlantic to take losses and to ensure that sufficient capital exists in the banks’ headquarters to protect taxpayers.

Writing in the Financial Times, Martin Gruenberg, chairman of the US Federal Deposit Insurance Corporation, and Paul Tucker, deputy Bank of England governor, say this represents the first concrete steps to end the “too big to fail” problem of international banks.

With Mr Tucker leading international efforts to devise emergency resolution plans, the US-UK template for their 12 large international banks will be a pattern for the 16 systemically important banks (GSifis) based in other countries.