British financial firms have been given three months to prove they have the operational resilience to withstand a cyber attack or major IT breakdown, reports Finextra. In the wake of the disastrous IT upgrade at TSB (which is still creating problems for customers a month later) and the recent Visa black out in Europe, the Bank of England and the Financial Conduct Authority have ordered banks to report back within three months on their exposure to risk and their contingency planning for disruptive outages. They want banks to demonstrate they have plans in place to enable full recovery within two working days. Ireland's central bank has told the country's commercial banks they will have to raise their capital buffers, saying the Irish economy is moving "closer to capacity limits", reports the FT. As property prices rise, the central bank is warning that "substantial downturns" may follow. It has told the banks that, from July 2019, they must hold an extra capital buffer equivalent to one per cent of their Irish risk-weighted exposures.