Talking triggers: Rob Davies column

Having bailed out and recapitalised a significant number of financial institutions at considerable expense in 2008, governments and regulators around the world understandably want to find alternative ways of rescuing ailing banks that do not involve taxpayers’ money.

One objective is to make regulation anti-cyclical; including measures that require banks to build up capital buffers during the good times that can be drawn on in downturns.

Perhaps of more significance to bondholders, regulators