BoE sees no place for structured notes in TLAC for now

Hints that the Financial Stability Board is softening towards inclusion of principal-protected notes not reflected in Bank of England communications, say dealers

The Bank of England in the City of London

The Bank of England (BoE) is against the idea of including structured notes in total loss-absorbing capacity (TLAC) for the world's largest banks, according to dealers, potentially putting it at odds with other global standard-setters at the Financial Stability Board (FSB).

Andrew Gracie, executive director for resolution at the central bank, said in a speech to the British Bankers' Association on July 23 that the BoE is "reflecting" on calls from respondents to the FSB's November 2014

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