BoE sees no place for structured notes in TLAC for now

UK regulator unsympathetic to calls for derivatives-linked debt to count in big banks' capital buffer, say dealers

bank-of-england
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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