It will end in tiers


Wherever children gather to play board games, the same squeal of outrage will inevitably be heard: “That’s not fair.” Soon, the floor will be littered with playing pieces and someone will have stomped away, red-faced and crying. UK building societies, German co-operative lenders and other mutually owned institutions are now similarly aggrieved – but there’s no hiding under the stairs for them.

Regulators want all financial institutions to hold more, and better-quality, capital. The gold standard

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