European Commissioner cautions US on TLAC rules

Dombrovskis says foreign banks should not be mistreated by Fed internal TLAC proposal

Valdis Dombrovskis of the European Commission
Photo: Johannes Jansson/ Commons

The Federal Reserve's rules for total loss-absorbing capacity (TLAC) should not disadvantage foreign banks operating in the US, the European Commissioner for financial services, Valdis Dombrovskis, has warned.

"We will see soon proposed legislation to implement TLAC [in the European Union] and ensure it can fit intelligently with Europe's existing minimum requirement for own funds and eligible liabilities. Work is also ongoing here in the US to apply TLAC. We hope this can be done in a way that

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