Banks still fretting over softened US TLAC rules

Fed grandfathers existing debt, but leaves TLAC requirements largely unchanged


Perhaps no phrase so neatly or memorably encapsulates the delicate balancing act that regulators have faced in reforming global capital markets in the wake of the financial crisis than the observation, "we don't want the financial stability of the graveyard".

This statement was first uttered by then UK chancellor George Osborne during a November 2011 speech. In the years since, the saying has gained currency in regulatory circles, employed as a shorthand expression for any new requirement that

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