Bail-in ambiguity hands funding advantage to Japanese G-Sibs
Financial Stability Board wants Japan to clarify the conditions under which it can use its resolution powers
Uncertainty surrounding whether the Japanese authorities would provide pre-emptive support to troubled banks rather than bailing in their debt has sparked concern that the country’s megabanks are enjoying a cheaper cost of funding than their global peers.
So far, Japan’s three megabanks – Mitsubishi UFJ, Sumitomo Mitsui and Mizuho – have issued more than $30 billion worth of bonds, which form
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