UK banks face CVA exemption tension


Nobody likes a teacher’s pet – sitting at the front of the class, bolt upright, with a correct answer for every question and a spotless attendance and conduct record, making everyone else look like a moon-eyed ninny.

If there is an equivalent in the banking industry – a regulator’s pet, if you like – it is HSBC. Its record during the crisis was as clean as anyone’s, and as each new post-crisis regulatory stricture has emerged, HSBC seems to have done the homework already. It is well capitalised

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