Basel rates split heralds soft landing, banks hope

First consultation paper on banking book interest rate exposure is expected in March

Divided by rules: timetable for IRRBB project has started to slip

Ask someone on the street to define a bank, and they will probably tell you it is a business that accepts deposits and makes loans. So it might seem strange these trusty, common-or-garden bits of banking are giving regulators as big a headache as they have had in the post-crisis years.

While trading book instruments are often seen as riskier, contractual maturities and market-driven prices make them easier to model. Measuring the risk of banking book instruments, in contrast, involves a host of

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