2018年-FSB全球金融稳定委员会_Monitoring_the_Technical_Implementation_of_the_FSB_Total_Loss_3页_222kb

TLAC Standard Implementation Monitoring Summary

Core Content

The Financial Stability Board (FSB) launched a monitoring initiative in June 2018 to assess the technical implementation of its Total Loss-absorbing Capacity (TLAC) standard for Global Systemically Important Banks (G-SIBs). This review aims to evaluate whether the implementation of the TLAC standard is proceeding in line with its principles and Term Sheet, and to identify any challenges or issues that may arise during the process.

The TLAC standard was introduced in November 2015 and sets out minimum requirements for G-SIBs to maintain sufficient loss-absorbing and recapitalisation capacity during resolution. This capacity is intended to ensure that authorities can implement an orderly resolution process, thereby reducing the impact on financial stability and avoiding the use of public funds.

Key Requirements

• Minimum TLAC Requirement:
  G-SIBs are expected to meet a minimum TLAC requirement of 16% of the resolution group's risk-weighted assets (TLAC RWA Minimum) starting from 1 January 2019, and 18% from 1 January 2022.
  Additionally, the TLAC requirement should be at least 6% of the Basel III leverage ratio denominator (TLAC Leverage Ratio Exposure (LRE) Minimum) from 1 January 2019, increasing to 6.75% from 1 January 2022.

• Emerging Market G-SIBs:
  G-SIBs based in emerging market economies have extended timelines to meet the requirements:

  • 16% RWA and 6% LRE Minimum by 1 January 2025
  • 18% RWA and 6.75% LRE Minimum by 1 January 2028

Objectives of the Review

The primary objective of the review is to monitor the implementation of the TLAC standard and to identify any technical issues or operational challenges that may hinder its effective application. The FSB is not seeking views on the standard itself or suggestions for changes. The review is intended to provide insights into the current implementation status and may lead to the development of further implementation guidance if necessary.

Areas of Focus

The FSB is specifically seeking feedback and evidence on the following areas:

1. Regulatory Adoption:

   • How the TLAC principles and Term Sheet are being implemented through rules, regulations, and policies in G-SIB home and relevant host jurisdictions.
   • The extent to which the Basel Committee's standard on TLAC holdings and Pillar 3 disclosure requirements are being adopted.

2. Cross-border Implementation:

   • The identification of material subgroups within G-SIBs.
   • The determination of internal TLAC requirements and trigger conditions.
   • The mechanisms for internal TLAC implementation across borders.

3. G-SIBs' Issuance Strategies:

   • The progress of G-SIBs in meeting both external and internal TLAC requirements.
   • The nature and composition of TLAC instruments issued.
   • The specific features of these instruments, such as triggers.
   • The level of public disclosure by each bank regarding its TLAC instruments.

4. Market Distribution of TLAC Instruments:

   • The distribution of TLAC instruments and liabilities in the market.
   • Any obstacles or challenges related to the issuance and holding of these instruments.

5. Technical and Jurisdictional Issues:

   • Any technical issues or jurisdiction-specific circumstances that may affect the implementation of the TLAC standard.
   • Factors that are likely to influence the future implementation of the standard.

Timeline and Submission

• The FSB will report on the results of the review by the G20 Summit in June 2019.
• Responses to the call for feedback must be submitted by 20 August 2018.
• The FSB will publish all responses unless the respondent requests otherwise.

This review is a critical step in ensuring that the TLAC standard is being implemented effectively and consistently across jurisdictions, contributing to the global resilience of the banking sector.