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Lenders get more time to meet new global standard

Two of China's largest banks will be given more time than their advanced-economy peers to meet a planned global standard on absorbing losses in a crisis. The Switzerland-based Financial Stability Board is considering how quickly to introduce a rule on "total loss absorbency capacity," or TLAC, for the world's systemically important banks. The standard sets a minimum of capital and liabilities that can be written off, and is designed to make sure taxpayers are no longer on the hook when lenders fail. In the FSB's most recent list of globally systemic banks, the only institutions based in an emerging-market country are Industrial & Commercial Bank of China Ltd and Bank of China Ltd, the country's first-and fourth-largest lenders by assets.

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