The ﬁndings of the report suggest that TBTF reforms have contributed to the resilience of the banking sector and its ability to absorb, rather than amplify, shocks. Major banks are much better capitalised, less leveraged and more liquid than they were before the global ﬁnancial crisis.
Systemically important banks in advanced economies have built up signiﬁcant lossabsorbing and recapitalisation capacity by issuing instruments that can bear losses in the event of resolution. In response to the pandemic, the analytical work will be updated.