My second reason is to remind this heterogeneous group of eminent persons with direct interest in the financial system that it is important to take into account local concerns when imagining and implementing the architecture of our financial infrastructure, subject always to the need to ensure probity, efficiency and stability in the system as a whole.
The capital requirement would then be added to the Tier 1 common equity requirement already mandated by the minimum capital, capital conservation buffer, and globally systemic bank surcharge standards. However, this component of the Tier 1 common equity requirement would be calculated by reference to the liability side, rather than the asset side, of the firm's balance sheet.