Instead, it appears we have been instructed to add any increased systemic risk to the list of adverse effects that could result from the merger and then determine whether the benefits to the public of the acquisition outweigh these adverse effects.
If, for example, there are few indications that scale or scope efficiencies would be gained, then anticipated adverse effects on systemic stability could be expected to have a greater impact on our ultimate decision. If, on the other hand, there are genuine scale or scope efficiencies to be realized, then a more complicated set of trade-offs may be needed.