Deposit and other interest rate ceilings have been eliminated, geographical restrictions have been virtually removed, many banking organizations can do a fairly broadly based securities underwriting and dealing business, many can do insurance sales, and those with the resources and skill are authorized to virtually match foreign bank competition abroad.
And to dig even further into the weeds, of the proposed minimum Tier 1 capital requirement of 16%, the first 6% will consist of a regulatory minimum that banks are not to breach (to do so would trigger resolution or failure options), with the 10% that sits above that being what we call a capital buffer.