13 Such an FBO must also certify that it meets consolidated capital adequacy standards established by its home-country supervisor that are consistent with the Basel Capital Framework. FBOs with combined U.S. assets of $ billion or more must also meet liquidity risk-management standards and conduct internal liquidity stress tests.
In particular, the cyclical recovery in the euro area is now stronger and broad-based, driven by a virtuous circle of employment creation and private consumption.