19  Basel Committee of Banking Supervision, Fundamental review of the trading book: A revised market risk framework, Consultative Document, October 2013. 20  They emphasize that their arguments do not require that the so called Modigliani-Miller capital structure irrelevance theorem holds literally. There are factors why banks have relative advantages from debt financing.
The new rules have so far been interpreted in a such way as to deny recourse to some of the tools used in the past to manage problematic company cases without causing disruption. In practice, this makes crisis management more complicated.