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This is the best bit of banker speak Ive ever heard.
The bonds, known as "gone concern loss absorption capacity" or GLAC, are seen by regulators as essential to stopping the world's 29 biggest lenders from being "too big to fail".
G20 edging towards deal on 'bail-in' bond cushion for banks
By Huw Jones
LONDON Thu Aug 21, 2014 5:04am EDT
G20 Finance Ministers and central bankers pose for the family portrait during the IMF/World Bank 2014 Spring Meeting in Washington April 11, 2014.
Credit: Reuters/Joshua Roberts
LONDON (Reuters) - Government leaders are expected to agree in November that the world's top banks must issue special bonds to increase the amount of capital which can be tapped in a crisis instead of calling on taxpayers to come to the rescue, industry and G20 officials said.
The bonds, known as "gone concern loss absorption capacity" or GLAC, are seen by regulators as essential to stopping the world's 29 biggest lenders from being "too big to fail".
Read more.
http://www.reuters.com/article/2014/08/21/us-g20-banks-idUSKBN0GL0NN20140821
