Hong Kong has moved closer to being the first Asian jurisdiction outside Japan to introduce rules for loss-absorbing capacity, laying out proposals that the regulator expects to trigger US$17bn of refinancings from the city's banks. The Hong Kong Monetary Authority's requirements, put forward in a consultation paper published this month, bring the city in line with global rules that systemically important banks (SIBs) must hold an additional buffer to protect taxpayers and depositors in times of crisis.
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