In November 2014 the FSB published, in consultation with the Basel Committee on Banking Supervision (BCBS) a consultative document on an international standard for Total Loss-Absorbing Capacity (TLAC) to be applied to global systemically important banks (G-SIBs). The FSB received 62 comment letters. Most respondents expressed overall support for the proposal’s objective of ensuring sufficient loss-absorbing and recapitalisation capacity is available for G-SIBs in resolution.

The final TLAC standard retains the format and overall structure of the consultation document; however changes have been made as a result of feedback from the public consultation and in response to the findings of the impact assessment studies. This note sets out the changes that have been made between the public consultation and the publication of the final standard in November 2015.