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22 Pages·2010·1.52 MB·English

# BARCLAYS ee choc

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Ta s44 0390 76 1298
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Secratariat ofthe Basel Committe on Banking Supersion,
Bank for Internationa Settements

H-4002 Basel

Seitzerlane

16Aan. 2010
Dear Ss,

STRENGTHENING THE RESILIENCE OF THE BANKING SECTOR

Barclays Bank PLC ("Barclays") weleomes the Uatel Commtee's consultation paper

“Svergthaning tha resilance athe narking sector” ard we acknowledge the ential
Iimgoriance off sues the paper raises

Executive Summary

\We support the direction of prudental reform eutlined bythe C29 and taken forward by the
Commitee in ths paper. As we have Indicated n response lo warler carsultatons, we agree
with the principle tha: prude neal capital standards fr the anklag sector needed tobe rae
Consequerty, (and our seers) have pre-emazsd the antcpaced change ay creasing our
‘apt ratios during 2008 and 2008, theres providing a substantial capital buffer aga nst te
Fak of furthar stress, whist als lowing ou everage anc improving Ou iudily position,
‘Armed wth ths ev"ancod capital bulfer- autor ties have ove time ts both aralyse depth the
optimal absolize level of capita chat the system shavk hold and to theraby eal rate the
aggregate impact ofthe changes propased as well s articulate wisn fr the desired end
Slave that (ne veorms ae ying to

‘The arshysis and vs'en need te cove cer the conflicting objectives of limiting 2arkng 3k,
maintaining the supp'y of eres te the econemy at an acceptable price anc ensuing hanks are
suf cently orofrable locontioue io alee! tne necessary supply 2 capital from priate
inyesors te meer the rev level, We fuly support the Quantilaive Impact Study hich wil

‘vide an inguin te cis anayysis.Furter aputs are ase reculel to cover ather changes
ues funding af dopostiasurance schemes. which would mapact hank prota,

mmgletian 2 this impactant analysis pir 0 Analiing the new requivements will gate the
isk sha Pipl mentation negazvaly maact the acon nie ‘aravery

We have alse heen unvertaking detolled work over he ht hres months te bettar unde-sterd
thelialy impact afte aggregate retarm package, Itis cles Tra” she analysis thet the pact
of te proposed casita and hquidty reforms will be severe ~ pert arly n contexs of ether
progonai uch as Reealurion levy

‘ea so suppor Le egulstors desire te ensure individual skype are capitalised
ammensivate with theleve 0” rak ara consistent oasis, We Eee Base 2, were
iraplerervec s.ccessl achieved ois eons stares batec approach “or aumhr af
predicts 290 risk sypes: aloe cozep tha he mrkel stupeicy us Figalghoee aspscts
teat coud be epreved, The Crmrsnee's sper are ear charwes loibet rk,
requiemenrsall cartrbite =is obj

Howeve giver ste materia ity and inte tations mature ef she cha ages p-ca0see +9 dcks Wes,
ss cal thal he level play'ng Fels -nainsined. Consequerdy, wa rcontendatshrtes
-2schintamatianal oases on bot he sang seque and the pecs ofimplerentaters
rather than arsceecirg unitaralysheed of such carsersus and veecirg lo reverse lator
(wrch toy 2 poral chal ergiw) Hinlurnat onal consensus oroves 70 be dierent,
Reaching consensis frst hase sk othe bankigsyslemn given we evencad capital
levels aeady in place, Bt wll hava ve aeneft cfm tg poteria!2-biraye baswe
iunsdutons whist urstect ng ied viewa ecencenis Fo: urtal compte”

In tours of te soectc laments of the cutentcomtulttion, Ww a particularly concerned re

+ cowte-pony dsc wens the pragosal wi sign feant y overstate capt requirements
cat nt-ests~ whe’ he besten asyrmmetics and

+ lerege ratios 25 cn arent th Pilar”

Trig leer discusses the anova pe nts letras detail alow. Wa have ska nade nave sect
ctservaros end commer or thedetalwath.r the cos. ition aaper ar. append toh
rele.

The inpaviance of leternotteno! co-ardintion und consistent implementetion

Ravlayswe'corres and susperts the developmen: at harmoriead aval steacards: We Dekeve
that tis imaorest chat agnans| and oval spoons sil the wernt te antripate th
deveoprrart of ntemational sterdatds ar where they hava Wlpale, se fa ae Ip
seme rio" th global stanazres ance svey 2-629

is les iroertaat-hat prudestal requ ation coes relioecene ory “ut perce ved lobe. the
sone a campetive dis. orlin. While we unserstard thatshe “epral Accord is rat legally
bind ag ard the Commrtan hse e envcicerenleechae ei wee chine ieimparcant at
relic ‘aplerentarsn of trarewsae crard stewed by tre basel Cwerles, perhaps
brave Ls Sardaids Ir lementatan Group. ana “ar eirerences I lncerptettlor and
loepemeriotion aed scassed andi: ivto a8 taped -riniraed or elie vated. Cree ontare the
rrp sine Lats“ the rag nq Eook aren ers sed in July 2029 27 the eeae8a 8 in eis
‘anscation (2 esgic vain in haw the leading aroncmies ave mplorarter the
cere che nection Kase asi (ae estes ante

{he proposed amendments ta counterpamy rick wil sanifcanbly overstate capitol
requirements

Ibs proposer chen
Comte’ i

fs 2 ne counterpaty seeregme wills gaitear ty ove"stte the

urea capita requ -amne for eoanterpary nc, We hele hat ne

isadier scepiet tecrect val. erksslers (C¥A enol sharge.a sig fiarty brace

than the <¥A sha gavtt at ya ded income scIat ty catng ‘he iss, Wit we ate sti

renting 9 pa ote L¥e.c"arges and wl be suamiting ders ne QI, we Delors
the level f ph! aod fl bo aru ale a he olen rece ost

im CVA nths uncial sere

(Cv as dete tor eal Cuccoaring sould ke al yned here pass asthe CHA
substan fener” fo" eccou-ng and fr vegutsary co tal garpsees thes
wll ealeceustin, noanlivas and c= tag =a vk read ta be tneught ecugh snd
34,

sar aged. Themaln areas chev thane ear

expasurecatustions.

aches dverge ara cred pros 256

We furvier believe thatthe appwoack caken to CVA shoud he mare ened onda def, ces
atreiacttra way Irae and raavaged inberks, Wa aekeva raz C¥A er0ud
be Lap tl sed ta tackne beak itecrated vat fraossore wit lvcricaion syst ott ek
fentors and Fedges ufbotea asker“ anc credit rik native, The ape 6 40 this

Fravides rove detll on ott puosal.

Arathi area of concer is inl secuno! sessed Etec: ve EPE 35 ar adele ova reasutt oF

general urorg-way kk, Fo a sur ber of wave, we beeve tha: EPE aad 29 stoned 2.95

"is? til 32d. cs he inter dd benef and may even insu oral isk,

+ Where the stessed charge dorrirmes the us ts; vay ae eakened a8 it Sun hel ks
be adated For cient sa ving pup
‘allvales ana cisnsby chent bass

+ TUT beconrs harder tesa manage espas.ites undertaking ations sredee 22
fet ise basel ar cuir marke. factors coud poseraiary merease tre exposure of 3
stroscec EP= hase de co fereces ir covelsions. Purchertere, cence ae ariel to
bewllngte pam ital arg agalaeteiesescallty eased wf eacentor ether
imped volat tes.

thatthe mair (ard m= set) z90"ce demar strate £PE vac
Bachotestea. of ashi a iegu sony =f coarse Tallin develapanent We eonede” thal
iecariiteat eure of s strsied PE sou d be reviewed, nce a) results af the Q'S are brown
and b}2 bachtesting Sar-swewkis pushed

Wewad wakes

The sreoument of Msority Interests is vsyramelee

We baleve tha: e prozesee seat
from paerskng erates « hapo‘curisle Av asyr ety ie he co wclitstad caaks! ca clan
woud rc from: eluding ecuty m agnty rleists i opatatig suas os fran

ener Iran capital eseurees we sinelucing al ths ngs vrghtes assets and capil

ad sceore ofthe sabi,

il: we appreciate the Comraie’s desi ensue tara b ky ep ale der tak
sme conselidaved cell call fe rot the sparaqviate nethod th arleve ths, Furseiley
(arlacl Ura is aeacy raglzed ir she Ltheouch te trp steontaren capiat
“egies requires tha. regulated enti wthingro.9s,lncludirg te gacent Dark,
be edecistely capita led fr theiaks el the wry exposed 9, Trove eke may et
eternal othe g‘oup ar ataecroum exposures te other subsidies,

Tre exseng Basel la ener cme-ralates sous casitl ecules ts Hearever Fie seucens of
7 agin a5 Tyvthe mone cf etiane discretion whien pet # pavers bani te
secid ils sok requirariante where the oun & doqlstely cop tase. Is dhtilion alloctively
lows 5 paver aank bs be potetially ar-cxp tal sec and tao rllet On capi
repatiations trent «abs dar es noice ta “ee. ve aarants rks

Tater mare

sleshanng sees ged fer eit nn iy
teres. voegeagare cin verte tes shalare sed te capibce the combed steraths of
ulig otganisstiors for mtis: eccnorele ere apd acute 2 elhar yoograph

rrarels potest ccherw se ie" ts tan zarer camary Feri ee by
inowetts for care capeel ares vase beets, We andastace shat he Ceinmlmes a
becerce ned over potentala-brsge of tals, awower a bose sat she pease
52,

“nino ieresl deducior ecald -fsctiely case aff iegtinace hyaness ceateges er a9.

crsss-borde: tens,
‘At ost the Levoruge Rasia shut be a Pillar 2 consideration

Se-days has strorg reservations a aeutintraciicng leverage a, The exislerce of sucha
fate i celsin jarkadstiors didnt present thacrigs. ndoed encourage ar origle-and-
Sbure rode for “lah cue fy assets lice mortgegos which 2@ teated ine leverage aio.on
Unesarve nasi a assets of sce cuirg I cor 90 gle’ siat-beiovorage ratio was 2

samt b.or lo thesis relays bel eves tra -he prime eens of raglaterssPould erwin a
"ik brsec mnastres ofc lal adequacy

nevertheless, raguators cont nae a he eva vat thaleverare eles well oa ths
Barlayshallevns thot te rate must be boty cerefiny defined ned corsictently apol er
“etl te poraatial nay hve mo st rogates ident fy ard prever aattere aeF view”, “he
raslaigh Reartbarrer tc risis accournng zestrant snd se welcome the Base Committee's
acknoelecgeaneul Jha axcourring difences wll raed to Beasts,

{We also have song reservations about the use "grass lveraye ratios fo aay umpose
Fontshng on cw g-ossed uy balance shsst wil discs rare acto thet eer appro las
tik nanaged 99 that roves nip tals rianagerert and funsing tools rans a%¢
ths eles. tao rzans Eat sureuiors wl 4c: be Yous an Cesta Oink Barclays
ror y ces she Com ritice t senna netirg ct nos tions thet do rel elec 2 taking,

lz etso do not be ive that regula
{panicles he essa “ato est

leverage rato should aecorne a censtreirt wseePillac

2cthity shat dose na"reFact hans assoteo with
leverage ssaresutof te 64 fudlow neting. cerpersting ne lavage cane Ia Pilar
Twotle put n place abiaeig sn-ctilcthe: i wake y i be wive-ss juppeablewrrets a
banking slracuree andbusinass medels ara across clifferert baraeg businesses, Tre a1 2%
ttn wl lead to arnacssse‘y hr arcing for ower isklendi a. or ample rete
rmortyages as banks #1 nee 7a ser stderr copia to ave breach ng the rt,

s leverage ale Isnt udubes, sow arpose tray ators take tines earsidersna” whan
undertaking thar Supenizory Reve wre Mr 2. lar 2allows the regu cor ta cor sider a
relevant foters. ising the struct ae a*thabusiess, cove nance el ek nitiglign fn 3
van seeking to rec ts objective of managing excessive leve-2ge ir the systen

Bates wud favour the ise cf Tier | cap tal ac the reasu’o.o* ceatalta be used
alu aby, bere lids. Tis ue nr sche most appr tate as sranresents she hfe that
is most eel avalablew ee sear of de reas, I also es the eda tage ofw ce uvaga ane of
sratedert or example. Tle capris catcentlyusee in Ue dried Slices for she zlevlaszn ef
the bpatage rata,

The overall impact af proposals an the real acanonty aged ta be folly consider

54 as noted wa prl inary dace on af tho ine othe culties wept the
<a.€ ofthe propose’ changess greater har any

asthe!
various racu a2" °F a-c005a, th
Cade. i sample pee

so bento fate ie

Paper &regatr cenbanoe othe ba
tog eae! ARMS 2a A211
63

aa

voir. We siersfors suppartthe cuansarive impact study thesis being uy te Sasa
Cenvmnttaein espect of ths combine’ egalatery propasals,

‘1simporen ual te QS anaysisgnesheynrd ar assesceness ef he fst reuna inact oF
aarkecantal and iqud ly corse how Eanks will-esa0nd “Anse rages and hal impech
th will ve ont wider economy The IS wl not exasure athe rag. renents and deals
3huLare thely 2 affect nanks 227 aed bevord Thee ae cy 12 vary ostwaen utes cron,
but may inchade 2x for and rspayrert oF vases §.Poart Mechanism vearment oF
Cistursements by and fund rg of deacsitinswarce senernes.

ve recommere thes ine-nalional gusts take the tne t propery arlyse the Q'S dal,
irelud ng the assiamp-ie7s upon which tis based in order 0 reach 2 ¢ a

+ Aporepratecabratan at required ‘vel of capicel w ve system:

+ Anprapate traxstion perods“2rthela-eductior af he ten ey ms

Calibration remains uncertain, but needs toe clear

In resi g eqvemines. is essenial that poley ~aces find a halarcs belerse

+ Strengerering the systents-ws ierceca shucks

+ Mainlairing the aay o* the barking syste to a,poerl the rotall and carsme-cal
aczerres of cur custurrars ae elas, inca ng the delve aPeneabie cect are
sumanasle grower to Pe wd’ ectsir7

+ Thea ab iar of acequa vai api to thw year at an apeopiate orice
= The reed fe bar te bo su fake co corte te ail sapparl “wn phate

“Trave sno elasty 28 volun chat the target sel > cepa. For the pew agin wether a he
syrarn at adil hank quel sther tha "sald be ove than that hed here the tse
“Tes ue cede corsidershe shah se ose, wells estas cing 2 reflection 9

‘nats salty ave cecsorically rosso

reo. ol tie 5 will ean important aput re his decision, tomer, the cal aia
Issue Is suilcien-yirper ars uta he Cor meee shoul cor furtheaf ise 98calons Fer
fatal cepa benim naling is decisicwevier on what ke lve of eatl shoul bea the
approack ts setting astaied quirements for talegeits oF ak

Transition needs 10 be covefilly muragedt

Wares’ the tape ofthe fina rapinve Barclays s cancer! thet there shou bean
saoinrare, eer and carsslenl und=standing af hw tenstan to gine svt
2, wala lest pr 38 tiene to be undertae” andsith aaake
imgectng beats, they ray vet 2¢ 1 action va
re Conv le'spropescis wisn they coma rea frice-at the and "2012 witha
rosttirg se flew ef rat ta te ser etry.

arusdy thesodeney ‘make analyst :< see teat cipal ne ital
equiraria7s tet nant recut for Ge revised Cantal Acca lear snae this hes Ihe
“aval <9 move marsate sari cently. “herais» cenger Pot umes sitsiy long tra
sono ave estab $a he rarest fr exprafrurner ay meats felon Ihe rw
rues iva matket paces ard crystal Fe negativa unintended raveaghenee rte Wor
econ ofa gremaire titer 2 Lani! cauae yo tke 01 Fk
8

esi Comneat

In surrmty. Barclays supports the Coramites’® eae: var to sengavan the cagiee eqs e"
boss, Lut remains concerned ever some of a dot wich ea have wesc ibed above snd
su anand Weare pais ay keen that regulators ance a orsistetlato-national
apgraaca te implerrenttior ard Unig is ypplied after heving concLiced an the apna. level
‘fata inthe system consceng the cenMicling vec. ves ofa secure Beneing system,
‘spp of eapta ond resulting pric na nd supply of ced.

\Weose tha our response s of asasta-ee te the Basel Lorunteui th ‘ntber 2
Df ts work ard we af course sand seacy to discuss these ft the Gam sf al would be
of assistance. Wve loc foward le wurking oth the Basel Cocaine to aie uw cerar
objsttice ofa scuna.y captalsec anc well maraged Linking ston

Yours tien

cod
oper
‘A CAPITAL RESOURCES

{Ther 4 Nataly Capita

leaovative Hyori Capital
‘te ecagmise thatthe prevaling perceoten arvengst Eure rasiacal bank regulasors is that
linoaghout the ect cr 3s yard lier ¥copite-!nstu-nents ave rel abort fuses ta ths
‘extent thay shou'c have, noreathstandng i esknifieate: art of Core Ter 1 emp ta
geneva though acysacks and exchanges cf yb ef * ahd, toa hacer exe the
‘arcallaten ar euspens 01 cI per'aicpayraents<° caren Py Her Teale Stes”

Hewes, wo satirist: Panevative hyond ~ et | cap tala: yovera acibited Ines ahenrtlen
{apaiity compara eto a af son-ngovative nubid capt. "he prtaty stirion aetveer
‘Feta classes of anital erat inaovatiowisbid Ter Teaptal nchides-vetrumanrs that
arta 3 ceupor-step-ua 3° anoter aerate incenvve ‘or Uw seaer a rceern the
irsoumert, Aiough empirical evicerce is tin ec, sera" nyovalivu Pybid suse that
becams else ir 2008 and 010 werarotradce-ved bythe lst,

Furtharmore, any ore cereus abou the perience of a hybr instrament thet
cova nsa sces-i0 ard cll ella Lv actezeed Ly te robust redemption consltons conta ee
ravaposed erica 3 are 6 fr Tlee 1 Addtiarsl Gai-y-C2ncera Capital (°T1 SGC

Frey. worrate ear both C238 ard tae Jk SA have assesses step-aps ao ya. ef Cv RD
aime"onenis an Fe conc ded thatthe acs nr inconsistent with ra reqerert thel Fe

‘Sapir nepermngent.
We threo: suagest that scans n lr. bodnid sues havent emensttly
Lender nine =2 ast absorp o reapasityattreissies. endl we as of se apior that he 71

ACC eters wil agnitantly -narove the euaiy ot hye capral sles irexpuc: vot

hele ot noU the Petramers ast 2 Sef

A2.lee} AGE criceria

1.2.1 international consisorey,
‘ee uclerstend thes some counts ee
3 Carp + it Basel requirements ifr ear

we pail te design at Tie’ LAGE enc
lance However itis ary ui ear wath at

thes ang nslulors iw turz3e snd the LS wl be at desi a seul thal Obl
comply ica the Tier! AGUC culeravilhour sgrifcant agit ve cher, Ay erise
cates in ran-ey.ity formes 2° Ter | cate shoule not 2e-"? nam tive acvorcage

ictenes ses asthe 2m Irae sot dferances i aor eatle tax ard accov ig
Sorearas.Diasite n tleeegerd that US bense Rave corned "rue Hr Is Pre
‘wal ce the pi apes wilee to swat. Fanyraing, has wee
acreet regard, grandFathering here sechtles

nes of asad igh Pk Lew
‘approve 2

Aaa Capita cana esr
sikt dione ev yr neces ee
telhon st Cae
1.2.2 Dividend Coupon Discostian
Preposec crterar 7-5 allen th respect le ploy sar thet permig an ssueroée TT AGCC
nscumerr. lo salle peiodic ayraemisy cover ng orders shaves, nl nf crs, to hakéers
fa sc-zalle “Alleiestive Couper Sals'aet an Viechenai” of S00")

CSM ae bntic el to issuers because they all Hissar ta also oases ay icaing shares
Father then gey ng cash. and thay cr. cesar a lowe cos: ef eal fr the ser by appealing
:investers senses a In conan ariseictons by raraeing Deed ¢peymers an
Cllcliol for the eave

Cert segulatars have reservaliors that ACSI provisions may ree prudenta. conrams sikh
2 tho potential zceurrlazon af npald peied« peymierts ard te potently desta ng
‘affects of el or az atime ef firansiald sts Rothe suet, CEBS ard Ure JK SA have
considered ACS a part of te Cle) I amrendmants, C238 Imalemanital or Gade fo

Ipbrdd Capital Insrurentsracanse usaf candi 1 ACSH provisions that ll aderess
shh race earcarns,

fewoule vvetoverecarwent thal she Basel Caramtise coasder explicitly pemltng the se
OT ACSM previsons, suk ext te adherence to he crn su pnared by CUBS

1.2.3 Spucal Purpose Vehicles
“Te enue enn proposed erterien 34or tha procaeds of a iesuare aa pei 3.3088
Schiele tebe Fur ed ately avalable lo arog raine entity ints consolidated (eM 8 Fost
which meats cr excaecs ak of the ocher el Ib ty ert fer 11 GCL." seems unneraasaty.

Je wale sur tthat ta the eel thet an SPY is ares sate the 71 AGC
i) an SY esueree can he deslgred fo frnctonin the see way #5 8

ny er ger onts Eetwosr the Sev andche cnetatlag corsa shad not 3e elvan.
tester language wold effacvey predlae ary SPV isuance aaelwe de-nelaeheve ths
ici uintended earsagvenca ofthe comin tte's dating

2d Las roatment of TY AGCE Instant
‘We agree w th he txcopear Caran’ 24 Services" -ec070F endl el tx teatime shale
Pot be included m i eb ty ofter afer 11 AGC. We wold weleo-ne 8 semen sllerron
frors he sel Cova. Wie aleve hat 154i fu lo pro wa level playng 9. a5 1
nelenes ay axes isdcions. We believe thet the seulsedcfirilion af 1” SCC ileus
thet such irstnerss cums, La igh gua ey apical aac shat ax zea arts necrelecant
8s abortion czpabi ry

1125 Prircioal Lass Asogption in acc
(CEBS egret for hyar d capital rat uarents to ebverl waves Ly core tng "2 ondary
aunty ck bweugera ved clon in incaal ht nena sarcachantsacily far ue tre, Based

Chterien 16.e resun Ihl Gritcion T° requires her ory TT RGEE rsvuments a ae
ssif udu Eases tora: eral nsolvency ie rotd contained tnnal les abe ay
slslons, acne, a wekarve tis cla-eaton and neese Pat ts appreaia®

Weds noesce the rend fore 7” AGES isle that wlherwive este she” ASCE ertectats
conta ae orbaney because be lyre wuuhi peri cbesaer
9 asa blostes oy Suspending Sasrierssofincaest ard aeterg fa népalandetuel,
Fuschermare. 2 zequiterert fara commarsion e” waltndesorpwvislon ayy verse to war 2.8
racial seaes
+ TTAGCE instumants-a 6°79 Jr sce one rey pate treated ode Sorte
pursoxon
+ wrteecown ‘nechanisis ray petentia:y craste voatnyin*heants Pas by gin,
rise to tvahie crlrs ane osses in cei isc
+ Ayvitedownswrite sp mechanism may nol be reegrised under IPRS.
+ Conversion prosis 07s ay be hampe-ec by annul pre-erpion hn rn sued
shaves, a walls 269.1 ent forthe ier abtain AGH/EGM agprovel
+ Coun feed insane funds “nay be ung ie toby exuilybslreas 0 irurwenty
‘hat cou'd convert te ey.ity

Ir nstarces whore aT: ACCC insvmentis lassie’ asi ibility Far neo'vency law aurpares
icsald be porslle ta ons ena 2° "nre tnggers ther cavleoe expecta ulezaly tack ths
firane al weath atthe i'n ard thow'ere suppor: te rms erstare in tes Of te36, AP
be ve, predeined tigger vial avo the bone! ermovig sty perception of real
haao'e ane ay es lower ezaitel casts forte ssuerfrawesors ave able We wet the
ikaliaond ofa quer Seas ewer weaccemee th ee saers 590 80 eta The
ablty toceuse an iettumer thal scm 222 iby “or nsowency la pure ases 13 ne
‘Ar ter-dowr of Lorver inte Core Tir 1 elemerts the avert that 2 severe fnaneil eee
{isatenrg the wab ly of theissagr 28 a golng arco oerus ka si.ddenly that ae
ceterminec sr gcers aavano’ bee” bea et

1.26 Crandtathesing and other liming Considerations

Irlslnportan. rat issuers and investors have clay on te grandlathering arrangemrencs “or
Dybtd nstumetts ssued pio to“he Jasl Il rnple-entetar date a ensure a Sco
‘tansition and retace thelethood fe Lilla 9 pple thar might prove disruptive tee
rare, the con® cs ng ti-etahies proper by Eucape ar te Basel Cormmitce have rs ltad
in corsiderate marker Laceaincy en this restr si

cons frist alr othe

wo su uote Uta: it is difeutc0 comamars so araposee dtr
pal steactare hou usr y or hese mck capialw he tected {3} actos the system
‘wee tor inaiveval fens are Ca eau leve of she seta structure of dtc. Fens,
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