List of systemically important banks
Certain large
Since 2011, the Financial Stability Board (FSB) has published a list of global SIFIs (G-SIFIs),[1] while individual countries also maintain their own lists of Domestic Systemically Important Banks (D-SIBs), also known in Europe as "national SIFIs" (N-SIFIs).[citation needed] In addition, special lists of regional systemically important banks (R-SIBs) also exist.[citation needed] The European Central Bank has separate criteria to designate credit institutions as "significant" under the framework of European Banking Supervision.
Background
In 2009, as a regulatory response to the revealed vulnerability of the banking sector in the
All G-SIBs and D-SIBs with headquarters in the US and Europe are required each year to submit an updated emergency Resolution Plan to their Financial Supervision Authority.[11][12] Basel III also requires that all identified G-SIBs no later than March 2018, shall operate with a minimum total capital adequacy ratio comprising:[13]
- Max. 2% Tier 2 capital (Subordinated capital).
- High quality Tier 1 capital (Common Equity Tier 1 capital). This requirement towards G-SIBs depend on an indicator-based measure of size, interconnectedness, complexity, non-substitutibility and global reach, elevating it to be 1.0% or 1.5% or 2.0% or 2.5% or 3.5% higher, compared to the similar Basel III capital requirement at 7% towards banks not contained on the list.
- Max. 1.5% Additional Tier 1 capital (Hybrid capital, i.e. Contingent Convertibles aka CoCos).
In addition to the Basel III Capital Adequacy Ratio requirements, on November 10, 2014 the FSB issued a consultative document that defines a global standard for minimum amounts of Total Loss Absorbency Capacity ("TLAC") to be held by G-SIBs. The TLAC are amounts to be held in addition to the Capital Adequacy Ratio requirements, by G-SIBs.[14] This proposal was under consultation until February 2, 2015, when the requirement was finalized. The FSB issued the final minimum total loss-absorbing capacity (TLAC) standard for 30 G-SIBs 9 November 2015.[15] (See "MREL" [16] for EU institutions.)
The second set of lists, further below, includes all those financial institutions having been identified as systemically important by a national regulator, the so-called D-SIBs. For the United States, this list include all those financial institutions not being big enough for G-SIB status, but still with high enough domestic systemically importance making them subject to the most stringent annual Stress Test (USA-ST) by the Federal Reserve.[17]
In 2013, the EU also adopted a regulation to identify all Domestic SIBs within each member state of the European Economic Area (EEA), which after a phase-in during 2015–18, then shall comply with some even higher total capital adequacy ratio requirements – in accordance with how systemically important they are. Beside of expanding the SIB list, so that it now both include G-SIBs and D-SIBs, the regulation also ensure that all European G-SIBs (with headquarters in one of the EEA member states), will face some higher capital adequacy ratio requirements compared to those required by the FSB.[13]
Both Basel III and the EU regulation, also introduced a potential counter-cyclical capital ratio buffer, which can be enforced by national authorities on top of the noted total capital adequacy ratios, with demands of up till 2.5% extra Common Equity Tier 1 capital towards all financial institutions (incl. SIBs), during years where the total lending in the specific nation starts to grow faster than the national
List of Global Systemically Important Banks (G-SIBs)
In the following table the background colours of each entry correspond to the continent in which they are headquartered.
Headquarters North America Europe Asia
|
Tier | Countercyclical Capital Buffer | 2023(29) [18] | 2022(30) [19] | 2021(30)[20] | 2020(30)[21] | 2019(30)[22] | 2018(29)[23] |
---|---|---|---|---|---|---|---|
5 | 3.5% | (Empty) | (Empty) | (Empty) | (Empty) | (Empty) | |
4 | 2.5% | JP Morgan Chase |
JP Morgan Chase |
JP Morgan Chase |
(Empty) | JP Morgan Chase |
JP Morgan Chase
|
3 | 2.0% | Bank of America Citigroup HSBC |
Bank of America Citigroup HSBC |
BNP Paribas Citigroup HSBC |
JP Morgan Chase |
Citigroup HSBC |
Citigroup Deutsche Bank HSBC |
2 | 1.5% | ||||||
1 | 1.0% |
List of Domestic Systemically Important Banks (D-SIBs)
D-SIBs in the US
For the United States, the D-SIB include those financial institutions not being big enough for G-SIB status, but still with high enough domestic systemically importance making them subject to the most stringent annual Stress Test (USA-ST) by the
All G-SIBs and D-SIBs with headquarters in the US are not only required to comply with some stricter capital ratio requirements but also required to submit an updated emergency Resolution Plan each year to the
Legend Former D-SIB
|
Entity | Region | HQ country | Reporting currency | FSB-G-SIB | USA-ST | HQ regulator | Major exchange(s) | IR | Notes |
---|---|---|---|---|---|---|---|---|---|
Ally Financial | Americas | US | $, USD | 2009– | FSOC | NYSE | IR | Formerly GMAC Inc. | |
American Express | Americas | US | $, USD | 2009– | FSOC | NYSE | IR | ||
Truist Financial | Americas | US | $, USD | 2009– | FSOC | NYSE | IR | ||
BMO Financial Corp.
|
Americas | US | $, USD | 2014– | FSOC | IR | Subsidiary of Bank of Montreal. Formerly Harris Financial Corp. | ||
Capital One Financial
|
Americas | US | $, USD | 2009– | FSOC | NYSE | IR | ||
Comerica | Americas | US | $, USD | 2014– | FSOC | NYSE | IR | ||
Discover Financial Services
|
Americas | US | $, USD | 2014– | FSOC | NYSE | IR | ||
Fifth Third Bank | Americas | US | $, USD | 2009– | FSOC | NASDAQ
|
IR | ||
HSBC North America Holdings | Americas | US | $, USD | 2014– | FSOC | IR | Subsidiary of HSBC Holdings | ||
Huntington Bancshares | Americas | US | $, USD | 2014– | FSOC | NASDAQ | IR | ||
KeyCorp
|
Americas | US | $, USD | 2009– | FSOC | NYSE | IR | ||
M&T Bank | Americas | US | $, USD | 2014– | FSOC | NYSE | IR | ||
MetLife | Americas | US | $, USD | 2009‑12 | FSOC | NYSE | IR | Failed the stress test in 2012, and consequently sold its banking unit to GE Capital[28][29] and its mortgage servicing business to JPMorgan Chase.[30] | |
Northern Trust
|
Americas | US | $, USD | 2014– | FSOC | NASDAQ | IR | ||
PNC Financial Services | Americas | US | $, USD | 2009– | FSOC | NYSE | IR | ||
RBS Citizens Financial Group | Americas | US | $, USD | 2014– | FSOC | NYSE | IR | ||
Regions Financial
|
Americas | US | $, USD | 2009– | FSOC | NYSE | IR | ||
Santander Holdings USA | Americas | US | $, USD | 2014– | FSOC | NYSE | IR | Subsidiary of Santander Group
| |
SunTrust Banks | Americas | US | $, USD | 2009– | FSOC | NYSE | IR | Now Truist Financial through merger with BB&T. | |
U.S. Bancorp | Americas | US | $, USD | 2009– | FSOC | NYSE | IR | ||
UnionBanCal
|
Americas | US | $, USD | 2014– | FSOC | IR | Subsidiary of Mitsubishi UFJ FG | ||
Zions | Americas | US | $, USD | 2014– | FSOC | NYSE, NASDAQ | IR |
D-SIBs within each of the EEA member states (both domestic and global)
In 2013 a new SIB regulation was formulated and adopted by the
- max. 2% Tier 2 capital (Subordinated capital).
- max. 1.5% Additional Tier 1 capital (Hybrid capital, i.e. Contingent Convertibles aka CoCos).
- min. 7% high quality Tier 1 capital (Common Equity Tier 1 capital).
The new stricter EU regulated
Each national SIB list of the EEA Member States include: The already identified G-SIBs with headquarters in the concerned state, and the Other Systemically Important Institutions (O-SII; which include R-SIBs and D-SIBs) with headquarters/branches in the concerned state - to be identified at the latest on 31 December 2015.[32] The European Banking Authority has published some mandatory guidelines on how the O-SIIs shall be identified in each EEA Member State, which will take effect on 1 January 2015.[33] All identified SIBs in the list below are subject to the new elevated capital ratio requirements, which can be introduced immediately (as in Sweden) or phased in during 2015–2019 (as in Denmark).
- Notes
In addition to the total capital ratio requirements noted above, each EEA member state will – as regulated by
Additional capital buffer requirements for the resolution phase
As of December 2013,
MREL and GLAC are treated (just like leverage ratio requirements), as separate requirements from the total capital ratio requirement.
D-SIBs situated outside EEA or US (both domestic and global)
See also
- For general reference see: systemically important financial institution, particularly the section on banks
- For a list of some of the largest banks by assets see: list of largest banks
- For more comprehensive lists of banks see lists of banks
- International lender of last resort
References
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