List of systemically important banks

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There is one official global list of systemically important banks (G-SIBs). In addition, there are various national lists of systemically important banks, referred to by regulators as domestic systemically important banks (D-SIBs) - also known in Europe as national SIFIs. Special lists of regional systemically important banks (R-SIBs) also exist, but are more rare, in particular at the regulatory context.

As a regulatory response to the revealed vulnerability of the banking sector in the financial crisis of 2007–08, and attempting to come up with a solution to solve the "too big to fail" interdependence between G-SIBs and the economy of sovereign states, the Financial Stability Board (FSB) started to develop a method to identify G-SIBs (to whom a set of stricter requirements would apply) in 2009. The first publication of some leaked unofficial G-SIB lists, during a time when the FSB identification method was still being tested and subject for subsequent adjustments, took place in November 2009 and November 2010.[1][2][3] The first official version of the G-SIB list was published by FSB in November 2011, and has ever since been updated each year in November.[4][5][6][7][8] This G-SIB list is the first one shown below.

All G-SIBs and D-SIBs with headquarters in USA and Europe, are required each year to submit an updated emergency Resolution Plan to their Financial Supervision Authority.[9][10] Basel III also requires that all identified G-SIBs no later than March 2018, shall operate with a minimum total capital adequacy ratio comprising:[11]

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.

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 Ration requirements, by G-SIBs. [12] 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. [13]

The second list, further below, include all those financial institutions having been identified as systemically important by a national regulator, the so-called D-SIBs. For the USA, 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.[14]

In 2013, the EU also adopted a regulation to identify all Domestic SIBs within each EEA member state, 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.[11]

Both Basel III and the EU regulation, in addition 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 GDP.[11]

List of Global Systemically Important Banks (G-SIBs)

List of all global systemically important banks (as of Nov 2015)[8]
Entity Region HQ country HQ currency FSB-G-SIB USA-ST HQ regulator Major exchange(s) IR Notes Total capital ratio requirement
(% of RWA)[lower-alpha 1]
Mizuho FG Asia  Japan ¥, Yen 2011–   FSAj TYO, NYSE IR   11.5% (CET1=min.8%)
Sumitomo Mitsui Asia  Japan ¥, Yen 2011–   FSAj TYO, NYSE IR   11.5% (CET1=min.8%)
Mitsubishi UFJ FG Asia  Japan ¥, Yen 2011–   FSAj TYO IR   12.0% (CET1=min.8.5%)
Bank of China Asia  China ¥ or 元, Renminbi 2011–   CBRC SEHK, SSE IR majority state owned 11.5% (CET1=min.8%)
ICBC Asia  China ¥ or 元, Renminbi 2013–   CBRC SEHK, SSE IR majority state owned 11.5% (CET1=min.8%)
Agricultural Bank of China Asia  China ¥ or 元, Renminbi 2014–   CBRC SEHK, SSE IR majority state owned 11.5% (CET1=min.8%)
China Construction Bank Asia  China ¥ or 元, Renminbi 2015–   CBRC SEHK, SSE IR majority state owned 11.5% (CET1=min.8%)
Dexia Group Europe  Belgium €, Euro 2011   FSMA Euronext IR Resolution was ordered Oct 2011.[15] Dexia Belgium was bought out from the group by the Belgian state, and continue to exist as Belfius. Remaining part of the group was left in a "bad bank" to be liquidated.[16] -
BNP Paribas Europe  France €, Euro 2011–   AMF Euronext IR   12.5% (CET1=min.9%)
Crédit Agricole Europe  France €, Euro 2011–   AMF Euronext IR   11.5% (CET1=min.8%)
Banque Populaire CE Europe  France €, Euro 2011–   AMF cooperative IR   11.5% (CET1=min.8%)
Société Générale Europe  France €, Euro 2011–   AMF Euronext IR   11.5% (CET1=min.8%)
Commerzbank Europe  Germany €, Euro 2011   BaFin XETRA, FWB IR declining systemic importance 10.5% (CET1=min.7%)
Deutsche Bank Europe  Germany €, Euro 2011–   BaFin FWB, NYSE IR   12.5% (CET1=min.9%)
Unicredit Group Europe  Italy €, Euro 2011–   CONSOB BIT, FWB IR   11.5% (CET1=min.8%)
ING Bank Europe  Netherlands €, Euro 2011–   AFMn Euronext, NYSE IR   11.5% (CET1=min.8%)
Banco Bilbao Vizcaya Argentaria Europe  Spain €, Euro 2012–2015   BdE BMAD, NYSE IR declining systemic importance 10.5% (CET1=min.7%)
Santander Europe  Spain €, Euro 2011–   BdE BMAD, LSE, NYSE IR   11.5% (CET1=min.8%)
Nordea Europe  Sweden Kr, Krona 2011–   SFAs OMX IR   11.5% (CET1=min.8%)
Credit Suisse Europe   Switzerland Fr, Swiss franc 2011–   FINMA SIX, NYSE IR   12.0% (CET1=min.8.5%)
UBS Europe   Switzerland Fr, Swiss franc 2011–   FINMA SIX, NYSE IR   11.5% (CET1=min.8%)
Royal Bank of Scotland Europe  United Kingdom £, GBP 2011–   FCA/PRA LSE, NYSE IR   12.0% (CET1=min.8.5%)
Barclays Europe  United Kingdom £, GBP 2011–   FCA/PRA LSE, NYSE IR   12.5% (CET1=min.9%)
HSBC Europe  United Kingdom $, USD 2011–   FCA/PRA LSE, NYSE, Euronext, SEHK IR   13.0% (CET1=min.9.5%)
Lloyds Banking Group Europe  United Kingdom £, GBP 2011   FCA/PRA LSE, NYSE IR declining systemic importance 10.5% (CET1=min.7%)
Standard Chartered Europe  United Kingdom £, GBP 2012–   FCA/PRA LSE, SEHK, NSE IR   11.5% (CET1=min.8%)
Bank of America Americas  United States $, USD 2011– 2009– FSOC NYSE IR   12.0% (CET1=min.8.5%)
Bank of New York Mellon Americas  United States $, USD 2011– 2009– FSOC NYSE IR   11.5% (CET1=min.8%)
Citigroup Americas  United States $, USD 2011– 2009– FSOC NYSE IR   12.5% (CET1=min.9%)
Goldman Sachs Americas  United States $, USD 2011– 2009– FSOC NYSE IR   12.0% (CET1=min.8.5%)
JP Morgan Chase Americas  United States $, USD 2011– 2009– FSOC NYSE IR   13.0% (CET1=min.9.5%)
Morgan Stanley Americas  United States $, USD 2011– 2009– FSOC NYSE IR   12.0% (CET1=min.8.5%)
State Street Americas  United States $, USD 2011– 2009– FSOC NYSE IR   11.5% (CET1=min.8%)
Wells Fargo Americas  United States $, USD 2011– 2009– FSOC NYSE, BMV, FWB IR   11.5% (CET1=min.8%)
  former g-SIB

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List of Domestic Systemically Important Banks (D-SIBs)

D-SIBs in USA

For the USA, the D-SIB list 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 Federal Reserve.[14] Strictly speaking, the Financial Stability Oversight Council (FSOC) does not designate any banks or bank holding companies as systemically important, but the Dodd-Frank Act in its terms on the statute imposes heightened supervision standards (including being subject to the annual USA Stress Test) on any bank holding company with a larger than $50 billion balance sheet. Despite the lack of any official D-SIB designation, the banks being subject to the USA Stress Test can be considered to be D-SIBs in USA.[17] The group of banks being stress tested was identical throughout 2009-13, except for MetLife Bank ceasing its banking and mortgage lending activities in 2012 - and therefore subsequently leaving the group of supervised entities. In 2014 the stress test was expanded from 18 to 30 banks, as a result of a phase-in of the provisions of the Board's Dodd-Frank Act stress test rules, only making the additional 12 entities subject to this stress test starting from 2014.[18]

All G-SIBs and D-SIBs with headquarters in USA, are not only required to comply with some stricter capital ratio requirements, but also to submit an updated emergency Resolution Plan each year to the Board of Governors of the Federal Reserve System.[19]

List of all domestic systemically important banks in USA (as of March 2014)[18]
Entity Region HQ country HQ currency FSB-G-SIB USA-ST HQ regulator Major exchange(s) IR Notes Total capital ratio requirement
(% of RWA)
Ally Financial Americas  USA $, USD   2009– FSOC NYSE IR was GMAC
American Express Americas  USA $, USD   2009– FSOC NYSE IR  
BB&T Americas  USA $, USD   2009– FSOC NYSE IR  
BBVA Compass Americas  USA $, USD   2014– FSOC IR Subsidiary of BBVA
BMO Financial Corp. Americas  USA $, USD   2014– FSOC IR Subsidiary of Bank of Montreal. Formerly known as Harris Financial Corp., and changed its name to BMO Financial Corp. in July 2011.
Capital One Financial Americas  USA $, USD   2009– FSOC NYSE IR  
Comerica Americas  USA $, USD   2014– FSOC NYSE IR  
Discover Financial Services Americas  USA $, USD   2014– FSOC NYSE IR  
Fifth Third Bank Americas  USA $, USD   2009– FSOC NASDAQ IR  
HSBC North America Holdings Americas  USA $, USD   2014– FSOC IR Subsidiary of HSBC Holdings
Huntington Bancshares Americas  USA $, USD   2014– FSOC NASDAQ IR  
KeyCorp Americas  USA $, USD   2009– FSOC NYSE IR  
M&T Bank Americas  USA $, USD   2014– FSOC NYSE IR  
MetLife Americas  USA $, USD   2009‑12 FSOC NYSE IR MetLife Bank failed the stress test in 2012, and as a consequence sold its banking unit to GE Capital[20][21] and its $70 billion mortgage servicing business to JPMorgan Chase.[22] -
Northern Trust Americas  USA $, USD   2014– FSOC NASDAQ IR  
PNC Financial Services Americas  USA $, USD   2009– FSOC NYSE IR  
RBS Citizens Financial Group Americas  USA $, USD   2014– FSOC NYSE IR Subsidiary of Royal Bank of Scotland
Regions Financial Americas  USA $, USD   2009– FSOC NYSE IR  
Santander Holdings USA Americas  USA $, USD   2014– FSOC NYSE IR Subsidiary of Santander Group
SunTrust Banks Americas  USA $, USD   2009– FSOC NYSE IR  
U.S. Bancorp Americas  USA $, USD   2009– FSOC NYSE IR  
UnionBanCal Americas  USA $, USD   2014– FSOC IR Subsidiary of Mitsubishi UFJ FG
Zions Americas  USA $, USD   2014– FSOC NYSE, NASDAQ IR  
  former D-SIB

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 European Union, which outlined the responsibility for each EU member state and all of the three other EEA member states, to compose a list of all their domestic SIBs (with the term including not only ordinary banks - but also credit institutions and investment firms), and implement some new total capital ratio requirements towards these identified D-SIBs. The total capital ratio requirements towards D-SIBs, will be stricter than the minimum 10.5% required by Basel III towards all normal sized financial institutions, which comprise a requirement of:

The new stricter EU regulated capital requirements, applying towards all credit institutions or investment firms identified as being a D-SIB, basically adds further high quality Common Equity Tier 1 capital buffers on top of the above 10.5% Basel III minimum capital requirement, to be phased in during 2015–19, with full effect for the calendar year 2019. In addition, the new EU rules also requires all instruments recognised in the Additional Tier 1 capital of any credit institution or investment firm to be Contingent Convertibles with the attached clause, that it automatically will be either written down or converted into Common Equity Tier 1 instruments if the Common Equity Tier 1 capital ratio of the institution at any point of time falls below 5.125%.[11][23]

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.[24] 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.[25] 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).

EEA member states Identified SIBs Total capital ratio requirement
(CET1+AT1+T2) in 2019
(% of RWA)
 Austria
 Belgium
 Bulgaria
 Croatia
 Cyprus
 Czech Republic
 Denmark[23][26][27] Danske Bank 13.5%+IRP (CET1=min.10% + AT1/T2=max.3.5%+IRP)[lower-alpha 2]
Nordea Denmark 12.5%+IRP (CET1=min.9% + AT1/T2=max.3.5%+IRP)[lower-alpha 2]
Nykredit 12.5%+IRP (CET1=min.9% + AT1/T2=max.3.5%+IRP)[lower-alpha 2]
Jyske Bank 12.0%+IRP (CET1=min.8.5% + AT1/T2=max.3.5%+IRP)[lower-alpha 2]
Sydbank 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5%+IRP)[lower-alpha 2]
DLR 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5%+IRP)[lower-alpha 2]
 Estonia
 Finland
 France BNP Paribas
Crédit Agricole
Banque Populaire CE
Société Générale
+ yet to be identified O-SIIs
 Germany Deutsche Bank
+ yet to be identified O-SIIs
 Greece
 Hungary
 Iceland
 Ireland
 Italy[28] Unicredit Group
Intesa Sanpaolo
Monte dei Paschi di Siena
 Latvia
 Liechtenstein
 Lithuania
 Luxembourg
 Malta
 Netherlands ING Bank
+ yet to be identified O-SIIs
 Norway[29][30] DNB ASA 16.5%+IRP (CET1=min.13% + AT1/T2=max.3.5%+IRP)[lower-alpha 3]
Nordea Bank Norge ASA 16.5%+IRP (CET1=min.13% + AT1/T2=max.3.5%+IRP)[lower-alpha 3]
Kommunalbanken 16.5%+IRP (CET1=min.13% + AT1/T2=max.3.5%+IRP)[lower-alpha 3]
 Poland
 Portugal
 Romania
 Slovakia
 Slovenia
 Spain Banco Bilbao Vizcaya Argentaria
Santander Group
+ yet to be identified O-SIIs
 Sweden[32] Swedbank 24.3% (CET1=min.19.0% + AT1/T2=max.5.3%)[lower-alpha 4]
Svenska Handelsbanken 22.5% (CET1=min.17.5% + AT1/T2=max.5.0%)[lower-alpha 4]
SEB 19.9% (CET1=min.15.4% + AT1/T2=max.4.5%)[lower-alpha 4]
Nordea 19.0% (CET1=min.14.7% + AT1/T2=max.4.3%)[lower-alpha 4]
 United Kingdom[34] HSBC
Barclays
Nationwide Building Society
Standard Chartered Bank
Lloyds Banking Group
Santander UK
Royal Bank of Scotland
The Co-operative Bank
Notes

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In addition to the total capital ratio requirements noted above, each EEA member state will – as regulated by CRD4 – be allowed also to introduce counter-cyclical capital ratio buffers of up till 2.5% extra Common Equity Tier 1 capital, applying for all financial institutions (incl. SIBs) at the national level, if their national statistics measure the total lending to grow faster than the national GDP.[11]


Additional capital buffer requirements for the resolution phase

As of December 2013,[35][36][37] the EU institutions also started the technical process to approve a new Bank Recovery and Resolution Directive, with entry into force on 1 January 2015,[38] which also outlined the requirement of an extra crisis-management capital buffer, referred to as Minimum Requirement for own funds and Eligible Liabilities (MREL), to be decided by resolution authoraties on a case by case basis.[39] The directive so far did not quantify or specify minimum standards for how big the MREL needs to be. MREL aims to ensure that all firms have adequate total loss-absorbing capacity to be used in a possible resolution phase, including sufficient liabilities that could credibly be exposed to loss in resolution. All EU banks and investment firms will be subject to the MREL requirement, which will be set depending on firm specific risk assessments, from January 2016 at the latest. Separately, the FSB is also working on a proposal on Gone-concern Loss-Absorbing Capacity (GLAC) — such as long-term bonded debt — that will apply for G-SIBs. By ensuring that there are a sufficient amount of liabilities available to be bailed in at the point of resolution, GLAC will complement the MREL requirement.[24]

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 USA (both domestic and global)

Other states Identified SIBs Total capital ratio requirement
(CET1+AT1+T2) in 2019
(% of RWA)
 Australia[40] Australia and New Zealand Banking Group 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 5]
Commonwealth Bank of Australia 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 5]
National Australia Bank 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 5]
Westpac Banking Corporation 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 5]
 Canada[42] Bank of Montreal 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 6]
Bank of Nova Scotia 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 6]
Canadian Imperial Bank of Commerce 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 6]
National Bank of Canada 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 6]
Royal Bank of Canada 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 6]
Toronto-Dominion Bank 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 6]
Desjardins Group 11.5%+IRP (CET1=min.8% + AT1/T2=max.3.5% + IRP)[lower-alpha 6]
 Hong Kong[44] HSBC  ??% (???)
BOC (HK)  ??% (???)
Hang Seng Bank Ltd  ??% (???)
Standard Chartered Bank (Hong Kong) Limited  ??% (???)
The Bank of East Asia Limited  ??% (???)
 China Bank of China  ??% (???)
ICBC  ??% (???)
Agricultural Bank of China  ??% (???)
+ yet to be identified O-SIIs  ??% (???)
 Japan Mitsubishi UFJ FG  ??% (???)
Mizuho FG  ??% (???)
Sumitomo Mitsui  ??% (???)
+ yet to be identified O-SIIs  ??% (???)
  Switzerland[45] Credit Suisse 19% (CET1=min.10% and AT1/T2 cocos=max.9%)[lower-alpha 7]
UBS 19% (CET1=min.10% and AT1/T2 cocos=max.9%)[lower-alpha 7]
+ yet to be identified O-SIIs  ??% (???)

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See also

References

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