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Our approach as an independent plan manager, able to select and deal with issuers / counterparties without bias, is that we seek to identify and deal with strong issuers / counterparties.
The Financial Stability Board (‘FSB’) identifies a list of 30 Global Systemically Important Banks (‘G-SIBs’) each year (usually in November). As the name suggests, G-SIBs are fundamentally the more important (usually bigger and stronger) banks, in a country / region / globally. As a result, G-SIBs are subject to more stringent regulatory requirements, including higher Tier 1 capital ratios.
It’s hard to argue with the rationale of recognising G-SIBs as bigger / stronger banking groups: we therefore deal predominantly with banking groups which are regulatorily identified as G-SIBs or, as a minimum, Domestic Systemically Important Banks (‘D-SIBs’).