Laurent Frings

I would take the quantum of TLAC debt that banks need to raise with a massive pinch of salt, the big delta is what countries will do in terms of their insolvency regimes, which can change those numbers dramatically. While we have a better understanding of what the UK, Germany and Italy will do, the big question is around the French banks, in particular BNP Paribas, and what will happen there.

Senior holding company debt is still difficult for banks to issue, the differential between opco and holdco senior is around 50bp right now but that number can be quite volatile. We saw it with Credit Suisse when they had to pull a deal - you need the right window and sentiment to get these trades done.