div class=ts-pagebutton class=gotoPage data-page=1Page 1button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page1jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=1 data-page=1 class=ts-thumb lazyload alt=Page 1: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails1jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=2Page 2button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page2jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=2 data-page=2 class=ts-thumb lazyload alt=Page 2: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails2jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=3Page 3button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page3jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=3 data-page=3 class=ts-thumb lazyload alt=Page 3: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails3jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=4Page 4button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page4jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=4 data-page=4 class=ts-thumb lazyload alt=Page 4: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails4jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=5Page 5button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page5jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=5 data-page=5 class=ts-thumb lazyload alt=Page 5: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails5jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=6Page 6button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page6jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=6 data-page=6 class=ts-thumb lazyload alt=Page 6: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails6jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=7Page 7button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page7jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=7 data-page=7 class=ts-thumb lazyload alt=Page 7: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails7jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=8Page 8button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page8jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=8 data-page=8 class=ts-thumb lazyload alt=Page 8: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails8jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=9Page 9button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page9jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=9 data-page=9 class=ts-thumb lazyload alt=Page 9: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails9jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=10Page 10button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page10jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=10 data-page=10 class=ts-thumb lazyload alt=Page 10: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails10jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=11Page 11button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page11jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=11 data-page=11 class=ts-thumb lazyload alt=Page 11: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails11jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=12Page 12button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page12jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=12 data-page=12 class=ts-thumb lazyload alt=Page 12: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails12jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=13Page 13button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page13jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=13 data-page=13 class=ts-thumb lazyload alt=Page 13: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails13jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=14Page 14button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page14jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=14 data-page=14 class=ts-thumb lazyload alt=Page 14: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails14jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=15Page 15button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page15jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=15 data-page=15 class=ts-thumb lazyload alt=Page 15: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails15jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=16Page 16button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page16jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=16 data-page=16 class=ts-thumb lazyload alt=Page 16: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails16jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=17Page 17button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page17jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=17 data-page=17 class=ts-thumb lazyload alt=Page 17: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails17jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=18Page 18button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page18jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=18 data-page=18 class=ts-thumb lazyload alt=Page 18: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails18jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=19Page 19button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page19jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=19 data-page=19 class=ts-thumb lazyload alt=Page 19: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails19jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=20Page 20button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page20jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=20 data-page=20 class=ts-thumb lazyload alt=Page 20: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails20jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=21Page 21button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page21jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=21 data-page=21 class=ts-thumb lazyload alt=Page 21: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails21jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=22Page 22button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page22jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=22 data-page=22 class=ts-thumb lazyload alt=Page 22: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails22jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=23Page 23button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page23jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=23 data-page=23 class=ts-thumb lazyload alt=Page 23: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails23jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=24Page 24button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page24jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=24 data-page=24 class=ts-thumb lazyload alt=Page 24: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails24jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=25Page 25button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page25jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=25 data-page=25 class=ts-thumb lazyload alt=Page 25: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails25jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=26Page 26button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page26jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=26 data-page=26 class=ts-thumb lazyload alt=Page 26: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails26jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=27Page 27button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page27jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=27 data-page=27 class=ts-thumb lazyload alt=Page 27: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails27jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=28Page 28button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page28jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=28 data-page=28 class=ts-thumb lazyload alt=Page 28: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails28jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=29Page 29button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page29jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=29 data-page=29 class=ts-thumb lazyload alt=Page 29: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails29jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=30Page 30button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page30jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=30 data-page=30 class=ts-thumb lazyload alt=Page 30: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails30jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=31Page 31button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page31jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=31 data-page=31 class=ts-thumb lazyload alt=Page 31: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails31jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=32Page 32button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page32jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=32 data-page=32 class=ts-thumb lazyload alt=Page 32: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails32jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=33Page 33button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page33jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=33 data-page=33 class=ts-thumb lazyload alt=Page 33: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails33jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=34Page 34button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page34jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=34 data-page=34 class=ts-thumb lazyload alt=Page 34: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails34jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=35Page 35button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page35jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=35 data-page=35 class=ts-thumb lazyload alt=Page 35: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails35jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=36Page 36button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page36jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=36 data-page=36 class=ts-thumb lazyload alt=Page 36: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails36jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=37Page 37button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page37jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=37 data-page=37 class=ts-thumb lazyload alt=Page 37: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails37jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=38Page 38button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page38jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=38 data-page=38 class=ts-thumb lazyload alt=Page 38: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails38jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=39Page 39button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page39jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=39 data-page=39 class=ts-thumb lazyload alt=Page 39: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails39jpg width=140 height=200 adivdivdiv class=ts-pagebutton class=gotoPage data-page=40Page 40button div class=ts-imagea href=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5page40jpg target=_blank img data-url=cemla-in-the-lender-of-last-resort-principles-the-risk-budgeting-approachhtmlpage=40 data-page=40 class=ts-thumb lazyload alt=Page 40: cemlaorgcemlaorg2013-10-SystemicRiskRegulatorypdfrefinements In the lender of last resort principles The Risk-Budgeting Approach Systemic-Risk Based Capital Surcharges loading=lazy src=data:imagegifbase64iVBORw0KGgoAAAANSUhEUgAAAAIAAAACCAQAAADYv8WvAAAAD0lEQVR42mP8X8AwAgiABKBAv+vAXklAAAAAElFTkSuQmCC data-src=https:reader043vdocumentsnetreader043viewer20220118025b3598d97f8b9a6b548d538ehtml5thumbnails40jpg width=140 height=200 adivdiv
