{ "docId": "019dd923-5e88-73ef-bd59-e554727c032d", "docSlug": "4c5f1d6f702f7476", "documentTitle": "one goldman sachs", "authorId": "GoldmanSachs", "authorName": "Goldman Sachs", "documentKindSlug": "consulting-deck", "documentKindLabel": "Consulting deck", "sourceTypeSlug": "equity_research", "sourceTypeLabel": "Equity research", "presentationDate": null, "orientation": "portrait", "aspectRatio": 0.773, "pageNumber": 106, "pageCount": 124, "prevPage": 105, "nextPage": 107, "slideType": "appendix_disclosure", "function": "summarize", "density": "dense", "nDataPoints": 0, "notes": "This is a dense text-based disclosure slide detailing regulatory compliance frameworks for bank resolution.", "elementsJson": [ "paragraph" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-5e88-73ef-bd59-e554727c032d/106", "deckHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d", "deckJsonHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d.json", "deckAnchorHref": "/decks/019dd923-5e88-73ef-bd59-e554727c032d#slide-106", "components": [ { "bbox": { "h": 0.02, "w": 0.03, "x": 0.48, "y": 0.96 }, "kind": "other", "text": "106", "attrs": null, "subkind": "unclassified", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "19b024ad-47b4-4145-adc7-7dc01850f87e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.04, "w": 0.78, "x": 0.11, "y": 0.11 }, "kind": "paragraph", "text": "capital in times of prolonged stress. Certain of our subsidiaries are also subject to similar recovery plan requirements.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "4a13347a-732e-4156-bf6d-405071703a6a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.78, "x": 0.11, "y": 0.16 }, "kind": "paragraph", "text": "GS Bank USA is required to provide a resolution plan to the FDIC that must, among other things, demonstrate that it is adequately protected from risks arising from our other entities. GS Bank USA's most recent resolution plan was submitted in June 2018. In June 2021, the FDIC provided guidance on insured depository institution resolution plans and divided IDIs with $100 billion or more in assets, including GS Bank USA, into two groups for purposes of the timing of resolution plan submissions. GS Bank USA is in the second group with a later submission date.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "97294e4d-a58e-44c6-b7b4-85195d7d231a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.28, "w": 0.78, "x": 0.11, "y": 0.32 }, "kind": "paragraph", "text": "The U.S. federal bank regulatory agencies have adopted rules imposing restrictions on qualified financial contracts (QFCs) entered into by G-SIBs. The rules are intended to facilitate the orderly resolution of a failed G-SIB by limiting the ability of the G-SIB to enter into a QFC unless (i) the counterparty waives certain default rights in such contract arising upon the entry of the G-SIB or one of its affiliates into resolution, (ii) the contract does not contain enumerated prohibitions on the transfer of such contract and/or any related credit enhancement, and (iii) the counterparty agrees that the contract will be subject to the special resolution regimes set forth in the Dodd-Frank Act orderly liquidation authority (OLA) and the Federal Deposit Insurance Act of 1950 (FDIA), described below. GS Bank USA has achieved compliance by adhering to the International Swaps and Derivatives Association Universal Resolution Stay Protocol (ISDA Universal Protocol) and International Swaps and Derivatives Association 2018 U.S. Resolution Stay Protocol (U.S. ISDA Protocol) described below.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "a1f2b3d1-20e2-4fb0-a646-77a9d5249fc8", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.21, "w": 0.78, "x": 0.11, "y": 0.75 }, "kind": "paragraph", "text": "The E.U. Bank Recovery and Resolution Directive (BRRD), as amended by the BRRD II, establishes a framework for the recovery and resolution of financial institutions in the E.U., such as GSBE. The BRRD provides national supervisory authorities with tools and powers to pre-emptively address potential financial crises in order to promote financial stability and minimize taxpayers' exposure to losses. The BRRD requires E.U. member states to grant certain resolution powers to national and, where relevant, E.U. resolution authorities, including the power to impose a temporary stay and to recapitalize a failing entity by writing down its unsecured debt or converting its unsecured debt into equity. Financial institutions in the E.U. must provide that contracts governed by non-E.U. law recognize those temporary stay and bail-in powers unless doing so would be impracticable. GSBE is under the direct authority of the Single Resolution Board for resolution planning. Regulatory authorities in the E.U. may require financial institutions in the E.U., including subsidiaries of non-E.U. groups, to submit recovery plans and to assist the", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d4c5c6c0-563b-400d-8301-9b9e0dd1dda4", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.13, "w": 0.78, "x": 0.11, "y": 0.61 }, "kind": "paragraph", "text": "Certain of our other subsidiaries also adhere to these protocols. The ISDA Universal Protocol imposes a stay on certain cross-default and early termination rights within standard ISDA derivative contracts and securities financing transactions between adhering parties in the event that one of them is subject to resolution in its home jurisdiction, including a resolution under OLA or the FDIA in the U.S. The U.S. ISDA Protocol, which was based on the ISDA Universal Protocol, was created to allow market participants to comply with the final QFC rules adopted by the federal bank regulatory agencies.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ea2aeded-4e70-49af-8678-9af0a6e54128", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.4, "x": 0.08, "y": 0.04 }, "kind": "title", "text": "2023 Resolution Plan", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f3cf4549-10ae-43ab-875e-312994327f86", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [ { "to": 124, "from": 8, "beatId": "d68786b1-3dab-4ad0-b5b0-04ed44c1c6d3", "arcName": "The Consultant's Gambit", "arcSlug": "consultants-gambit", "beatName": "Evidence & Proof", "beatSlug": "consultants-gambit-evidence-proof", "evidence": "The document contains extensive data tables, appendix data, and methodology explanations.", "position": 1, "confidence": 0.8, "parentBeatName": "Evidence", "parentBeatSlug": "evidence" } ], "loops": [ { "to": 124, "from": 6, "name": "Logic Chain", "slug": "01-logic-chain", "bestFor": "Skeptical audiences, controversial recommendations, rigorous analysis", "matchId": "d24b5f0d-d542-4d18-a73f-65d59f4261ed", "evidence": "The document provides a detailed explanation of the plan and supporting data.", "position": 0, "objective": "To demonstrate the effectiveness of Goldman Sachs' resolution plan.", "structure": "Premise 1 (Accepted truth) -> Premise 2 (Observed fact) -> Therefore... (Inevitable conclusion)", "confidence": 0.7, "description": "Build an airtight chain of logic where each premise leads inevitably to the conclusion" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }