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  "notes": "Describes internal liquidity stress testing and stabilization funding requirements.",
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      "text": "Minimum operating liquidity, a measure of the liquidity needed at each entity to continue operating post-filing, taking account of intraday requirements, operating expenses and working capital needs, and\nPeak funding need, the peak level of cumulative net outflows during the stabilization period, based on daily cash flow forecasts by entity, taking into account the effect of intercompany transactions. These outflows include contractual outflows, contingent outflows from adverse client and counterparty actions, and the impact of unwinding our businesses.",
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      "text": "In order to balance the flexibility of holding resources at the parent company or Funding IHC against the certainty of pre-positioning, our participating material operating entities hold GCLA, at a minimum, in an amount equal to a portion of their RLAP requirements, and the remainder is held by Group Inc. and Funding IHC. The amount held by each entity varies according to its size and complexity.",
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      "text": "on the same assumptions as our MLOi liquidity stress test, but treats intercompany exposures in the same manner as third-party exposures. It takes into account factors such as mismatches between contractual inflows and outflows, intraday liquidity needs, intercompany frictions, and the effect of actions that might be taken by clients, counterparties, Financial Market Utilities (\"FMU\") or regulatory authorities.",
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      "text": "In determining whether we have sufficient liquidity at the parent company or Funding IHC, we make the assumption that a projected liquidity surplus at one material operating entity cannot be used to meet a liquidity deficit at another material operating entity, or to augment the resources of either our parent company or Funding IHC. We hold a buffer above the minimum requirements that can be deployed to meet unanticipated events. RLAP is incorporated into our triggers and alerts framework as a signal of stress or entry into the recovery period.",
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      "text": "We calculate, monitor and manage RLAP on a daily basis in parallel with our MLOi liquidity stress test.",
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      "text": "RLEN is an estimate of the liquidity that each participating material operating entity requires in order to stabilize itself and operate post the Group Inc. filing in support of our preferred resolution strategy. It is comprised of:",
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      "text": "We have also developed capabilities to run RLEN under different scenarios, as part of our 2019 Resolution Plan submission. These capabilities allow us to dynamically update our pre-defined assumptions within our RLEN model to reflect actual stress conditions as they occur. We periodically test these capabilities as part of our Assurance framework.",
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      "text": "We have the capability to produce RLEN on a daily, monthly and quarterly basis. We maintain a robust data review and validation process, in order to produce RLEN in a timely manner.",
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