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      "text": "The CLSA requires Funding IHC, both before and after a Group Inc. bankruptcy filing, to provide GSIB with sufficient capital to meet its applicable capital requirements plus an operating buffer.",
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      "text": "Our strategy is designed with the goal of having sufficient liquidity and capital to pay GSIB's third-party creditors in full, with any remaining amounts ultimately returned to the bankruptcy estate of the parent company.",
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      "text": "After the lending activities are wound down and deposits repaid, GSIB's balance sheet would largely be cash, financed by a combination of debt and equity.",
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      "text": "The CLSA requires Funding IHC, both before and after a Group Inc. bankruptcy filing, to provide GSIB with sufficient capital to meet its applicable capital requirements plus an operating buffer, and sufficient liquidity to meet its intraday liquidity requirements and prevent a payment default. This would allow GSIB, under our preferred resolution strategy, to remain out of proceedings while it winds itself down in an orderly manner over time. This would result in a better systemic outcome because GSIB would have the flexibility to determine the optimal pace of asset sales and derivative unwinds, thereby avoiding fire-sales, disruptions for clients, and the use of emergency government facilities.",
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      "text": "GSIB would sell all loans and securities inventory, and the limited derivatives held in the entity could be unwound either through early terminations, contractual maturities, portfolio sales, novations or bilateral terminations. Deposits would be repaid.",
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      "text": "Regulatory Status: U.K. registered bank; Incorporation: Unlimited company incorporated in England and Wales; Primary Regulators: PRA, FCA; Ownership: Indirect, wholly-owned subsidiary of Group Inc.; Office Location: London, England; Activities: Primary dealer for U.K. government bonds, Lending and deposit taking; Funding Sources: Deposits from third parties, Unsecured funding primarily from Funding IHC; Other Matters: Client assets are protected under Financial Conduct Authority rules",
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