In November 2014 the FSB published, in consultation with the Basel Committee on Banking Supervision (BCBS) a consultative document on an international standard for Total Loss-Absorbing Capacity (TLAC) to be applied to global systemically important banks (G-SIBs). The TLAC standard is designed to ensure that if a G-SIB fails it has sufficient loss-absorbing and recapitalisation capacity available in resolution to implement an orderly resolution that minimises impacts on financial stability, ensures the continuity of critical functions, and avoids exposing public funds to loss. The final TLAC Principles and Term Sheet reflect changes made following the public consultation and the comprehensive impact assessment studies.