A research report published by National Australia Bank (NAB)'s global markets credit research team on June 16 estimates that, in aggregate, the big-four Australian banks may need to raise more than A$120 billion (US$88.7 billion) of total loss-absorbing capacity (TLAC) by the regime's implementation date. However, even factoring in two key expected forthcoming regulatory changes to the estimate, the report suggests that the task – while substantial – should be manageable for the majors.