“So, everybody buckled?”

Asked the Fed. “All right, then, let’s do this thing!”

Goldman Sachs, JPMorgan and Citigroup are among the banks that have successfully completed trial runs using their own models to assess risk and capital requirements. The announcement by the Federal Reserve and the Office of the Comptroller of the Currency on Friday gives those banks clarity on what methods they can use to calculate their capital requirements.

During the trial run, banks had to show they could comply with a more tailored approach to meeting capital requirements for four consecutive calendar quarters before they could officially rely on that method.

The Fed announced that eight bank holding companies, eight national banks, and four state member banks had satisfactory trials, ending a more than five-year limbo period for the largest US banks that had been waiting to hear the results.

In other words, they’ve been getting ready. Now they’re all just about ready. For what, one might wonder?