New global rules to prevent banks that are "too big to fail" from being bailed out by taxpayers have been proposed. The rules, created by the Financial Stability Board(FSB), a global monitoring body, would require big banks to hold much more money against losses. Mark Carney, FSB chairman and governor of the Bank of England, said the plans were a "watershed" moment. He said it had been "totally unfair" for taxpayers to bail out banks after the financial crisis of 2008 and 2009. " The banks and their shareholders and their creditors got the benefit when things went well," he told the BBC. " But when they went wrong the British public and subsequent generations picked up the bill—and that's going to end. " Mr. Carney explained that the new system would ensure that bank shareholders, and lenders to banks such as bondholders, would become first in line to bear the brunt of future losses if banks could not pay out of their own resources.Governments around the world spent hundreds of billions of pounds bailing out stricken banks during the financial crisis of 2007 - 2008. At its peak in the UK alone, taxpayers'direct subsidy to banks stood at more than ￡ 1 trillion according to a recent report from the National Audit Office.In the wake of the financial crisis, world leaders asked the FSB to come up with proposals to prevent similar bailouts from happening in the future. The proposed new rules, which are up for consultation, require "global systemically important banks" to hold a minimum amount of cash to ensure they will be able to survive big losses without turning to governments for help.The capital set aside should be worth 15% -20% of the bank's assets, the FSB said. That is a far bigger cushion against losses than is required by current banking rules. The FSB hopes this stronger policy will prevent taxpayers from being forced to pay billions of pounds again to stop big banks from collapsing, in the event of another financial crisis.The FSB has published a list of 30 banks it regards as " systemically important," meaning their collapse could have a wider impact on global financial systems. The UK government spent around ￡65bn directly bailing out RBS and Lloyds during the crisis. The government still owns an 80% stake in RBS and 25% of Lloyds.