diff --git a/src/mono/mono/metadata/loader.c b/src/mono/mono/metadata/loader.c
index fc64623fad6525..55b7c10a08d4d4 100644
--- a/src/mono/mono/metadata/loader.c
+++ b/src/mono/mono/metadata/loader.c
@@ -81,30 +81,31 @@ static gint32 signatures_size;
 void
 mono_loader_init ()
 {
-	static gboolean inited;
+	static volatile gboolean inited = FALSE; // volatile to avoid race conditions
 
-	// FIXME: potential race
-	if (!inited) {
-		mono_coop_mutex_init_recursive (&loader_mutex);
-		mono_os_mutex_init_recursive (&global_loader_data_mutex);
-		loader_lock_inited = TRUE;
+	if (inited) {
+		return;
+	}
+	
+	inited = TRUE;
 
-		mono_global_loader_cache_init ();
+	mono_coop_mutex_init_recursive (&loader_mutex);
+	mono_os_mutex_init_recursive (&global_loader_data_mutex);
+	loader_lock_inited = TRUE;
 
-		mono_native_tls_alloc (&loader_lock_nest_id, NULL);
+	mono_global_loader_cache_init ();
 
-		mono_counters_init ();
-		mono_counters_register ("Inflated signatures size",
+	mono_native_tls_alloc (&loader_lock_nest_id, NULL);
+
+	mono_counters_init ();
+	mono_counters_register ("Inflated signatures size",
 								MONO_COUNTER_GENERICS | MONO_COUNTER_INT, &inflated_signatures_size);
-		mono_counters_register ("Memberref signature cache size",
+	mono_counters_register ("Memberref signature cache size",
 								MONO_COUNTER_METADATA | MONO_COUNTER_INT, &memberref_sig_cache_size);
-		mono_counters_register ("MonoMethod size",
+	mono_counters_register ("MonoMethod size",
 								MONO_COUNTER_METADATA | MONO_COUNTER_INT, &methods_size);
-		mono_counters_register ("MonoMethodSignature size",
+	mono_counters_register ("MonoMethodSignature size",
 								MONO_COUNTER_METADATA | MONO_COUNTER_INT, &signatures_size);
-
-		inited = TRUE;
-	}
 }
 
 void