Mr. Aidan Carrigan:

The purpose of the resolution proposal, which is only one part of the jigsaw of the integrated financial framework proposal, is to prevent a situation similar to what happened in 2007 from happening again, to improve the quality of supervision, to improve the quality of capital retention, to improve the tools and mechanisms available to supervisors and resolution authorities to intervene early and to take corrective action, to provide resolution funds and to provide for a bail-in process. All of these measures are to protect against a situation such as arose at the time of the financial crisis and to protect depositors and the taxpayers to the maximum extent possible.