Mr. Greg Dempsey:

There are two ways this could work out. Essentially, we are talking about the scope of the bail-in - which creditors will be included and which excluded. A number of proposals are being debated. One is a series of defined exclusions, whereby creditors are excluded in advance for whatever reason. Another approach is that a very narrow list of discretionary exclusions would be allowed and thresholds for their use would have to be met.

Both approaches are linked to financial stability and the maintenance of critical functions. It is one of the key issues being debated.