Mr. Aidan Carrigan:

They will be engaged in recovery and resolution and assessing resolution plans. There will be a day-to-day assessment of the capacity of institutions to deal with a resolution. Under this provision, banks must have resolution capital, that is, capital that can be called on and absorbed to deal with losses in the future. They must have a resolution plan showing how they can deal with a resolution. The authority will be assessing the quality of the resolution plans on an ongoing basis.