Mr. Greg Dempsey:

The size of the liabilities on the balance sheet. Those levels of bail-in were imposed such as to reduce the moral hazard of having a fund that persons might perceive as being available.

The directive itself has as its objective to reduce the incidence of failure and where they do occur, ensure that the creditors and owners take the losses rather than taxpayers. That is what it strives to do. Were we to have introduced elements dealing with blame and sanctions for creditors into this directive, we might have taken away from what its primary objective was. Instead, it only refers to existing national legislation and then concentrates on the three pillars of prevention, intervention and resolution.