Mr. Peter Nyberg:

It was the Department of Finance that brought the issue of the resolution regime to the DSG for discussion with the other institutions. The other institutions did not think it was a good idea for two reasons. First, in their minds the banks were solvent and there was not really a problem. Second - and this was also the conclusion the Department of Finance reached by itself - it was very complex legislation because a resolution regime means that banks could be taken over by the Government - without ownership - even before they were insolvent. That means that the Government takes over something which is of value to its owners, to the shareholders, and that opens a whole lot of questions regarding ownership rights and everything like that. It was felt that it took too long and was too complex to do something, so it was left.