Mr. Patrick Casey:

As part of the resolution planning cycle, on an ex antebasis, we would look at each institution to see whether it provides, among other things, critical economic functions. If an institution provides critical economic functions, or those functions can be substituted by someone else in the market, then, in identifying our preferred strategy should the firm fail, we would typically identify that as a liquidation strategy. When it comes to setting an MREL requirement - a gone concern capital requirement for the business - our perspective would be that there would not be a need to have gone concern capital so the first half of the MREL stack with regulatory capital would still exist but there would be no need to set a gone concern element. Therefore, the institution would not have to hold an MREL requirement above its regulatory capital requirement. Does that make sense?