Mr. Ed Sibley:

Unfortunately, that was the case in the past. Ireland is an example of this. We saw it in multiple other jurisdictions across Europe, as well as in the US and beyond. Since the onset of the financial crisis, a huge amount of work has been done to try to address this problem, make banks more resolvable and enable our resolution authorities to bail in private funding of banks. While that work has progressed, it is not as far along as I would like. As I said earlier, the resilience of the system has been improving through the mechanisms that have been put in place. The work that has been done at European level includes the creation of the European resolution mechanism and the efforts to push banks to make themselves more resolvable. As I said in my opening remarks, one of the four things I look for is the ability of firms to recover if they get into difficulty. Resolvability is the mirror of that. While we expect firms to be able to recover, we are also working hard to make sure they are resolvable. They are more resolvable than they were, but as of today they are not fully resolvable. This implies that there is some element of subsidy, albeit a much reduced subsidy than was previously the case.