Cross-border resolution hinges on trust
Hinging on trust
The machinery of bank recovery and resolution is industrial in its scale: bail-in bonds that will raise vast sums of capital; living wills that describe how to wind up a globe-spanning leviathan; and resolution authorities with the strength to use these levers. But, when it comes to the final, crucial question of how authorities in different countries ensure the painless demise of a cross-border bank, the whole contraption appears to be driven by something rather more ephemeral – trust.
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