4  -10 -15  2  -20  Total domestic loans* (LHS) Total domestic loans** (LHS) Real GDP (RHS)  -4 -6  I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I 2012 2013 2014 2015 2016 2017 2018 Sources: NBS and SORS.
It is important, therefore, to be able to allow banks to fail without governments – and thus also taxpayers – having to foot the bill. And that is why we need the European recovery and resolution mechanism.