Commitment needs to be stronger, avoiding exceptions which  Page 3 of 6  undermine the credibility of the resolution framework. Communication needs to be clear and transparent: losses and recapitalisation are to be fully borne by shareholders and creditors, not taxpayers. Bail-out was something authorities had to do, when that was the only way to avoid standard bankruptcies of failing financial institutions.
Standard bankruptcies do not work for large financial institutions. Therefore we now have the principle of bail-in, which will at the same time allow the vital activities to continue while letting shareholders and creditors cover those losses they would have had to cover in case of bankruptcy – just like in any other failing private company.