With respect to Canada’s systemically important FMIs, this year’s federal budget included plans to implement a resolution framework, although it still needs to be operationalized. Rest assured, we will not be satisfied until all these plans meet an appropriate standard. For details, see “Backgrounder: Regulations to Implement the Bank Recapitalization (Bail-in) Regime,” Department of Finance Canada (June 2017).
27 This cost is analyzed in J. Schroth, “Financial Crisis Interventions,” Bank of Canada Staff Working Paper No. 2016-29 (June 2016). 28 See P. P. Mora, “The ‘Too Big to Fail’ Subsidy in Canada: Some Estimates,” Bank of Canada Staff Working Paper No. 2018-9 (February 2018). 26  10  Conclusion It’s time to wrap up.