7 See Cœuré, B. (2017), “Bond scarcity and the ECB’s asset purchase programme”, speech at the Club de  Gestion Financière d’Associés en Finance, Paris, 3 April. 8 See ECB (2019), ECB announces details of new targeted longer-term refinancing operations (TLTRO III), press  release, 6 June.
A draft directive for the recovery and resolution of credit institutions has now  BIS central bankers’ speeches  3  been presented at the EU level. This proposal clearly sets forth the sequence of liability for failing financial institutions – shareholders and creditors are now first in line to bear losses, and rightly so.