5  See Southern Legislative Conference (2010), “What Are the Revenue Estimates for Fiscal Years 2010 and 2011 in the SLC States?” Question of the Month, February, www.slcatlanta.org/QoM/2010/QuesFeb10.html. BIS Review 103/2010  3  recession, even these historically high reserve-fund balances proved insufficient to buffer fully the budgets of most states. Thus, state governments may wish to revisit their criteria for accumulating fiscal reserves.
Unlike in the case of Banco Popular, these banks were not resolved in accordance with European rules, but were liquidated under Italy’s national insolvency regime. Here, it was possible to wind up the institutions using government funds as the European resolution rules apply only to banks that are classed as being systemically important.