In the event that banks do fail, it is important to have an effective bank resolution framework in place to flexibly and quickly address the failure, preserve financial stability at minimum cost to taxpayers and minimise adverse impact on the public.
18 Randal K. Quarles, “The Financial Stability Board at 10 Years—Looking Back and Looking Ahead” (speech at the European Banking Federation’s European Banking Summit, Brussels, Belgium, October 3, 2019), https://www.federalreserve.gov/newsevents/speech/quarles20191003a.htm; see also, Financial Stability Board, “FSB Launches Evaluation of Too-Big-to-Fail Reforms and Invites Feedback from Stakeholders,” news release, May 23, 2019, https://www.fsb.org/2019/05/fsb-launches-evaluation-of-too-big-to-fail-reforms-and-invitesfeedback-from-stakeholders/; and Financial Stability Board, “FSB Publishes Report on Market Fragmentation,” news release, June 4, 2019, https://www.fsb.org/2019/06/fsb-publishes-report-on-market-fragmentation/.