The entire focus of the resilience changes made over the last decade have been to try and prevent institutions getting into a situation where they are failing or likely to fail, precisely to guard against the kind of events that trigger damage to the system, to businesses, households and consumers.
*** The financial crisis serves as a stark reminder of the severe costs of financial instability to society as a whole. While there has been significant progress towards repairing the banking system, legacy vulnerabilities from the crisis remain. The restrictions imposed by the Bill would reduce the ability of the banking system to absorb shocks in the future.