We see this in the US where, of the approximately 500 banks that the FDIC has taken into receivership since 2008, around 450 were resolved through “Purchase and Assumption” transactions – that is, selling parts of banks to other banks. BIS central bankers’ speeches  3  That said, there are also frictions that create obstacles to closer bank market integration.
A second dimension of adherence is that the BIS central banks have signalled their commitment by announcing that they themselves will follow the Code, and that they expect that their counterparties will do so too.6 To that end, the RBA will no longer transact in the FX market with those that don’t commit to adhere to the Code after its release in May.