At the time Governors decided upon the theme of the Symposium last year, we could not have foreseen that the subject would assume such importance as to attract this splendid attendance. Governors will recall that we did discuss financial inclusion as far back as 2007. In truth, our choice of this AACB Agenda converges with its development through the G-20 process.
The proposal for a bank recovery and resolution directive Let me begin by briefly reviewing the main features of the new bail-in tool. Bail-in rules are envisaged to apply no later than four years after the entry into force of the new resolution Directive.