These might include the establishment of an enabling framework for the winding-down of locally systemic relevant banks combining elements of the resolution and liquidation frameworks while preserving value and protecting creditors and non-financial borrowers.
For that, work is needed to: create special insolvency proceedings, with recourse to administrative options attributing additional instruments, such as the ones available in resolution, to a liquidating authority ,as an alternative to the ‘atomistic’ court-led liquidation regime. The liquidating authority and the funding sources available would need to be identified.