to require a stand-fast on repayments and the working out of orderly arrangements for repayment, which may well involve delay in repayment and, possibly, creditors taking a “hair-cut” on their repayment.
Some examples concern the abandonment of the early attempt to develop a list of systemic non-bank financial intermediaries, together with the preference for relying on an activity-based approach rather than an entity-based approach in addressing the risks from non-bank finance. These were difficult judgments to make.