The blackout of August 2003 was a spectacular example of the need to have adequate and failsafe  2  BIS Review 56/2004  electricity supplies. We know that our electricity supplies are often stretched to the limit.
In the event that banks do fail, it is important to have an effective bank resolution framework in place to flexibly and quickly address the failure, preserve financial stability at minimum cost to taxpayers and minimise adverse impact on the public.