As I wrote in my answers to your questionnaire: “In my view, any potential move towards an even more integrated supervisory architecture in Europe will therefore have to be preceded by the establishment of a European safety net (including an ex-ante funded Resolution Fund)”.
In the securities industry, the shaky firms were closed down and some important ones received government capital injection and were restructured. Their customers' cash accounts  BIS Review 47/2009  5  were put into independent custodian arrangements with the major banks, thus removing the possibility of customer asset commingling and misappropriations.