I believe that the best way of protecting policyholders is to establish effective recovery and resolution plans and to tailor supervision to the complexity  2  BIS central bankers’ speeches  of the business. As I said earlier, we now need to spell out the regulatory consequences.
I must add here that in a recent case of a co-operative bank, the entire operations, maintenance and management of the computer systems were totally in the hands of the firm which supplied the computer software and this led to a fraud and loss for the bank. Such cases cause reason for substantial concern.