Essentially, the new rules are designed to ensure that banks that run into difficulties in future can be wound up, with their owners and creditors being first in line to foot the bill. The SRM provides expressly for a bank-financed resolution fund only being second in line, while public funds would only be used as a last resort.
As his successor, I am equally committed to ensure the continuity and consistency of our policy reforms. This afternoon, I will discuss the policies and programs of BSP on capital market development. Economic overview To put things in perspective, let me first give you an assessment of the economy. Overall, our economic fundamentals remain generally sound in the midst of political noise.