In a number of instances, BBSW has become the default reference rate without much thought being given as to whether it is the most appropriate reference rate. BBSW is a credit-based reference rate. It is based on the borrowing costs of the major banks, with the credit risk that entails embodied in the rate.
With respect to the resolution toolkit, it has become clear that DNB will have four resolution tools. These can of course can be combined. Insurers will be subject to recovery and resolution planning, with the possibility to remove impediments to resolvability. But of course, there is a safeguard to this regime, which is the public interest test.