Nout Wellink: The Nederlandsche Bank in the media - thorough openness? Address by Dr Nout Wellink, President of the Nederlandsche Bank and President of the Bank for International Settlements, for the conference of the Association of Editors-in-chief, The Hague, 30 October 2003.
The recommendation that banks should have a layer of designated bail-in instruments further supports the aim of making bank bail-out at taxpayers’ risk only a rare exception. Only functions that are essential to the functioning of the society, i.e. the deposit taking and payment system, would benefit from a government guarantee.