BIS central bankers’ speeches  Fact 3: “The EU and IMF insisted that the Programme would not contain a bail-in of senior bank creditors.” Many involved IMF staff had envisaged a partial haircut on senior debt, but they were not supported when a majority of finance ministers of the G7 decided that bail-ins of senior bank bonds was a bad idea.
•  The banking system sustained its asset expansion with total resources growing by 9.8% to reach P5.6 trillion as of end-November 2008. Among bank assets, loans (gross, and exclusive of interbank loans) posted a significant growth of 23.5%. This asset expansion was supported by a continued rise in deposit base which registered a 15.9% growth as of end November 2008.