If a chef makes a mistake, he covers it with some sauce and says it is a new recipe." Danièle Nouy, chair of the SSM Supervisory Board, once used this quote and elaborated on what Bocuse might have said about the mistakes of banks. Nouy suspects he would have said, "If banks make mistakes, they tend to cover them with taxpayers’ money."
Decisions by the board will enter into force within 24 hours of their adoption, unless the  2  BIS central bankers’ speeches  Commission or the Council, acting by simple majority on a proposal by the Commission, objected or called for changes. The national resolution authorities will be responsible for the practical implementation of the resolution schemes.