I wish you continued success as we build together on our strong foundations. With this, I wish all participants at this conference a fruitful exchange of ideas and discussion. BIS Review 38/2007  3
While it is clear we have come a long way since 2008, we can’t just settle for making a promise that no bank will be ‘too big to fail’: as Resolution Authority the Bank must be able to deliver on that commitment. Fundamental to that delivery, the UK now has the requisite statutory tools, and powers to underpin a credible bank resolution framework. These are set out transparently in the Banking Act 2009 and there are  6  Also known as the Purple Book, and subsequently updated in 2017. As set out in the December 2019 Financial Stability Report. 8 The December 2020 Financial Stability Report sets out the FPC’s latest assessment. 7  4  All speeches are available online at www.bankofengland.co.uk/news/speeches and @BoE_PressOffice  4  safeguards in place so that these powers can only be used in the right circumstances. These features allow market participants to have confidence in the integrity and predictability of our decision-making, which is supported by the UK’s strong and effective institutions. These powers also form an important complement to supervisory and prudential tools; that these are embedded within the UK legal framework ensures they function as a credible and independent backstop for banks at risk of failure. Flexibility and proportionality in implementation  While a credible and transparent policy regime is necessary it requires flexibility and proportionality in development and implementation to ensure overall effectiveness of the regime.