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THIS ANNOUNCEMENT RELATES TO AN OFFERING OF SECURITIES OFFERED AND SOLD PURSUANT TO RULE 144A AND/OR REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND IS ONLY DIRECTED AT QUALIFIED INSTITUTIONAL BUYERS UNDER RULE 144A OR PERSONS OTHER THAN U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE SECURITIES ACT) TO WHOM THE DISTRIBUTION OF THIS INFORMATION, WHETHER DIRECTLY OR INDIRECTLY, IS NOT UNLAWFUL.
Abstract: The three big European systemic bank crises of the GFC were resolved in remarkably different ways, whether one looks at it from the perspective of bail-in, of liquidity support, or of capital controls. These contrasts are partly explicable by the contrasting initial conditions: especially the scale of the banking insolvency; they are also explained by the evolution of international thinking on how to deal with such problems.