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Ramsden: The weekend starts here
Good morning. It’s a great pleasure to be able to speak to you today on the subject of resolution. Thank you to the Deloitte Academy for hosting. A key lesson I took from working in HM Treasury during the global financial crisis is that a credible resolution regime for banks is a cornerstone of financial stability and essential to protect the public purse. Without resolution, there were only two choices in that crisis: let banks enter insolvency and cause huge disruption, or bail them out with taxpayers’ money. The UK chose the second option, safeguarding financial stability in the process, but at a cost of £137 ... (full story)