- Aims to stabilise a failure within 48 hours
- Would replace management immediately
- Would annonce which creditors would suffer losses and which bonds would be frozen
- New rules to come into force Jan 2015
- Tax payer only to be used as a last resort
- Failure of these firms should have the same impact as a failure of any institution
Hopefully we’ll never have to see the new action implemented but I’ll be surprised if it goes as smoothly as they are planning.
