And clear as authorities with each other to confront the obstacles and difficult questions around firm failure upfront and find answers to them. Resolution planning will be a constant from here for firms and authorities. CMGs held annually or semi-annually have been central to this effort. Incrementally, resolution plans for G-SIBs have come into focus in CMGs. The resulting plans have then been endorsed by senior policymakers from the authorities around the table in CMGs in the Resolvability Assessment Process (RAP). In RAPs for each firm, the plans have been reviewed, barriers  1  Financial Stability Board (2015) ‘Principles on Loss-absorbing and Recapitalisation Capacity of G-SIBs in Resolution: Total Loss-absorbing Capacity (TLAC) Term Sheet’. 2  Financial Stability Board (2014) ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’. BIS central bankers’ speeches  1  to resolvability identified and agreement reached on how, and on what timeframe, they will be removed. This way commitment has been secured from all the authorities in CMGs to the plan ex ante. But perhaps more importantly, there is a network of people who have worked through these questions together and have a degree of mutual trust and reliance that will enable us to get to a co-operative outcome cross-border in a way that has often failed us as authorities in the past. We will need to continue to ensure that these contacts are maintained and deepened. Ultimately they are what will make resolution work for international banks.

Resolution planning will continue in CMGs to bring refinements in some of the other areas I have described – operational continuity, access to FMIs, funding in resolution and post bail-in restructuring. Over the coming months we will continue implementing these to make resolution work in practice for large, cross-border firms. References Bank of England (2015) ‘The Bank of England’s approach to setting a minimum requirement for own funds and eligible liabilities (MREL)’, Consultation on a proposed Statement of Policy, available at http://www.bankofengland.co.uk/financialstability/Documents/resolution/ mrelconsultation2015.pdf. Financial Stability Board (2014) ‘Key Attributes of Effective Resolution Regimes for Financial Institutions’, available at http://www.fsb.org/wp-content/uploads/r_141015.pdf. Financial Stability Board (2015) ‘Guidance on Arrangements to Support Operational Continuity in Resolution’, Consultative Document, available at http://www.fsb.org/wpcontent/uploads/Guidance-on-Arrangements-to-Support-Operational-Continuity-inResolution.pdf. Financial Stability Board (2015) ‘Guiding principles on the temporary funding needed to support the orderly resolution of a global systemically important bank (“G-SIB”)’, Consultative Document, available at http://www.fsb.org/wp-content/uploads/Funding-in-ResolutionGuiding-Principles-Consultative-Document.pdf. Financial Stability Board (2015) ‘Principles on Loss-absorbing and Recapitalisation Capacity of G-SIBs in Resolution: Total Loss-absorbing Capacity (TLAC) Term Sheet’, available at http://www.fsb.org/wp-content/uploads/TLAC-Principles-and-Term-Sheet-forpublication-final.pdf. International Swaps and Derivatives Association (2015) ‘ISDA 2015 Universal Resolution Stay Protocol’, available at http://assets.isda.org/media/ac6b533f-3/5a7c32f8-pdf/. BIS central bankers’ speeches  7