For an earlier update see Tucker (2012) ‘Resolution: a progress report’, a speech delivered to the Institute for Law and Finance Conference in Frankfurt. The Financial Stability Board will provide an official Progress Report to the forthcoming meeting of G20 Finance Ministers and Governors in Mexico. 2  The same themes were emphasised in the FSB http://www.financialstabilityboard.org/publications/r_120208.pdf  BIS central bankers’ speeches  Peer  Review  on  Deposit  Insurance. 1  purchasers). In resolution circles, this is known as “purchase and assumption” or P&A. Bridge banks are often discussed in this context but they are not really another resolution strategy. Rather, they are a holding mechanism while a search for a buyer for part of the business is undertaken. So, under established practices in the USA and elsewhere, the basic non-liquidation resolution strategy has been to break up a bank into a good and bad bit; and effect a sale of the good and economically critical parts. In many major jurisdictions, including the UK, this is typically aided by an injection of resources by the Deposit Insurer, up to but not beyond what it would have expected to pay out to insured depositors in a liquidation. The most critical services – basically transactions deposits and payments – are thereby maintained. Whether under “liquidation and payout” or “purchase and assumption”, uninsured depositors and other creditors, including bondholders, take losses after equity is exhausted. That includes the Deposit Insurer, which becomes a claimant creditor in the liquidation or administration of the rump of the business.

On the occasion of the celebration of the International Women's Day, it is important for us to reflect on the implications of this rapidly changing environment for women. Women account for almost half of the world's population. The integration and full deployment of women in the workforce is therefore a vital part of our quest for higher performance in this new era of the modern economy. Let me begin with some brief words on the economic and financial transformation that is occurring in Malaysia. Indeed, Malaysia is very much a part of this new phase of globalisation in which the concentration of economic power in the global economy is now becoming more dispersed. International trade, investment and financial flows have now become increasingly a two-way process. In fact, it is these very changes that have increased the tolerance level and strengthened the resilience of the economy. The Malaysian economy continues to be transformed in several ways. Firstly, domestic demand has become an important driver of growth compared to previously being export driven. Malaysia has thus become part of the massive cumulative market that is growing in Asia. Secondly, this has contributed to changing significantly the pattern of our international trade. Previously, our trade was predominantly with the major developed economies. Now, almost two-thirds of our trade is with Asia. As the Asian markets continue to expand and as the trade increases, it becomes a mutually reinforcing trend in the region. Thirdly, our economic structure has become increasingly more diversified with new areas of comparative advantages emerging.