would in purchase & assumption - style resolutions of an operating bank. but, due to less destruction of value, those losses under bailin would be smaller ( and never greater ) than the losses the dgs would have suffered in a liquidation. insured deposits themselves do not get haircut under any resolution techniques ; the losses of the dgs get picked up by the rest of the industry standing behind it. bailin is no different from other resolution tools in that respect. the point i have been labouring about all creditors being exposed to loss needs to be distinguished from the quite separate issue of whether the authorities should mandate a specified amount of bonded debt to act as required layer of gone - concern loss - absorbing capacity ( gclac ). that may be issued from a holding company, or it might be subordinated debt issued by an operating company. through such requirements, the authorities would in effect be determining part of the creditor hierarchy – the order in which creditor classes take losses – in order to reduce spillovers into the wider financial system when a distressed financial group is resolved. the g20 leaders ’ summit have asked the fsb to develop such a regime over the coming year. some impediments to smooth cross - border resolution need to be removed i said earlier that the resolution process will become smoother over time. a range of impediments have been identified. 6 some of them require steps by policymakers. for example, i have said on behalf of the bank of england7 that in principle the bank, as the uk ’ s resolution authority, would be prepared to step aside and allow uk subsidiaries of the big us financial groups to be resolved as part of a group - wide resolution led by the us authorities. to take this further, the bank of england needs to set out the conditions that would need to be met in practice for it to deliver on its “ in principle policy ”. second, the uk needs the us authorities to make a reciprocal “ in principle statement ” about their being prepared to step back to facilitate a uk - led top - down whole - group resolution of uk groups with a presence in the us. that cannot, in my view, wait very long after the eu ’ s resolution directive is passed. and, third, similar commitments need to be made between other pairs of countries – particularly the major jurisdictions in which the headquarters of global systemically important financial institutions are domiciled. on that, i can tell you that progress in this field is

yakiv smolii : opening speech " central bank communications : from mystery to transparency " opening speech by mr yakiv smolii, governor of the national bank of ukraine, at the fourth annual research conference " central bank communications : from mystery to transparency ", hosted by the national bank of ukraine in collaboration with the national bank of poland, kyiv, 23 may 2019. * * * dear participants, i take tremendous pleasure in opening the fourth annual research conference, which the national bank of ukraine is hosting in collaboration with narodowy bank polski. representatives of the central banking community from over 30 countries are gathered here today. that includes europe, north america, latin america, asia, and africa. i am glad to see more international participants this year than in the past years. we are all different. we have different economic models. we face different problems and have different ways of resolving them : advanced economies are busy fixing the problem of negative interest rates and their normalization. emerging markets are worried about a potential capital outflow affecting their currencies. exporter countries are concerned that the global economy is cooling off. importer countries are keeping a close eye on commodity prices. but what brings us all together is the need to answer one question : how to make ourselves heard in a world overwhelmed with information? what is more, how are independent central banks supposed to survive in a world of post - truth, where emotions draw more attention than facts and where populism spreads like a virus? gone are the days when central banks could afford to be closed technocratic institutions that spoke in numbers and vague terms. in this day and age, central banking is, first and foremost, about transparency, openness, and accountability. in the years to come, central banks will have to be client - oriented and capable of maintaining direct dialogue with the public. that is why not only central bankers have gathered in kyiv today. among those present here today are journalists, analysts, financial market players, academicians, government officials, and representatives of international institutions. all of them are clients of central banks. last year, we developed and made public the first - ever medium - term strategy of the national bank of ukraine. to us, this is a milestone document since it identifies seven strategic goals that the nbu as an institution will have to meet in the next few years. thus, the medium - term strategy gives the public a simple outline of what the nbu expects to achieve. however,