The Bank of England's Bankruptcy Policy

I think what they did was broadly appropriate. It was a time for temperizing because there's a lot of uncertainty and a lot of cards are going to be turned over in the next several months. And so I think as Dan suggests that a middle ground path was right, and it was particularly right if the policy is going to be signaling in a clear way that even if your bank fails, you're going to be a depositor as well.