Banks should plan for funeral

Reported by Straits Times on Thursday, 5 November 2009 (on November 5, 2009)

OTTAWA - BIG banks should plan for their demise with 'living wills' to wind down operations in an orderly fashion in case they fail, to avoid future financial sector meltdowns, a Canadian official said on Wednesday.

The idea has been 'gaining traction' and is starting to get fleshed out following the failure of investment bank Lehman Brothers last year that sparked a global financial crisis, the senior Canadian finance official told a briefing.

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