ERM frameworks [59]

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Bullet points include: Governments (and electorates) don’t like bailing out failing firms. They particularly don’t like having to pay more than they really have to. Complex structures, interconnectedness, bankruptcy frameworks etc. all seen as contributing to drain on public purse. Living wills (aka ‘recovery and resolution plans’). People die. Doing so without a will creates problems for heirs. Companies also die, despite existing management’s protestations to the contrary. Advocates see living wills as facilitating process. Companies worried that it may lead to less efficient corporate structuring (or more work?). Also planned changes to legal frameworks for winding up such companies

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