DAVID G. MAYES is Advisor to the Board of the Bank of Finland and Professor of Economics at London South Bank University. He was previously Chief Manager and Chief Economist at the Reserve Bank of New Zealand. He is Honorary Professor at the University of Stirling and Adjunct Professor at the University of Canterbury. AARNO LIUKSILA is the Director of IA Management, based in Washington. Until recently, he worked for the legal service of the International Monetary Fund.

DAVID G. MAYES is Advisor to the Board of the Bank of Finland and Professor of Economics at Southbank University, London. He was previously Chief Manager and Chief Economist at the Reserve Bank of New Zealand. He is Honorary Professor at the University of Stirling and Adjunct Professor at the University of Canterbury. AARNO LIUKSILA is the Director of IA Management, based in Washington. Until recently, he worked for the legal service of the International Monetary Fund.

• List of Tables List of Figures Preface Acknowledgements Notes on the Contributors Introduction PART I: THE PROBLEM AND THE PROPOSED SOLUTION An Overview of the Issues; D.G.Mayes The New Approach to Orderly Bank Exit: Questions and Answers; A.Liuksila PART II: HOW BIG IS THE PROBLEM? Disclosure as a Cure for Moral Hazard: Necessary but Insufficient; G.H.Stern The Incentive Compatible Design Of Deposit Insurance and Bank Failure Resolution: Concepts and Country Studies T.Beck Small Countries, Large Multi-Country Banks: a challenge to supervisors - the example of the Nordic-Baltic area; J.Sigurðsson The Economic Impact of Insolvency Law; B.Blowers & G.Young Do Bank Exit Regimes affect Banking Conditions?; P.Granlund PART III: APPROACHES TO SOLVING THE PROBLEM A European Approach to Banking Crises; H.Brouwer, G.Hebbink & S.Wesseling Avoiding a Crisis: Lessons from the Danish Experience; E.Mølgaard Learning Lessons and Implementing a New Approach to Bank Insolvency Resolution in Switzerland; E.H.G.Hüpkes Bank Resolution Policy and the Organization of Bank Insolvency Proceedings: Critical Dilemmas; C.Hadjiemmanuil Appendix 1: The Proposed Approach to Bank Insolvency Legislation; D.G.Mayes, L.Halme & A.Liuksila Appendix 2: The Basel Committee Guidance on Weak Banks References Index