-capitalisation programme. Of course, since Northern Rock failed the world has experienced what is arguably its most serious financial crisis … crisis pales into insignificance within the global context. Nevertheless, the Northern Rock is particularly significant …

This paper contributes to the debate on liquidity in resolution by providing a quantitative assessment of liquidity … gaps of banks in resolution in the euro area. It estimates possible ranges of liquidity gaps for significant banks under … different assumptions and scenarios. The findings suggest that, while the average liquidity gaps in resolution are limited, the …