Governor Svein Gjedrem
Norges Bank Conference on Banking Crisis Resolution - Theory and Policy, Oslo 17 June 2005
It's late in the afternoon, so I will be very brief.
I think this has been two very rewarding days. We have certainly gained new insights into best practice resolution policies. The presentations and discussions have clarified which policies have broad support, and where the remaining controversies lie.
We have learnt that the type of crisis and the institutional setting matter. Speakers have also pointed out that there should be a clear division of responsibility between different authorities. As we have heard this afternoon, this can be quite a challenge in an international context.
Crisis resolution is not easy. As several speakers have stressed, this makes it all the more important to plan in advance. However, we prefer not to see our plans come into use. In that respect, crisis prevention is all the more important. But that may be the topic for another conference.
I would like to thank Thorvald and Bent for organising a stimulating conference, and Elin, Yvonne, Charlotte and the rest of the team for the smooth running of events.
Finally, many thanks to all the speakers and participants for contributing to a successful conference. I hope you enjoy the rest of your stay in Norway, and have a safe journey home. Thank you.