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Financial Post quotes Stephen Clark in an article about the resolution plans developed by American banks

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“Eight years after crisis, big U.S. banks struggle to present ‘credible’ living wills" by Barbara Shecter, Financial Post Financial Post quotes Toronto lawyer Stephen Clark in an article about American regulators rejection of several U.S. banks’ ‘living wills’ and the resolution plan procedures for Canadian financial institutions


“A living will is the plan that allows the bank, through asset sales or otherwise, to get its capital base up to where it needs to be in a crisis situation so that the taxpayer does not have to inject cash,” said Stephen Clark, a partner in the financial institutions practice at law firm Fasken Martineau DuMoulin LLP in Toronto.


“Asset sales can be a part of that plan as they produce cash within a reasonable period,” he said.


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