Mr. Speaker, in the 2008 financial crisis, one of the impacts was, for example, the injection by the United States of capital or equity into its banks to boost its banks. The same situation also happened in Europe. From that, we had what were called contingent CoCos or bail-in securities created where taxpayers would not be on the hook.
This came out of the G20, the G8, FASB, and many international organizations, where it was determined that taxpayers would no longer face the risk in case of a too-big-to-fail situation where creditors and equity holders would face the risk of a recapitalization.
Contingent securities are in effect across Europe, Switzerland, the U.K., Italy, Germany, and France. They have been issued. They are traded in the market.