Systemic Financial Crises: Resolving Large Bank InsolvenciesBank failures, like illness and taxes, are almost a certainty at some time in the future. What is less certain is their cost to and adverse implications for macroeconomies. Past failures have frequently been resolved at very high cost to society. However, the cost could be reduced through having a well developed, credible and widely publicized plan ready to put into action by policymakers. If no such plan is ready when a large bank approaches