The Bank of England's deputy governor for financial stability, Paul Tucker, said on May 3 that international co-operation from different national institutions would be necessary "to keep each other honest" as central bankers try to create a resolution regime for systemically important financial institutions (Sifis).

"We would like an opportunity to vet the existence of viable resolution plans for the current Sifis from the US, Germany, France, Switzerland and no doubt other countries down the