If such a contingent-capital structure had been in place before the crisis, troubled banks would have been recapitalized by the contingent debt holders while avoiding the complications and legal posturing inevitable in formal bankruptcy. Debt investors, not the government, would have bailed out the banks, making the financial crisis substantially smaller, if it had occurred at all.
如果这种后备资金的金融体系在危机发生之前就实施，问题银行就会被后备债权人重组，同时避免了正式破产程序所需的复杂的法律程序。债权人就会取代政府救助这些银行，使得可能发生的金融危机的影响力显著缩小。