Living wills are not a new departure either. But there is plenty of debate about how they will look and whether they will unsettle banks' relationships with their shareholders and creditors. The very possibility that some businesses may be earmarked for wind-down or disposal could affect the way they are funded. Investors will want to know whether they are funding the safe bits of the bank, or riskier ventures. The question will be sharpened by the central bank's determination to wean banks and their creditors from the idea that there is an implicit government guarantee. Demanding living wills may well be a first step on the road to splitting large complex banks into discrete, separately funded entities with separate credit ratings.

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