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Recital 20

Recital 20

(20)In light of the consequences that the failure of an insurance or reinsurance undertaking could have on policy holders, the financial system and the economy of a Member State, and in light of the possible need to use public funds to deal with such failure, the ministries of finance or other relevant ministries in the Member States should be closely involved, at an early stage, in the process of crisis management and resolution.

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