“ As a rule, the handling of a crisis and its resolution are primarily the responsibility of the institution (s) involved. Public intervention, in particular when public money is at risk, should only occur when there is a clear systemic risk, i.e. when there is a serious disturbance of the financial system that, as a result, may have a major impact on the real economy. ”

“ The domestic financial system needs to be defined with reference to those parts that have the potential to disturb the domestic real economy. In defining the financial system’s three components, one should be wary of possible overlaps (resulting in double counting) and gaps. The real economy assessment should include and only include the effects of the crisis intermediated via the domestic financial system and via foreign financial systems (e.g. direct lending from abroad) . ”

“ The heat map is a snapshot in time and one may need to construct a series of maps over the life of a crisis. Moreover, an initial assessment that is relatively benign can quickly change if vulnerabilities are present in the financial system or the real economy. ”