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“Everybody has a plan until he gets punched in the mouth.”
Jaime Ponce, president of Spain’s Executive Resolution Authority (FROB), may have been quoting former boxer Mike Tyson when he made this observation recently, but he has some experience of being blind sided by events.
Ponce took over at FROB in 2015, so was in the hot seat for the first and so-far only implementation of Europe’s Bank Resolution and Recovery Directive (BRRD) – the resolution and sale of Banco Popular to Banco Santander for €1 in 2017.
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