The purpose of this memorandum of cooperation is to help the participants to achieve a coordinated response to financial distress in any bank or banking group that has significant operations in Australia and New Zealand (referred to as a 'trans-Tasman bank') in a manner that avoids, where practicable, instability in the financial systems of Australia and New Zealand and promotes an effective resolution of the bank's financial distress. The MoU does not pre-commit to, or rule out, any particular resolution option.