In addition, we explore with three variations in the definition bank failure. In particular, we decompose the bank failure dummy according to its components as follows: (i) banks that ceased their active status during the crisis or that were reclassified to risk categories E and E+ by Moody’s; (ii) banks with regulatory CAR ratios dropping below 8 percent between 2008 and 2009; and (iii) banks included in the Failed list of compiled by Laeven and Valencia (2010).