As I recall it from the time, a long while ago, that with a partner I set up a ski holiday business, the ATOL bond placed (or insured) by a package tour operator is a proportionate contribution to the funds available for rescuing clients when a Tour Operator fails, but is not anywhere near the turnover of the operator providing the bond, simply because not every tour operator is expected to fail. It's exactly the same principle as insurance. I can see no reason why the CAA should not, could not, or would not, pay for the recovery of those Monarch clients covered by the ATOL bond.