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Autor
Pys Jan (Cracow University of Economics, Poland)
Tytuł
Robustness of the Bank Resolution Framework in the European Union
Źródło
Copernican Journal of Finance & Accounting, 2017, vol. 6, nr 1, s. 77-87, bibliogr. 14 poz.
Słowa kluczowe
Banki, Kryzys finansowy, Likwidacja banków, Integracja gospodarcza
Banks, Financial crisis, Liquidation of banks, Economic integration
Uwagi
Klasyfikacja JEL: G21, G01, G33, F36
summ.
Firma/Organizacja
Unia Europejska (UE)
European Union (EU)
Abstrakt
The purpose of this article is to identify the key elements of resolution framework under the Single Resolution Mechanism (SRM) and to assess the robustness of the bank resolution framework in the European Union (EU). The 2007-2009 global financial crisis exposed number of weaknesses in the banking sector. It also showed the unpreparedness of the European governments in dealing with failing banks and the possible negative consequences it can have on the wider economy. As result, in order to save the economy from even deeper crisis, governments in many European countries had no other choice than to bail-out the "too-big-to-fail" banks using taxpayers' money. Post-crisis, banking regulators recognised the need for a broader reform and creation of a formalized resolution framework which would allow for efficient resolution of troubled banks with no or limited use of public funds. The resolution proceedings are complex procedures, which need to balance the interest of the different bank stakeholders such as: shareholders, debt holders, regulatory and supervisory authorities, governments and many others. In the EU, the SRM was put in place together with Bank Recovery and Resolution Directive (BRRD) to address the issues identified during the crisis. This article is an attempt to demonstrate that the new European resolution framework contains provisions and tools that may limit the use of public funds in resolution of failing banks. The outcome provides a framework for further research focused on better understanding of the trade-offs in resolution framework and measuring the efficiency of bank resolution in the EU. (original abstract)
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Bibliografia
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  1. Bank Resolution and Bail-in in the EU: Selected case studies pre and post BRRD (2016), World Bank Group, FinSAC, November.
  2. Čihák, M., Nier, E., (2012), The Need for Special Resolution Regimes for Financial Institutions - The Case of the European Union, 2 Harvard Business Law Review 395, 429-30.
  3. Claessens, S., Herring, R., Schoenmaker, D., (2010), A Safer World Financial System: Improving the Resolution of Systemic Institutions - 12th Geneva Report on the World Economy (London: Centre for Economic Policy Research).
  4. Dewatripont, M., & Freixas X., (2011). Bank resolution: a framework for the assessment of regulatory intervention. Oxford Review of Economic Policy, 27(3), pp. 411-436. http://dx.doi.org/10.1093/oxrep/grr033
  5. Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC, and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU, and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council.
  6. Gordon, J., & Ringe, W., (2015). Bank Resolution In The European Banking Union: A Transatlantic Perspective On What It Would Take. Columbia Law Review, Vol. 115:1297, pp. 1297-1369.
  7. Key Attributes of Effective Resolution Regimes for Financial Institutions (2011), Financial Stability Board, October.
  8. Kudrna, Z., (2012). Cross-Border Resolution of Failed Banks in the European Union after the Crisis: Business as Usual. Journal of Common Market Studies, 50(2), pp. 283-299. http://dx.doi.org/10.1111/j.1468-5965.2011.02204.x
  9. Memorandum of Understanding on Co-operation between the Banking Supervision, Central Banks and Finance Ministries of the European Union in Financial Crisis Situations, April 2005.
  10. Memorandum of Understanding on High-Level Principles of Co-operation between Banking Supervision and Central Banks of the European Union in Crisis Management Situations, March 2003.
  11. Principles on Loss-absorbing and Recapitalisation Capacity of G-SIBs in Resolution. Total Loss-absorbing Capacity (TLAC) Term Sheet (2015), Financial Stability Board, November.
  12. Regulation of the European Parliament and of the Council no 806/2014 of 15 July 2014 establishing uniform rules and a uniform procedure for the resolution of credit institutions and certain investment firms in the framework of a Single Resolution Mechanism and a Single Resolution Fund and amending Regulation (EU) No 1093/2010.
  13. Report and Recommendations of the Cross-border Bank Resolution Group (2010), Bank for International Settlements, March.
  14. Understanding Bank Recovery and Resolution in the EU: A guidebook to the BRRD (2016), World Bank Group, FinSAC, November.
Cytowane przez
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ISSN
2300-1240
Język
eng
URI / DOI
http://dx.doi.org/10.12775/CJFA.2017.005
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