Details
- The only book to analyse the legal issues associated with cross-border bank insolvency following the financial crisis
- Bridges the areas of financial and insolvency law with contributions from distinguished insolvency and banking law experts
- Inter-jurisdictional approach combines national, European and international dimensions to give comprehensive picture
- Includes a case study on the collapse of Lehman Brothers
This timely book analyzes and discuss the various issues associated with cross-border bank insolvency following the financial crisis. Though financial markets and institutions have become international in recent years, regulation remains constrained by the domain of domestic jurisdictions. This dichotomy poses challenges for regulators and policy makers. If at the national level, bank crisis management is complex (with the involvement of several authorities and the interests of many stakeholders), this complexity is far greater in the case of cross-border bank crisis management, both at the EU level and at the international level.
Insolvency procedures are typically nationally based, entity-centric and sector specific. The demise of national frontiers in today's global financial markets shows the limitations and inadequacies of these principles to deal with financial conglomerates, complex financial groups and international holding structures. These inadequacies are particularly evident in the case of cross-border bank insolvency. They are also manifested in the host-home country divide and in the treatment of systemic risk and systemically significant financial institutions. Institutions may claim to be global when they are alive (as in the case of Lehman Brothers); they become national when they are dead.
Quite often, financial law specialists lack in-depth expertise on insolvency law and insolvency law specialists lack in-depth expertise on financial law. This book bridges these two areas of law by bringing together distinguished insolvency and banking law experts to provide a unique analysis of the special issues associated with cross-border bank insolvency and an inter-jurisdictional approach combining national, European and international dimensions.
The Editor draws on her experience gained during participation in the Basel Working Group to provide a valuable reference for banking and insolvency practitioners, scholars, regulators and the judiciary.
Readership: Banking and insolvency practitioners, scholars, regulators and the judiciary.
1: Rosa M. Lastra & Geoffrey Wood: Bank Insolvency in the Context of Crisis Management
2: Andrew Campbell & Rosa M. Lastra: Definition of Bank Insolvency and Types of Bank Insolvency Proceedings
3: Michael Krimminger & Rosa M. Lastra: Early Intervention
4: Rosa M. Lastra & Charles Proctor: The Actors in the Process: of Supervisors, Regulators, Administrators and Courts of Justice
5: Eva Hüpkes: Allocating Costs of Failure Resolution - Shaping Incentives and Reducing Moral Hazard
6: Georgina Peters: Developments in the EU
7: Rosa M. Lastra: International Law Principles Applicable to Cross-Border Bank Insolvency
8: Jay Lawrence Westbrook: The Elements of Coordination in International Corporate Insolvencies: What Cross-Border Bank Insolvency Can Learn From Corporate Insolvency
9: Look Chan Ho & Rosa M. Lastra: International Developments
10: Thomas F. Huertas & Rosa M. Lastra: The Perimeter Issue. To What Extent Should lex specialis be Extended to Systemically Significant Financial Institutions? An Exit Strategy from Too Big to Fail
11: Michael Krimminger: Ending Too Big to Fail: Practical Resolution Alternatives for Financial Conglomerates
12: Ross Leckow, Thomas Laryea and Sean Kerr: Operational Issues
13: Michael Waibel: Bank Insolvency and Sovereign Insolvency
14: Look Chan Ho: Bank Insolvency Law in the United Kingdom
15: Heidi Mandanis Schooner: US Bank Resolution Reform: Then and Again
16: James Bromley & Tim Phillips: International Lessons from Lehman's Failure - A Cross-Border No Man's Land
Appendix: Resolution of Cross-Border Banks - A Proposed Framework for Enhanced Coordination
Edited by Rosa Lastra, Professor in International Financial and Monetary Law at the Centre for Commercial Law Studies, Queen Mary, University of London
Contributors:
James Bromley (Cleary Gottlieb Steen & Hamilton LLP)
Andy Campbell (School of Law, University of Leeds)
Look Chan Ho (Freshfields Bruckhaus Deringer LLP)
Eva Huepkes (Bank for International Settlements)
Thomas Huertas (Financial Services Authority)
Sean Kerr (International Monetary Fund)
Michael Krimminger (Federal Deposit Insurance Corporation)
Thomas Laryea (International Monetary Fund)
Rosa M. Lastra (Centre for Commercial Law Studies, Queen Mary, University of London)
Ross Leckow (International Monetary Fund)
Georgina Peters (3-4 South Square)
Charles Proctor (Bird & Bird LLP)
Heidi Schooner (Columbus School of Law)
Michael Waibel (University of Cambridge)
Jay Westbrook (University of Texas School of Law)
Geoffrey Wood (Cass Business School)
"Overall this work is of vast importance."
