The European Banking Union: Supervision and Resolution

Banking / Finance

The European Banking Union: Supervision and Resolution

By Giuseppe Boccuzzi
Palgrave Macmillan November 2015

Specifications

ISBN-13
9781137555649
Publisher
Palgrave Macmillan
Publication
November 2015
Format
Hardback
Jurisdiction
U.K. ? Countri(es) for reference only

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Details

The 2008 financial crisis all but brought down the financial system and real economies of industrial countries. The Banking Union took a broad approach to resolve the structural fragmentation and distortions in the European banking system which were major obstacles to a working single market for financial services.

This book examines the numerous changes happening to European legislations for the prevention and management of banking crises. What emerges is a changing picture of regulations and institutions, of goals, tools and opinions, public and private, European and national - all involved in the task. The book focuses on the new framework for banking crisis management, starting from the foundations of banking regulation and supervision. It explores the institutional architecture of banking supervision and crisis management, the powers of the authorities, the tools for administrative actions, the complexities of business and bankruptcy laws, individual rights and their legal guarantees.

Table of Contents

Index
Preface & Introduction
Preface
Introduction Some Preliminary Observations On The New Legal Framework

PART I: THE FINANCIAL CRISIS AND THE BANKING UNION PROJECT
1. The Weakness Of The Institutional Framework For Managing Banking Crisis Before The Financial Crisis
2. First Timid (And Difficult) Attempts To Regulate Banking Insolvency
3. The Answer To The Financial Crisis: The Banking Union Project

PART II: THE FIRST PILLAR OF THE BANKING UNION: THE SINGLE SUPERVISORY MECHANISM
4. The Evolution Of Banking Supervision At The European Level
4.1. The First Phase: The Reform Of Regulation Procedures (The Lamfalussy System) And The Logic Of Cooperation And Coordination In Banking Supervision
4.2. The Second Phase: Strengthening International Cooperation And The Creation Of European Supervisory Bodies (De Larosiere Project)
4.3. The Point Of Arrival: The Centralization Of Supervisory Functions (The Single Supervisory Mechanism
5. The Single Supervisory Mechanism: The Legal And Institutional Profiles
5.1. The Allocation Of Responsibilities Between ECB And National Supervisory Authorities
5.2. The Potential Conflict Of Interest Between Supervisory And Monetary Policy Functions. The Independence And Separation Principles
5.3. The Relations With EBA (European Banking Authority)
5.4. The Organization Of Shared Supervision
5.5. The Preparatory Stage Of The SSM
5.6. The Role Of ECB In Banking Crisis Management

PART III: THE EUROPEAN REFORM OF THE RULES FOR BANKING CRISIS MANAGEMENT: THE BANK RECOVERY AND RESOLUTION DIRECTIVE
6. The New European Rules For Crisis Management
7. The Setting Up Of National Resolution Authorities
8. A Significant Innovative Theme: The Handling Of Cross-Border Group Crises. The Establishment Of Resolution Colleges
9. A New Strategic Approach: Towards A Complete And Integrated Vision To Deal With Crisis Phenomena
9.1 Preparatory And Preventative Measures
9.1.1. Recovery Plans
9.1.2. Resolution Plans
9.2 Early Intervention
9.2.1. Definition Of Triggers For Intervention 9.2.2. Choice Of Early Intervention Tools.
9.3. Resolution
9.3.1. Triggers For Resolution Action
9.3.2. Powers Of The Resolution Authority
9.3.3. Resolution Tools
9.3.4. Government Financial Stabilisation Tools
9.3.5. Safeguards For Third Parties
9.4 Liquidation
10. Financing Resolution. The Establishment Of The Bank Resolution Fund (BRF)
10.1. Funding Mechanism
10.2. The Use Of Bank Resolution Funds
10.3. Intervention Of Deposit Guarantee Schemes In The Resolution.
10.4. Recourse To The European Stability Mechanism (ESM)
11. A Challenge For The Future. The Harmonisation Of Insolvency Regimes

PART IV: THE SECOND PILLAR OF THE BANKING UNION: FROM THE NATIONAL RESOLUTION AUTHORITIES TO THE SINGLE RESOLUTION MECHANISM
12. The Regulatory Path Towards The Centralization Of Crisis Management
13. Conferring Tasks On To The Single Resolution Authority Tasks. The Legal Basis
14. Decision-Making Process In Resolution: A Fractious, Perhaps Inevitable, System
15. The Setting-Up Of A Single Resolution Fund
15.1. Financial Resources And Funding Mechanism Of The Single Resolution Fund
15.2. The Intergovernmental Agreement On Transfer And Mutualization Of Resources To The Single Resolution Fund
15.3. Contribution Mechanism To The Fund
15.4. Relations Between The SRF And The Deposit Guarantee Systems

PART V: THE THIRD PILLAR OF THE BANKING UNION: THE PAN-EUROPEAN DEPOSIT GUARANTEE SCHEME
16. The Role Of Deposit Guarantee Schemes
17. The 94/19/EC Directive 18. DGSD Reform: From Minimum To Maximum Harmonization
18.1. The Reform Process And General Lines Of Regulatory Intervention
18.2. Main Aspects Of The Reform
18.2.1. Scope Of Guarantee, Payout Procedures And Timeframe
18.2.2. Stress Test Of Deposit Guarantee Systems
18.2.3. Financial Means Of DSG And Funding Mechanism
18.2.4. Use Of Funds
18.2.5. Institutional Protection Scheme
18.2.6. Cooperation And Exchange Of Information Between DGSS And Other Authorities Within The Safety Net
18.2.7. Cross-Border Cooperation.

PART VI: BANKING CRISES AND STATE AID DISCIPLINE
19. State Aid General Rules
20. The Special Discipline For The Financial Sector
21. The 2013 Communication Of The European Commission
22.1. The Burden-Sharing Principle And The Need For A Bank Restructuring Plan
22.2. Recapitalization And Impaired Asset Measures
22.3. Guarantees And Liquidity Support
22.4. Intervention Of Deposit Guarantee Schemes
22.5. Aid To Bank Liquidation
23. The Rationale For EU Action: The Growth Target

PART VII: CONCLUSIONS
24. The Implant Of The New European Regulations On Banking Crisis Management In National Legislations
25. The Identification Of The Resolution Authority
26. The Scope And The Use Of Tools: The Flexibility Of The Directive And The Room For Discretionary Measures Left To Member States
27. The Safeguards For Subjects Affected By Resolution Measures
28. DGSD Implementation: National Legislative Choices Bibliography
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