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New Bank Insolvency Law for China and Europe

Volume 3: Comparative Analysis

Paperback Engels 2021 9789462362161
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Samenvatting

This is the third and final volume in the ‘New Bank Insolvency Law for China and Europe’ series. The current volume provides a detailed comparison of Chinese and European bank insolvency and resolution laws. Moreover, it assesses to what extent these laws conform to international standards such as those set by the Financial Stability Board.

Specific topics discussed in the book include: the institutional framework for the management of failing banks, insolvency proceedings, management of the institutions, bail-in, the treatment of contractual arrangements and automatic stays, judicial review, deposit guarantee schemes, and cross-border issues.

This volume also discusses future developments in the field of EU bank insolvency law, and investigates relevant Dutch, German and English rules and practice.

Doelgroep
This final volume on ‘New Bank Insolvency Law for China and Europe’ will be of value to researchers and academics across the globe. A rich resource for scholars, practitioners and legislators, the book focusses on practical issues and contains policy recommendations.

Specificaties

ISBN13:9789462362161
Taal:Engels
Bindwijze:paperback
Aantal pagina's:201
Druk:1
Verschijningsdatum:27-9-2021
Hoofdrubriek:Juridisch
ISSN:

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Over Bob Wessels

Bob Wessels is Professor Emeritus of International Insolvency Law at the University of Leiden (The Netherlands). He held that chair from 2007-2014. He has been Professor of Commercial Law at the Vrije University Amsterdam from 1988-2008. He has over 40 years of experience as an independent legal counsel and arbitrator, provided expert evidence for cases in Belgium, Greece, Ireland, Poland, Sweden, Switzerland, UK and USA, and acted as consultant to the International Monetary Fund and the World Bank. From 1987-2016 he has been a Deputy Justice at the Court of Appeal (The Hague, The Netherlands). He is a Fellow of the American College of Bankruptcy, member of the American Law Institute and the European Law Institute, Honorary Member of INSOL Europe and Chairman of the Conference of European Restructuring and Insolvency Law (CERIL). Since 2010 he has been Expert Counsel to the European Commission in matters of restructuring and insolvency. Interviews Oude oplossingen populair in kredietcrisis naar aanleiding van het symposium 'De kredietcrisis: stand van zaken en wat staat er nog te gebeuren' van de Juridische PAO in Leiden.

Andere boeken door Bob Wessels

Inhoudsopgave

List of Abbreviations xi

1 Introduction 1
1.1 Bank insolvency laws in the global context: China, Europe and beyond 1
1.2 International standards as benchmarks for comparison 6
1.3 Structure of the book and terminology 8

2 Overview of Chinese and European Bank Insolvency Laws 11
2.1 Chinese and European banking industries 11
2.1.1 Banks’ structure and operations 12
2.1.2 Cross-border banking 16
2.2 Chinese and European bank regulation and supervision 17
2.2.1 Regulatory framework 17
2.2.2 Supervisory authorities 20
2.3 Chinese and European bank insolvency laws 22
2.3.1 Establishment of a special resolution regime 22
2.3.2 Objectives and functions of resolution 29
2.3.3 Institutions subject to resolution 30
2.3.4 Funding in resolution and state aid 33
2.4 Concluding remarks 40

3 Institutional Framework 41
3.1 The tasks and powers of financial supervisors/resolution authorities 41
3.1.1 Designated administrative resolution authority or authorities 41
3.1.2 Operational independence and accountability 44
3.1.3 Resolution powers 47
3.2 Supervisory authorities’ intervention 52
3.3 Influence of political executives 55
3.4 Concluding remarks 58

4 Insolvency Proceedings 59
4.1 Insolvency v. resolution 59
4.2 Commencement of insolvency proceedings 65
4.2.1 Commencement of judicial insolvency proceedings 65
4.2.2 Commencement of resolution proceedings 66
4.3 Ranking of claims 69
4.4 Concluding remarks 72

5 Management of Failing Banks 75
5.1 Removal or replacement of management 75
5.1.1 Early intervention 75
5.1.2 Resolution 78
5.2 Management of bridge institution and asset management vehicle 81
5.3 Concluding remarks 86

6 Bail-in 87
6.1 Introduction 87
6.2 Capital regulation 87
6.2.1 Basel regulatory capital 87
6.2.2 FSB TLAC Standard 91
6.3 Bail-in 95
6.3.1 Write-down and conversion powers 95
6.3.2 Eligible liabilities subject to bail-in (stricto sensu) 98
6.3.3 Safeguard measures 100
6.4 Concluding remarks 101

7 Contracts 103
7.1 Introduction 103
7.2 Disapplication of contractual terms 103
7.3 Temporary stay on early termination rights 108
7.4 Safeguards 110
7.5 Concluding remarks 113

8 Judicial Review 115
8.1 Institutional set-up 115
8.2 Ex-ante judicial approval 118
8.3 Ex-post judicial review 119
8.4 Nationalisation 125
8.5 Appeal against sanctions 126
8.6 Collective redress 127
8.7 Concluding remarks 128

9 Deposit Guarantee Schemes 129
9.1 Introduction 129
9.2 Organisation of deposit guarantee schemes 130
9.3 Objectives and public awareness 132
9.4 Mandate, powers and governance of deposit insurers 134
9.4.1 Mandate and powers 134
9.4.2 Governance 136
9.5 Membership and coverage 137
9.6 Sources and uses of funds 139
9.6.1 Sources of funds 139
9.6.2 Use of funds 141
9.6.3 Recovery of claims 142
9.7 Effective and orderly resolution 143
9.8 Legal protection and legal redress 146
9.8.1 Legal protection 146
9.8.2 Legal redress 146
9.9 Cross-border cooperation between national deposit insurers 147
9.10 Concluding remarks 149

10 Cross-border Issues in Bank Resolution 151
10.1 Introduction 151
10.2 Cross-border bank resolution in the EU 152
10.3 Treatment of a cross-border banking group in China and Europe 157
10.4 Treatment of foreign entities in China and Europe 160
10.4.1 Treatment of branches of foreign banks 160
10.4.2 Statutory recognition of foreign resolution actions 162
10.4.2.1 Institutional framework 162
10.4.2.2 Conditions for recognition 165
10.4.3 Contractual recognition 167
10.5 Automatic action 170
10.6 Non-discriminatory treatment of creditors 171
10.7 International cooperation 173
10.7.1 Information sharing 173
10.7.2 International treaty 175
10.8 Global Systemically Important Banks (G-SIBs) 176
10.8.1 Recovery and resolution plans 176
10.8.3 Crisis Management Groups (CMGs) 179
10.8.3 Institution-specific cross-border cooperation agreements (CoAgs) 179
10.9 Concluding remarks 181

11 Conclusion: The Future of Bank Insolvency Law for China and Europe 183

Summary 193
Bibliography 197

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