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New Bank Insolvency Law for China and Europe - Volume 2: European Union

Paperback Engels 2017 9789462367371
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Samenvatting

This is the second volume of a new series on 'New Bank Insolvency Law for China and Europe'. The current volume provides a comprehensive analysis of the current EU bank insolvency framework, discusses future developments in the field of EU bank insolvency law, and investigates relevant Dutch, German and English rules and practice. This research has been made possible by the Royal Netherlands Academy of Arts and Sciences, and the Chinese Ministry of Education.

In this series, researchers of the China University of Political Science and Law, and Leiden Law School’s Hazelhoff Centre for Financial Law addressed the question: how best to achieve a modernized bank insolvency regime for China and the EU? The series takes into account some of the most important developments in international restructuring and insolvency law. The volumes on ‘New Bank Insolvency Law for China and Europe’ therefore present a valuable resource for academics, practitioners and policymakers, and a timely contribution to scholarly and practical discussions about the development of rules that govern the recovery and resolution of banks.

Specificaties

ISBN13:9789462367371
Taal:Engels
Bindwijze:paperback
Aantal pagina's:220
Druk:1
Verschijningsdatum:15-5-2017
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

Preface xiii
List of abbreviations xv

Legislation 1

1 Introduction 7

2 Overview of European bank insolvency law 15
2.1 Current European bank insolvency law 15
2.1.1 Introduction 15
2.1.2 Pre-crisis bank insolvency law 16
2.1.3 Towards a European resolution regime 20
2.1.3.1 Single rulebook 22
2.1.3.2 Structural reform efforts 23
2.1.3.3 Banking Union 24
2.1.4 Bank Recovery and Resolution Directive 26
2.1.4.1 Scope: Credit institutions, investment firms and holding companies 26
2.1.4.2 National resolution authorities 27
2.1.4.3 Cooperation between authorities 28
2.1.4.4 Implementation BRRD in the United Kingdom, Germany and the Netherlands 28
2.1.5 Single Resolution Mechanism 29
2.1.5.1 Single Resolution Board 30
2.1.5.2 Single Resolution Fund 31
2.1.5.3 ESM and direct recapitalization of financial institutions 32
2.2 Future European bank insolvency law 35

3 Institutional framework 39
3.1 The tasks and powers of financial supervisors/resolution authorities 39
3.1.1 European and national authorities 39
3.1.1.1 European Banking Authority 39
3.1.1.2 European Central Bank and national supervisors 40

3.1.1.3 Single Resolution Board and national resolution authorities 40
3.1.2 Resolution planning 41
3.1.3 Resolution objectives and principles 42
3.1.4 The sale of business tool 43
3.1.5 The bridge institution tool 44
3.1.6 The asset separation tool 45
3.1.7 The bail-in tool 46
3.1.8 Resolution powers, safeguards and restrictions 46
3.2 Government intervention 50
3.2.1 Early intervention 50
3.2.2 Conditions for resolution 51
3.2.2.1 Decision-making procedure under the SRMR 52
3.2.2.2 Valuation 53
3.2.2.3 Write down or convert capital instruments 54
3.2.3 Government financial stabilisation tools 55
3.3 Influence of political executives 55
3.3.1 BRRD 55
3.3.2 SRMR 56

4 Insolvency proceedings 59
4.1 Normal insolvency proceedings 59
4.1.1 The concept of ‘insolvency proceedings’ in the European Insolvency Regulation 59
4.1.2 The meaning of ‘normal insolvency proceedings’ in the BRRD 60
4.2 Commencement of insolvency proceedings 62
4.2.1 Resolution versus liquidation 62
4.2.2 Commencement of liquidation proceedings 64
4.3 Ranking of claims 65
4.3.1 Ranking of claims in bail-in under the BRRD 65
4.3.2 Ranking of claims under national insolvency law 66
4.3.3 Protection of creditors 67

5 Management of the institution 71
5.1 Removal or replacement of management 71
5.1.1 Early intervention 71
5.1.2 Resolution 73
5.2 Management of bridge institution and asset management vehicle 74


6 Bail-in 77
6.1 General 77
6.1.1 Contingent capital instruments 77
6.1.2 Write down or conversion of capital instruments-tool 78
6.1.3 Bail-in tool 81
6.2 Sequence of write down and conversion 84
6.3 Eligible liabilities 86
6.3.1 Liabilities subject to bail-in 86
6.3.2 MREL and TLAC 88
6.3.3 Interaction with CRD IV/CRR 89

7 Contracts 91
7.1 Financial counterparties 91
7.2 Disapplication of contractual terms 93
7.3 Temporary stay 96
7.3.1 General 96
7.3.2 Power to suspend obligations 98
7.3.3 Power to suspend termination and set-off rights 99
7.3.4 Power to restrict the enforcement of security interests 101
7.3.5 Safeguards for counterparties in partial transfers 102

8 Judicial review 105
8.1 Institutional set-up 105
8.1.1 European level 108
8.1.2 National level 110
8.2 Appeal against recovery and resolution measures 113
8.2.1 Ex-ante judicial approval 114
8.2.1.1 European level 114
8.2.1.2 National level 114
8.2.2 Ex-post right to challenge decisions 116
8.2.2.1 European level 116
8.2.2.2 National level 117
8.3 Nationalisation 119
8.3.1 Government financial stabilisation tools 119
8.3.2 Expropriation and compensation 121
8.3.3 Northern Rock 123
8.3.4 The Netherlands and SNS Reaal 125
8.4 Appeal against sanctions 127
8.5 Collective redress 128
8.5.1 European level 128
8.5.2 National level 130

9 Deposit guarantee schemes 133
9.1 Organisation of deposit guarantee schemes 133
9.1.1 Deposit guarantee schemes and their rationale 133
9.1.2 Organisation of European deposit guarantee schemes 134
9.1.2.1 The DGS Directives 1994 and 2009 135
9.1.2.2 The DGS Directive 2014 138
9.1.2.3 The current national deposit guarantee schemes (United Kingdom, Germany and the Netherlands) 140
9.1.2.4 Proposal for a European Deposit Insurance Scheme 143
9.2 Position of deposit holders 144
9.3 Position of deposit guarantee schemes 146
9.4 Protection of deposits in a bank resolution procedure (bail-in) 148
9.5 Use of funds of deposit guarantee schemes and Single Resolution Fund in a bank resolution 149
9.5.1 Funds of deposit guarantee schemes 149
9.5.2 Funds of Single Resolution Fund 150
9.6 Third country issues 152

10 Cross-border banking groups and recognition of resolutions measures 155
10.1 Treatment of a cross-border banking group in Europe 155
10.1.1 Introduction 155
10.1.2 The scope of the BRRD 155
10.1.2.1 The Fortis and Dexia cases 156
10.1.2.2 Subject matter and scope of the BRRD 157
10.1.3 Title V (Articles 87-92) on Cross-border group resolution 158
10.1.3.1 Cross-border groups and the BRRD 158
10.1.3.2 Definitions 159
10.1.3.3 Decision making process in cross-border situations 160
10.1.3.4 Resolution colleges 162
10.1.3.5 European resolution colleges 165
10.1.3.6 Information exchange 165
10.1.3.7 Group resolution involving a subsidiary of the group 166
10.1.3.8 Group resolution 169
10.1.3.9 Group as phenomenon through the entire BRRD 170
10.2 Treatment of non-European entities in Europe 171
10.2.1 Title VI (Arts. 93 – 98) on relations with third countries 171
10.2.2 Agreements with third countries 173
10.2.3 Recognition and enforcement of third-country resolution proceedings 174
10.2.4 Refusing recognition or enforcement of third-country resolution proceedings 175
10.2.5 Resolution of Union branches 176
10.2.6 Cooperation with third-country authorities 177
10.2.7 Exchange of confidential information 179
10.2.8 Third country references throughout the entire BRRD 179

11 Towards an effective cross-border bank resolution framework 181
11.1 Introduction 181
11.2 European Union: one regime for two separate phenomenons 182
11.2.1 All BRRD-measures integrated into the Winding Up Directive 182
11.2.2 The private international law framework of the Winding Up Directive 183
11.2.3 Ensuring other Member States comply 184
11.3 Five concerns regarding the cross-border effectiveness of resolution system under the BRRD 186
11.3.1 The system is incoherent 186
11.3.2 Doubts about the application of private international law rules 187
11.3.3 Judicial discretion to scrutinise measures taken 190
11.3.4 Cooperation without teeth: the BRRD’s achilles’ heel 191
11.3.5 Insufficient and uncoordinated system towards resolution measures from third countries 192
11.4 Steps towards an effective cross-border bank resolution framework 192
11.4.1 Financial Stability Board (FSB) 192
11.4.2 A statutory approach 193
11.4.3 Towards an EU model law design 194
11.5 To conclude 197

12 Conclusion 199

Bibliography 209

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        New Bank Insolvency Law for China and Europe - Volume 2: European Union