The first Panel of the SRB Legal Conference, moderated by Pedro Machado (SRB Board Member), focused on the interplay between resolution and national corporate/insolvency law.
SRB 法律会议的第一个小组讨论由 Pedro Machado（SRB 董事会成员）主持，重点讨论了决议与国家公司法/破产法之间的相互作用。
{"title":"Panel I – Bank Resolution and National Corporate/Insolvency Law","authors":"Christos Lamaris-Adamis","doi":"10.15375/zbb-2024-0104","DOIUrl":"https://doi.org/10.15375/zbb-2024-0104","url":null,"abstract":"\u0000 The first Panel of the SRB Legal Conference, moderated by Pedro Machado (SRB Board Member), focused on the interplay between resolution and national corporate/insolvency law.","PeriodicalId":509014,"journal":{"name":"Zeitschrift für Bankrecht und Bankwirtschaft","volume":"47 49","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139775848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article explores the complex interplay between bank resolution and national insolvency law, with a specific focus on intra-group financing. We discuss group financial support agreements under BRRD, prudential requirements under the CRR, iMREL under BRRD, and harmonisation of national bank insolvency laws. We conclude that without harmonisation, the dependence of bank resolution on national insolvency laws continues to result in legal diversity and uncertainty, and thus may jeopardise effective resolution.
{"title":"Bank resolution and national insolvency law: the case of group financing","authors":"Matthias Haentjens, Ilya Kokorin","doi":"10.15375/zbb-2024-0105","DOIUrl":"https://doi.org/10.15375/zbb-2024-0105","url":null,"abstract":"\u0000 This article explores the complex interplay between bank resolution and national insolvency law, with a specific focus on intra-group financing. We discuss group financial support agreements under BRRD, prudential requirements under the CRR, iMREL under BRRD, and harmonisation of national bank insolvency laws. We conclude that without harmonisation, the dependence of bank resolution on national insolvency laws continues to result in legal diversity and uncertainty, and thus may jeopardise effective resolution.","PeriodicalId":509014,"journal":{"name":"Zeitschrift für Bankrecht und Bankwirtschaft","volume":"121 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139776639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
It is well-established that managing the failure of banks requires a special legal regime. While retaining the specificities of such regime is key to preserve financial stability and more broadly public interest, bank failure proceedings operate in the broader legal infrastructure of a country, where corporate insolvency regimes have a key role. This chapter examines at high-level some institutional, substantive and procedural areas where bank failure proceedings and corporate insolvency frameworks interact.
{"title":"Bank Failure and Corporate Insolvency Law: Similarities and Differences","authors":"Alessandro Gullo, Ender Emre","doi":"10.15375/zbb-2024-0107","DOIUrl":"https://doi.org/10.15375/zbb-2024-0107","url":null,"abstract":"\u0000 It is well-established that managing the failure of banks requires a special legal regime. While retaining the specificities of such regime is key to preserve financial stability and more broadly public interest, bank failure proceedings operate in the broader legal infrastructure of a country, where corporate insolvency regimes have a key role. This chapter examines at high-level some institutional, substantive and procedural areas where bank failure proceedings and corporate insolvency frameworks interact.","PeriodicalId":509014,"journal":{"name":"Zeitschrift für Bankrecht und Bankwirtschaft","volume":"117 20","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139776686","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article comprehends a very selective analysis of some aspects deemed of extreme relevance to ensure effective cross-border resolution strategies, dealing with global systemically important banks G-SIBS, and also involving financial institutions with no systemic dimension but which operate in multiple jurisdictions. It is discussed, namely, the fact that G-SIBS, as Credit Suisse, and other multi-jurisdictional groups, highlight critical issues of resolution planning when dealing with several jurisdictions. Secondly, this analysis also highlights particular problems in implementing cross-border resolution strategies to be applied to some banking sub-sectors, namely as regards the case study of cooperative banks, which are an important part of the European financial landscape. Thirdly, the article briefly addresses some critical issues of bail-in when dealing with private actors from different jurisdictions. This overall analysis starts from a critical discussion of the financial turmoil of March 2023, debating if this might have affected the relevance and credibility of resolution regimes.
{"title":"Cross-Border Bank Resolutions and its Challenges","authors":"Luis Domingos Silva Morais","doi":"10.15375/zbb-2024-0115","DOIUrl":"https://doi.org/10.15375/zbb-2024-0115","url":null,"abstract":"\u0000 This article comprehends a very selective analysis of some aspects deemed of extreme relevance to ensure effective cross-border resolution strategies, dealing with global systemically important banks G-SIBS, and also involving financial institutions with no systemic dimension but which operate in multiple jurisdictions. It is discussed, namely, the fact that G-SIBS, as Credit Suisse, and other multi-jurisdictional groups, highlight critical issues of resolution planning when dealing with several jurisdictions. Secondly, this analysis also highlights particular problems in implementing cross-border resolution strategies to be applied to some banking sub-sectors, namely as regards the case study of cooperative banks, which are an important part of the European financial landscape. Thirdly, the article briefly addresses some critical issues of bail-in when dealing with private actors from different jurisdictions.\u0000 This overall analysis starts from a critical discussion of the financial turmoil of March 2023, debating if this might have affected the relevance and credibility of resolution regimes.","PeriodicalId":509014,"journal":{"name":"Zeitschrift für Bankrecht und Bankwirtschaft","volume":"689 19","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139835464","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The March 2023 turmoil, the most significant banking stress since the Great Financial Crisis, exposed vulnerabilities in governance, risk management, and supervisory practices. This article delves into this multifaceted financial turmoil, offering critical insights into the dynamics of systemic banking stress, regulatory responses, and the evolving challenges financial authorities face.
{"title":"Lessons from the March 2023 bank turmoil","authors":"Elena Carletti, Samir Kiuhan-Vásquez","doi":"10.15375/zbb-2024-0114","DOIUrl":"https://doi.org/10.15375/zbb-2024-0114","url":null,"abstract":"\u0000 The March 2023 turmoil, the most significant banking stress since the Great Financial Crisis, exposed vulnerabilities in governance, risk management, and supervisory practices. This article delves into this multifaceted financial turmoil, offering critical insights into the dynamics of systemic banking stress, regulatory responses, and the evolving challenges financial authorities face.","PeriodicalId":509014,"journal":{"name":"Zeitschrift für Bankrecht und Bankwirtschaft","volume":"162 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139836007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"SRB Legal Conference 2023: EU and Banking Union Law in a European and Global Context","authors":"Karl-Philipp Wojcik","doi":"10.15375/zbb-2024-0103","DOIUrl":"https://doi.org/10.15375/zbb-2024-0103","url":null,"abstract":"","PeriodicalId":509014,"journal":{"name":"Zeitschrift für Bankrecht und Bankwirtschaft","volume":"13 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139774442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This article explores the complex interplay between bank resolution and national insolvency law, with a specific focus on intra-group financing. We discuss group financial support agreements under BRRD, prudential requirements under the CRR, iMREL under BRRD, and harmonisation of national bank insolvency laws. We conclude that without harmonisation, the dependence of bank resolution on national insolvency laws continues to result in legal diversity and uncertainty, and thus may jeopardise effective resolution.
{"title":"Bank resolution and national insolvency law: the case of group financing","authors":"Matthias Haentjens, Ilya Kokorin","doi":"10.15375/zbb-2024-0105","DOIUrl":"https://doi.org/10.15375/zbb-2024-0105","url":null,"abstract":"\u0000 This article explores the complex interplay between bank resolution and national insolvency law, with a specific focus on intra-group financing. We discuss group financial support agreements under BRRD, prudential requirements under the CRR, iMREL under BRRD, and harmonisation of national bank insolvency laws. We conclude that without harmonisation, the dependence of bank resolution on national insolvency laws continues to result in legal diversity and uncertainty, and thus may jeopardise effective resolution.","PeriodicalId":509014,"journal":{"name":"Zeitschrift für Bankrecht und Bankwirtschaft","volume":"97 ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139836166","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The second Panel of the SRB’s Legal Conference, moderated by the SRB General Counsel Karl-Philipp Wojcik, focused on the possible interferences between the resolution framework and the protection of fundamental rights as embedded in the EU Charter of Fundamental rights (the Charter) the European Convention on Human Rights (ECHR) and its protocols. The panellists also picked up case law developments regarding those interferences before both the European Court of Justice (ECJ), and the European Court of Human Rights (ECtHR).
{"title":"Panel II – Bank Resolution and Fundamental Rights","authors":"Iris Taleb","doi":"10.15375/zbb-2024-0108","DOIUrl":"https://doi.org/10.15375/zbb-2024-0108","url":null,"abstract":"\u0000 The second Panel of the SRB’s Legal Conference, moderated by the SRB General Counsel Karl-Philipp Wojcik, focused on the possible interferences between the resolution framework and the protection of fundamental rights as embedded in the EU Charter of Fundamental rights (the Charter) the European Convention on Human Rights (ECHR) and its protocols. The panellists also picked up case law developments regarding those interferences before both the European Court of Justice (ECJ), and the European Court of Human Rights (ECtHR).","PeriodicalId":509014,"journal":{"name":"Zeitschrift für Bankrecht und Bankwirtschaft","volume":"68 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139774950","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The third Panel of the SRB Legal Conference, moderated by Tuija Taos, focused on various aspects of cross-border bank resolutions and how events have shown that a banking crisis can occur very quickly. There was consensus on the importance of being very well prepared to react with the same speed. Authorities and institutions must have solid plans and always be prepared for the unexpected. This was the first time since 2008 that a global systemically important bank was under severe stress and the resolution framework was put to the test. When facing cross-border bank resolutions, legal regimes need to be credible and workable. There is no doubt that the authorities currently have the necessary powers and tools.
{"title":"Panel III – Cross-Border Bank Resolutions and its challenges","authors":"Yago Fernandez Badia","doi":"10.15375/zbb-2024-0113","DOIUrl":"https://doi.org/10.15375/zbb-2024-0113","url":null,"abstract":"\u0000 The third Panel of the SRB Legal Conference, moderated by Tuija Taos, focused on various aspects of cross-border bank resolutions and how events have shown that a banking crisis can occur very quickly. There was consensus on the importance of being very well prepared to react with the same speed. Authorities and institutions must have solid plans and always be prepared for the unexpected. This was the first time since 2008 that a global systemically important bank was under severe stress and the resolution framework was put to the test. When facing cross-border bank resolutions, legal regimes need to be credible and workable. There is no doubt that the authorities currently have the necessary powers and tools.","PeriodicalId":509014,"journal":{"name":"Zeitschrift für Bankrecht und Bankwirtschaft","volume":"59 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139775181","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Christian Nowak, Anna Elisabeth Freiin von Preuschen-von Lewinski
When dealing with the resolution of a banking group under EU regulation there are two different approaches: Single point of entry (SPE) versus Multiple Point of Entry (MPE). In a MPE strategy, the resolution authority is taking separate resolution actions at the level of individual legal entities of the group. In a SPE strategy, the resolution authority is taking a resolution action at the level of a single entity, usually the parent undertaking, which, consequently, becomes the so called “resolution entity” building together with its subsidiaries the “resolution group”. The general idea in a SPE strategy is, that losses at subsidiary level are first streamed up to the parent undertaking (resolution entity), i. e. capital is streamed down from the parent undertaking to the subsidiary to cover its losses and ensure its recapitalisation. This leads to losses at the resolution entity level, which, if the resolution entity meets the conditions for resolution, are taken care of by applying resolution tools to the resolution entity. This procedure is not necessarily a two-step approach but could also be completed in one go. In the following, we focus on different ways to upstream losses from the subsidiary to the parent undertaking and to recapitalise the subsidiary.
{"title":"How to make a SPE resolution strategy work in the EU","authors":"Christian Nowak, Anna Elisabeth Freiin von Preuschen-von Lewinski","doi":"10.15375/zbb-2024-0106","DOIUrl":"https://doi.org/10.15375/zbb-2024-0106","url":null,"abstract":"\u0000 When dealing with the resolution of a banking group under EU regulation there are two different approaches: Single point of entry (SPE) versus Multiple Point of Entry (MPE). In a MPE strategy, the resolution authority is taking separate resolution actions at the level of individual legal entities of the group. In a SPE strategy, the resolution authority is taking a resolution action at the level of a single entity, usually the parent undertaking, which, consequently, becomes the so called “resolution entity” building together with its subsidiaries the “resolution group”.\u0000 The general idea in a SPE strategy is, that losses at subsidiary level are first streamed up to the parent undertaking (resolution entity), i. e. capital is streamed down from the parent undertaking to the subsidiary to cover its losses and ensure its recapitalisation. This leads to losses at the resolution entity level, which, if the resolution entity meets the conditions for resolution, are taken care of by applying resolution tools to the resolution entity. This procedure is not necessarily a two-step approach but could also be completed in one go. In the following, we focus on different ways to upstream losses from the subsidiary to the parent undertaking and to recapitalise the subsidiary.","PeriodicalId":509014,"journal":{"name":"Zeitschrift für Bankrecht und Bankwirtschaft","volume":"52 4","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139775623","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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