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- Preliminary Material
- Main Text
- 1 Recovery and Resolution Planning: Reconfiguring Financial Regulation and Supervision
- A Introduction
- B The Competent Authority and Resolution Authority
- C Recovery Planning
- D Resolution Planning
- E Resolvability Assessment of Institutions and Groups
- F Intragroup Financial Support
- G Title III: Early Intervention Planning
- H Recovery and Resolution Planning: Improving Forward-looking Risk-based Supervision
- 2 Resolution: Concepts, Requirements, and Tools
- A Introduction
- B The Concept of ‘Resolution’ and General Principles
- 1 Requirements of an alternative insolvency regime for banks: BRRD and its background
- 2 The concept of ‘resolution’ under BRRD
- C Defining the Key to the Toolbox: Objectives of and Conditions for Resolution
- D Resolution Tools and Write Down of Capital Instruments
- E Conclusion
- 3 The Bank Recovery and Resolution Directive: An International Standards Perspective
- A Introduction
- B The IMF and the Standards
- C International Standards and the European Banking Crisis
- D Assessing the Observance of Financial Sector Standards in Europe
- E Towards Banking Union
- F The Commission Proposals to Address the Crisis: The BRRD
- G Timelines
- H From Bailout to Bail-in
- I The Legacy
- J Harmonized National Frameworks?
- K Institutional Framework
- L Multi-speed Europe and Beyond
- M Conclusion
- 4 Derivatives and Bail-in under the EU Bank Recovery and Resolution Directive
- 5 The Implementation of the EU Bank Recovery and Resolution Directive’s Derivative Bail-in Powers in the UK
- A Introduction
- B Implementation of the BRRD’s Derivative Bail-in Provisions in the UK
- 1 Legislative context of the Restriction Order
- 2 Problems of, and concerns with, implementation
- 5.12
- 5.13
- 5.14
- 5.15
- a) Definitional contortions
- b) Excluded Liabilities I—secured liabilities
- c) Excluded Liabilities II—Financial Collateral Directive
- d) Nature of Protected Liabilities in general
- e) Protected Liabilities—‘Mandatory’ close-out
- f) Valuation issues
- g) Capital adequacy
- h) NCWO and US Most Favoured Treatment
- 3 Systemic consequences of derivative bail-in—UK concerns
- C Conclusion
- 6 The Revision of the Credit Derivative Definitions in the Context of the Bank Recovery and Resolution Directive
- A Introduction
- B Purpose and Function of Credit Derivatives
- C Adjustment of the CDS Framework during the Financial Crisis
- D The BRRD and its Challenges for the 2003 Definitions
- E The ISDA 2014 Credit Definitions
- F Conclusion
- 7 Third Country Relations in the Directive Establishing a Framework for the Recovery and Resolution of Credit Institutions
- A Introduction
- B Cross-border International Banking: From and to the EU
- C Third Country Relations in the Recovery and Resolution Directive
- D Third Party Relations with Resolution Authorities in the European Banking Union
- E Final Reflections
- F Annex: Principles and Tools
- 8 Third Country Cooperation Mechanisms within the Bank Recovery and Resolution Directive: Will they be Effective?
- A Introduction
- B The Meaning of ‘Cooperation’ and its Difference with ‘Coordination’
- C Layers of Cooperation
- D BRRD and Third Country Cooperation Mechanisms: A Critical Analysis
- E Some Conclusive Reflections
- 9 Bank Resolution Financing in the Banking Union
- A Introduction
- B The Birth of the Banking Union: Critical Juncture and Radical Policy Turn
- C The Concept Applied
- D The Need for a Common ‘Fiscal Backstop’ as Raison d’Être of the Move to a Banking Union
- E The BRRD’s Burden-sharing Cascade and its Impact on Resolution Financing in the Banking Union
- F Questioning the Sufficiency of the Financing Arrangements
- G A Stable Compromise?
- 10 The Funding of Bank Resolution
- 11 The Role of Deposit Insurance Post Implementation of the EU Recovery, Resolution, and Deposit Guarantee Directives
- Preliminary Material
- A Introduction
- 11.01
- 1 The financial system safety net—its components and how they are evolving
- 2 European deposit guarantee schemes and their ability to contribute to financial stability
- 3 Institutional framework of a financial system safety net
- 4 The BRRD: establishing the framework for the recovery and resolution of credit institutions
- B Conclusion
- 12 The European Deposit Guarantee Directive: A Domestic Perspective
- A Introduction
- B The German Insurance Deposit Landscape as it Stands
- C Experiences Before and during the Financial Crisis
- D Impact of the Directive 2014/49/EU (Deposit Protection—‘DPD 3’)
- E Impact of the Directive 2014/59/EU (Bank Resolution and Recovery Directive)
- 12.51
- 12.52
- 12.53
- 12.54
- 12.55
- 1 How does the Bail-in Instrument work?
- 12.56
- 12.57
- a) Exercise by a resolution authority
- 12.58
- (i) The European set-up
- (ii) The German Transposition : Sanierungs- und Abwicklungsgesetz (SAG)
- (iii) Write down and conversion powers
- (iv) The European set-up
- (v) The German Transposition
- (vi) Bail-in liabilities of an institution
- (vii) The European set-up
- (viii) The German Transposition
- (ix) Subrogation of Rights
- (x) Open issues/bail-in
- F Summary
- 13 Resolution in the UK and US: Variations to the Same Goals
- 14 The Single Point of Entry Approach to Bank Resolution
- 15 The Operation of the Single Resolution Mechanism in the Context of the EU State Aid Regime
- 16 Financial Market Infrastructures in Stress Scenarios
- A Introduction
- 16.01
- 16.02
- 16.03
- 16.04
- 16.05
- 1 Asymmetries in rules, procedures, and authorities’ motivations
- 2 Elements of efficient and effective recovery and resolution planning
- 16.11
- 16.12
- a) Rules commensurate to the divergent risk profiles of systemically important FMIs
- b) Automated versus discretionary activation
- c) A European issue: Single versus multiple resolution authorities
- d) Set-off, netting, collateral, and designation under the SFD
- e) Extra-territorial issues
- f) Potential conflicts faced by authorities
- 3 EU Bank Recovery and Resolution Directive and FMIs
- 4 Systemically important financial market utilities under the US Dodd–Frank Act
- 5 The way forward
- B Conclusion
- A Introduction
- 1 Recovery and Resolution Planning: Reconfiguring Financial Regulation and Supervision
- Further Material
