Deposit protection and bank resolution / Nikoletta Kleftouri.
2015
KJE2230 .K58 2015 (Map It)
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Details
Author
Title
Deposit protection and bank resolution / Nikoletta Kleftouri.
Published
Oxford, United Kingdom : Oxford University Press, 2015.
Call Number
KJE2230 .K58 2015
Edition
First edition.
ISBN
9780198743057 (hardback)
019874305X (hardback)
019874305X (hardback)
Description
xxix, 259 pages ; 26 cm
System Control No.
(OCoLC)914356191
Bibliography, etc. Note
Includes bibliographical references (pages 225-252) and index.
Record Appears in
Table of Contents
Table of Cases
xiii
Table of Statutes
xv
Table of Secondary Legislation
xvii
List of Abbreviations
xxi
Introduction
xxv
1.
Rationales for Creating a Deposit Protection System
1.1.
Deposit Insurance Can Protect Depositors...
5
1.1.1.
Because They Are Unsecured Creditors
5
1.1.2.
Because They Are Financially Unsophisticated Creditors
10
1.2.
Deposit Insurance Can Strengthen Financial Stability...
15
1.2.1.
Because It Can Prevent Bank Runs
15
1.2.2.
Because It Can Complement Banks' Resolution
21
1.2.3.
Because It Can Limit the Use of Public Funds
26
1.2.4.
Because It Can Level the Playing Field
37
1.3.
Conclusions
41
2.
Limitations of Deposit Protection Systems
2.1.
Moral Hazard Effect of Deposit Insurance
7
2.1.1.
Creation of Moral Hazard
7
2.1.2.
Opposite View: Deposit Insurance Reduces Moral Hazard
16
2.2.
Moral Hazard and Corporate Governance
18
2.3.
Moral Hazard Mitigation
24
2.3.1.
External and Internal Changes
25
2.3.2.
Design of the Deposit Insurance System
39
2.4.
System's Effectiveness
64
2.4.1.
Ideal Coverage Limit
64
2.4.2.
Deposit Insurance and Government Guarantees
69
2.4.3.
Role of Deposit Insurance in Idiosyncratic Failures and Crises
73
2.5.
Conclusions
77
3.
European Deposit Insurance Framework
3.1.
1994 Deposit Guarantee Schemes Directive
4
3.1.1.
Directive's Content
4
3.1.2.
Directive's Shortcomings
16
3.2.
Reforms of the EU Regulatory and Supervisory Arrangements
25
3.2.1.
Regulatory Arrangements
25
3.2.2.
Supervisory Arrangements
42
3.3.
Conclusions
52
4.
European Banking Union
4.1.
Establishing a European Banking Union
6
4.1.1.
First Step: Single Supervision
7
4.1.2.
Desirability of a European Banking Union
12
4.2.
Third Step: A Single Deposit Guarantee Scheme
18
4.2.1.
Possible Design
19
4.2.2.
Is There a Need for a Common Scheme?
24
4.3.
Conclusions
27
5.
Recent Cases on Deposit Guarantee Schemes
5.1.
Icesave Dispute
4
5.1.1.
Background
4
5.1.2.
Lessons Learnt
12
5.2.
Resolution of Laiki Bank and Bank of Cyprus
21
5.2.1.
Background
21
5.2.2.
Lessons Learnt
24
5.3.
Conclusions
38
6.
International Standards on Deposit Insurance
6.1.
European Forum of Deposit Insurers
3
6.2.
International Association of Deposit Insurers
5
6.2.1.
Core Principles for Effective Deposit Insurance Systems
6
6.2.2.
Review of the Core Principles
9
6.3.
Architecture of Deposit Guarantee Schemes across Jurisdictions
11
6.4.
Conclusions
17
7.
UK Deposit Insurance Framework
7.1.
Banking Act 1979
5
7.2.
Creation of the Financial Services Compensation Scheme
9
7.2.1.
Financial Services and Markets Act 2000
9
7.2.2.
FSA Handbook (now the PRA Rulebook)
11
7.3.
Post-crisis Reforms
21
7.3.1.
Compensation Limits
24
7.3.2.
Funding
32
7.3.3.
Other Reforms
37
7.4.
Conclusions
44
8.
International and European Regulatory Developments on Bank Resolution
8.1.
International Developments
7
8.1.1.
Financial Stability Board's Key Attributes
9
8.1.2.
Further Guidance
12
8.2.
European Developments
19
8.2.1.
Bank Recovery and Resolution Directive
20
8.2.2.
Open Issues
53
8.2.3.
Other Relevant Developments
59
8.3.
Conclusions
74
9.
UK Special Resolution Regime
9.1.
Objectives and Triggers
6
9.2.
Resolution Tools
9
9.3.
UK Paradigm: The Roles of the Authorities
15
9.3.1.
Tripartite Authorities
15
9.3.2.
Creation of New Authorities
18
9.3.3.
Role of the Financial Services Compensation Scheme
22
9.4.
Conclusions
32
10.
US Paradigm: Deposit Insurer as Resolution Authority
10.1.
Role of the Federal Deposit Insurance Corporation
3
10.1.1.
Deposit Insurance
4
10.1.2.
Supervision
8
10.1.3.
Resolution
13
10.2.
Key Elements of the Resolution Regime
26
10.2.1.
Least-cost Resolution
26
10.2.2.
Prompt Corrective Action
31
10.2.3.
Risk-based Funding
34
10.2.4.
National Depositor Preference
37
10.2.5.
Resolution of Systemically Important Financial Institutions
39
10.3.
Conclusions
42
Bibliography
225
Index
253