Cross-border bank insolvency / edited by Rosa M. Lastra.
2011
K1066 .C76 2011 (Map It)
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Details
Title
Cross-border bank insolvency / edited by Rosa M. Lastra.
Published
Oxford ; New York : Oxford University Press, 2011.
Call Number
K1066 .C76 2011
ISBN
9780199577071 (hbk. : alk. paper)
0199577072 (hbk. : alk. paper)
0199577072 (hbk. : alk. paper)
Description
xl, 489 pages : illustrations ; 26 cm
System Control No.
(OCoLC)710018171
Summary
This timely book analyzes and discuss the various issues associated with cross-border bank insolvency following the financial crisis. Though financial markets and institutions have become international in recent years, regulation remains constrained by the domain of domestic jurisdictions. This dichotomy poses challenges for regulators and policy makers. If at the national level, bank crisis management is complex (with the involvement of several authorities and the interests of many stakeholders), this complexity is far greater in the case of cross-border bank crisis management, both at the EU level and at the international level.
Bibliography, etc. Note
Includes bibliographical references and index.
Record Appears in
Gift
Purchased from the income of the Rouse Fund
Added Author
Gift
The Arthur W. Diamond Law Library
Purchased from the income of the Rouse Fund
Table of Contents
Table of Cases
xxv
Table of Legislation
xxix
1.
Bank Insolvency in the Context of Crisis Management
Introduction
1
Lender of Last Resort
10
Deposit Insurance
44
Deposit Insurance in the EU
57
Government Rescue Packages
75
Systemic Risk Considerations
79
2.
Definition of Bank Insolvency and Types of Bank Insolvency Proceedings
What is Bank Insolvency?
10
Why Lex Specialist
27
Objectives and Purposes of a Bank Insolvency Framework
37
Types of Proceedings
53
The Roles of the Relevant Authorities in a Bank Insolvency Framework
68
The UK Banking Act 2009 and the Special Resolution Regime
87
Conclusions
101
3.
Early Intervention
The Theoretical Basis for Early Intervention
5
Early Intervention in the UK
15
Early Intervention in the EU
19
PCA in the USA
34
4.
The Actors in the Process: Of Supervisors, Regulators, Administrators, and Courts of Justice
Actors Generally
1
Difficulties in Resolving Banking Crises
8
Solutions and Responses
23
Actors Generally: Conclusions
56
Courts
59
General Considerations
61
Domestic Banks
63
Foreign Banks
70
Courts: Conclusions
92
5.
Allocating Costs of Failure Resolution: Shaping Incentives and Reducing Moral Hazard
Failure Resolution as a Cornerstone of a Financial System
5
Who Should Bear the Losses?
13
Loss Allocation Ladder
20
The Legal Protection of Shareholder and Creditor Rights
33
Protecting Systemic Functions and Allocating Losses
44
Cross-Border Aspects
57
Conclusion
64
6.
Developments in the EU
Directive 2001/24/EC on the Reorganization and Winding-up of Credit Institutions
5
Consultation and Proposals for Reform
84
7.
International Law Principles Applicable to Cross-Border Bank Insolvency
Principles: universality, territoriality, and a `middle ground' approach
10
Implementation of these Principles
35
Conclusions
60
8.
The Elements of Coordination in International Corporate Insolvencies: What Cross-Border Bank Insolvency Can Learn from Corporate Insolvency
Background
5
The Model Law
11
Just a Bit of Theory and Policy
16
Corporate Groups
18
The Key Elements in the Growth of Cooperation
23
The Corporate Experience as it Relates to Banking
29
Conclusion
56
9.
International Developments
International Initiatives: The IMF and the Basel Cross-Border Bank Resolution Group
12
The Uncitral Model Law on Cross-Border Insolvency
29
Concluding Observations
146
10.
The Perimeter Issue: To What Extent Should Lex Specialis be Extended to Systemically Significant Financial Institutions? An Exit Strategy from Too Big to Fail
Too Big to Fail is Doubly Damned
4
Identifying SSFIs
17
Resolution
29
Regulation and Supervision
54
Other Measures to Deal with SSFIs
66
Non-bank SSFIs
73
Policing the Perimeter
78
Systemic Risk and the Too-Big-to-Fail Problem
82
Concluding Observations
108
11.
Ending Too Big to Fail: Practical Resolution Alternatives for Financial Conglomerates
Why Are Insolvency Rules Crucial?
8
Risky Business
12
Ending Too Big to Fail: Resolution Rules for Conglomerates
19
Necessity for Preparation and Coordination
60
Continuity for Functions, Not Firms
69
Corporate Structural Reform
97
Authorities' Operational Policies
99
Conclusion
103
12.
Operational Issues
Planning in the Event of Firm Failure
4
Funding Runs: Deposits and Wholesale
18
Investment Firm Client Property
24
Counterparty Credit Risk Mitigation
45
Counterparty Credit Risk: Netting
46
Counterparty Credit Risk: Securities Collateral
60
Counterparty Credit Risk: Cleaving and Settlement
81
Conclusion
88
13.
Bank Insolvency and Sovereign Insolvency
State Responsibility for Private Debt
10
The Collapse of the Creditanstalt in 1931
34
Iceland's Banking Crisis
43
The Resolution of Sovereign Debt Crises
63
Too Big to Fail: Bank Size and Sovereign Fiscal Capacity
78
The Fiscal Cost of Implicit Guarantees for the Financial Sector
94
14.
Bank Insolvency Law in the United Kingdom
The Regulatory Background and Evolution from Northern Rock
5
Overview of the Banking Act
12
The SRR Objectives and the Treasury Code of Practice
21
SRR Stabilization Powers and General Conditions
26
SRR Stabilization Option 1
Transfer to a Private Sector Purchaser
35
SRR Stabilization Option 2
Transfer to a Bridge Bank
51
SRR Stabilization Option 3
Transfer to Temporary Public Ownership
66
Bank Insolvency
91
Bank Administration
109
SRR Safeguards
122
Recovery and Resolution Plans
137
Conclusion
149
15.
US Bank Resolution Reform: Then and Again
Reforms to US Resolution Regime Following the S&L Crisis
3
Performance of the 1990s Reforms in the 2008 Financial Crisis
9
The New View of Systemic Risk and Prudential Regulation
28
Resolution Reform in the USA
32
Reform for Troubled Institutions Then and Again
46
Conclusion
54
16.
International Lessons from Lehman's' Failure: A Cross-Border No Man's Land
Overview
1
Introduction
4
Regulatory Holes and Distant Early Warnings
15
Conclusion
53
Appendix. International Monetary Fund: Resolution of Cross-Border Banks--- A Proposed Framework for Enhanced Coordination
449
Index
477