The Single Resolution Mechanism

This book takes stock after a year of application of the SRM and examines the situation from various perspectives: the perspective of the SRB, the NRA, the supervised bank and judicial protection. Special attention is given to the division of power between the RB and the NRA and the impact on the supervised bank, the relationship and links between the SRM and the SSM and the query whether the right balance between national and supranational powers has been struck, also in view of the principle of subsidiarity.
Editor(s):
Robby Houben, Werner Vandenbruwaene
Reeks:
Privaat en Publiek Financieel Recht - PPFR
Volume:
2
boek | verschenen | 1e editie
september 2017 | x + 142 blz.

Paperback
€ 65,-


ISBN 9789400007789


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Inhoud

On 1 January 2016 the Single Resolution Mechanism (SRM) became fully operational. The SRM creates a framework for the uniform resolution of banks in the euro area and after the Single Supervisory Mechanism (SSM), it is the second pillar of the European Banking Union. Whereas the SSM aims to reduce the risk of bank failure by unifying the supervision of banks, the SRM’s aim is to increase the likelihood that a bank has been made “safe to fail”, if it is likely to fail; and to reduce the risk of a government having to bail out a bank, if it actually fails.

The key actor in the framework of the SRM is the Single Resolution Board (SRB). The SRB is the European agency responsible for the effective and consistent functioning of the SRM. This entails a responsibility for drawing up resolution plans and adopting decisions relating to resolution for the institutions that are within its realm. The actual execution of the adopted resolution scheme must be closely monitored by the SRB, but is carried out by the national resolution authorities (NRA). For institutions that fall outside the scope of the SRB’s powers, the national resolution authorities are competent to adopt resolution plans and to take resolution decisions, albeit under oversight of the SRB. The SRB will be in charge of the Single Resolution Fund, a European pool of money that is transferred from domestic resolution funds, financed by the banking sector and set up to ensure that medium-term funding support is available while a credit institution is being restructured.

This book takes stock after a year of application of the SRM and examines the situation from various perspectives: the perspective of the SRB, the NRA, the supervised bank and judicial protection. Special attention is given to the division of power between the SRB and the NRA and the impact on the supervised bank, the relationship and links between the SRM and the SSM and the query whether the right balance between national and supranational powers has been struck, also in view of the principle of subsidiarity.

With contributions from Pierre E. Berger, Rudi Bonte, Evy De Batselier, Hans Gilliams, Stijn Goovaerts, Yves Herinckx, David Vanderstraeten and Eddy Wymeersch.

Hoofdstukken

Table of contents and preliminary pages (p. 0)

Introduction: Recovery and Resolution, Future Solutions for Dealing with Insolvency (p. 1)

The Single Resolution Mechanism. Institutional and Financing Arrangements for Bank Resolution in the European Banking Union

Introduction (p. 7)

Scope of the SRM Regulation (p. 11)

Institutional framework of the Single Resolution Board (p. 15)

Division of tasks between the Single Resolution Board and NRAs (p. 19)

Cooperation and information exchange within the SRM (p. 22)

Resolution process (p. 25)

The Single Resolution Fund (p. 41)

What will the future bring for banking resolution within the European Banking Union? (p. 45)

Resolution from the Belgian Resolution Authority's Perspective

Introduction (p. 49)

Resolution from an institutional perspective (p. 52)

Division of tasks (p. 56)

Two phaces of resolution - Preparation and actual resolution (p. 58)

Resolution Financing (p. 73)

Conclusion (p. 74)

Judicial Protection in the Single Resolution Mechanism

Introduction (p. 77)

The Appeal Panel (p. 78)

The Court of Justice of the European Union (p. 98)

National courts (p. 111)

Conclusion (p. 118)

The Rules on State Aid and the Framework for Bank Resolution

Foreplay: State aid rules as precursor and inspiration for the Single Resolution Mechanism (p. 121)

Interplay: The possibility of authorizing R&R aid within the Single Resolution Mechanism (p. 126)

Concluding Remarks on Resolution and Resolvability Challenges

The move from policy design to implementation (p. 135)

The complex process of pulling the resolution trigger (p. 136)

The comprehensive menu for the resolution authorities (p. 138)

The drivers to achieve resolvability (p. 139)

The learning points from crisis management (p. 140)

Over de reeks

Privaat en Publiek Financieel Recht - PPFR

De reeks Privaat en Publiek Financieel Recht is de vrucht van een samenwerking tussen de onderzoeksgroepen Onderneming en Recht en Overheid en Recht verbonden aan de Faculteit Rechten van de Universiteit Antwerpen. Doelstelling is dat in deze reeks zowel onderwerpen van privaat financieel recht als onderwerpen van publiek financieel recht aan bod komen. De synergie tussen deze twee onderzoeksdomeinen draagt bij tot een geïntegreerd begrip van de relevante evoluties op het terrein en laat toe om het breder kader waarin het financiële recht speelt te illustreren.

De financiële crisis en de daaruit volgende beleidsopvattingen gaven reeds aanleiding tot verregaande veranderingen in het brede domein van het financieel recht. Tal van veranderingen staan nog op stapel. Deze reeks strekt ertoe een eerste houvast te bieden aan ieder die met deze veranderingen wordt geconfronteerd vanuit de dubbele invalshoek van het privaat- en het publiekrecht.

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