DOCSLIB.ORG

Thesis Reference

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text

Load more

Thesis Cross-border resolution of banking groups: old demons, current progress, future challenges PNEVMONIDIS, Ilias Abstract This contribution focuses on the development of bank resolution regimes as a credible antidote to the ‘too big to fail' problem. The main objective of the analysis is to demonstrate the repercussions and challenges resulting from the implementation of bank resolution schemes on a cross-border level. This work is a selective survey of specific legal questions, which remain relatively unaddressed by academic literature and international standard-setting bodies (e.g. bank resolution triggers or safeguards for bank creditors under bank resolution) or still problematic (e.g. resolution planning or cooperation and information exchange between resolution authorities), in particular when applied in a cross-border context. The author aims to shed more light to the complexities of cross-border bank resolution while trying to answer to the fundamental question: have we ended the ‘too big to fail' problem? Reference PNEVMONIDIS, Ilias. Cross-border resolution of banking groups: old demons, current progress, future challenges. Thèse de doctorat : Univ. Genève, 2014, no. D. 895 URN : urn:nbn:ch:unige-483624 DOI : 10.13097/archive-ouverte/unige:48362 Available at: http://archive-ouverte.unige.ch/unige:48362 Disclaimer: layout of this document may differ from the published version. 1 / 1 Cross-border Resolution of Banking Groups: Old Demons, Current Progress, Future Challenges Ilias Pnevmonidis Thèse de Doctorat Sous la direction du Professeur Luc Thévenoz (Références à jour au 1er janvier 2015) Faculté de droit de l’Université de Genève Imprimatur No 895 “As you set out for Ithaca hope your road is a long one, full of adventure, full of discovery” Konstantinos Kavafis, Ithaca, 1911 This work is the result of a four-year ‘journey’ in the passionate world of international banking practices and the cross-border aspects of financial crisis management. It has not been an easy task navigating past the ‘Laestrygonians’ and ‘Cyclops’ of financial crashes but I hope this work can shed some more light on the complexities of cross-border bank resolution. I owe my deepest gratitude to my Phd director, Prof. Luc Thévenoz, for his faith in this ambitious project, his continuous guidance and support during these four years. I am also grateful to Prof. Anne Héritier Lachat for opening new windows for me in the field of bank supervision and cross-border regulatory cooperation. I am heartily thankful to Prof. Henry Peter for his collaboration in the preparation of the chapter on resolution triggers and his comments on corporate law aspects of bank resolution. I would also like to thank Prof. Corinne Zellweger- Gutknecht for taking the time to read this text and providing me with very useful remarks. I feel indebted to all the persons that have been available for interviews during the research process. Special thanks go to Dr. Eva Hüpkes, whose work has been an inspiration for my PhD thesis and who gave me the honour of becoming part of the jury of my PhD defense. I am very grateful to Prof. Rashid Bahar, Dr. Hans Kuhn, Dr. Reto Schiltknecht, Christopher McHale and Roger Künzle for the valuable time they all dedicated to my questions. Finally, I would like to thank Mrs Kate Welch as well as my friend Colby Mangels for proofreading various versions of this text. Remaining language mistakes and typos are solely my fault. This work is dedicated to my family and friends: for always encouraging me to reach new limits, for pushing me to become a better person, for celebrating the good moments and for being there during every crisis. Summary Summary .......................................................................................................................... 1 List of abbreviations ......................................................................................................... 3 Introduction ..................................................................................................................... 5 The 2008 financial meltdown .................................................................................................... 5 The development of bank resolution regimes as an antidote to the TBTF problem ................... 10 The purpose and the interest of this contribution .................................................................... 13 Plan of the analysis ................................................................................................................. 15 Part I: The international proliferation of bank resolution schemes ................................... 17 Chapter 1: Three stories of horror and one story of hope on bank failures ................................ 17 1.1 The Fortis case: the story of a disorderly cross-border resolution ......................................................... 17 1.2 Lehman Brothers: the bank collapse that shook Wall Street and the global financial system .............. 22 1.3 UBS crisis: the orchestrated intervention that rescued the Swiss banking sector ................................. 30 1.4 Banco Espirito Santo: when bank resolution works reasonably well ..................................................... 35 Chapter 2: Bank resolution definition and regulatory developments with regard to bank resolution regimes .................................................................................................................. 41 2.1 Defining bank resolution ........................................................................................................................ 41 2.2 Domestic bank resolution regimes ......................................................................................................... 47 2.3 Transnational debates on bank resolution ............................................................................................. 66 Part II: The main aspects of bank resolution practices ..................................................... 95 Chapter 3: Bank resolution objectives ..................................................................................... 95 3.1 Distinctive characteristics of bank resolution objectives ....................................................................... 95 3.2 Prioritisation of resolution policy objectives ........................................................................................ 101 Chapter 4: Resolution triggers ................................................................................................ 104 4.1 Definitions ............................................................................................................................................ 104 4.2 Current regulatory approaches to triggering events ............................................................................ 108 4.3 The quest for a suitable trigger ............................................................................................................ 115 4.4 Competent ‘whistleblowers’ of an imminent crisis .............................................................................. 128 4.5 Concluding remarks on resolution triggers .......................................................................................... 131 Chapter 5: The competent resolution authorities .................................................................... 132 5.1 Bank supervisors as resolution authorities .......................................................................................... 133 5.2 Central banks exercising supervisory and resolution tasks .................................................................. 137 5.3 The lead resolution authority ............................................................................................................... 141 Chapter 6: Main resolution tools ............................................................................................ 145 6.1 Bridge financial institutions .................................................................................................................. 145 6.2 Sale of business tool ............................................................................................................................. 152 6.3 Asset separation tool ............................................................................................................................ 160 6.4 Bail-in within bank resolution ............................................................................................................... 164 Chapter 7: Shareholders’ and creditors’ rights under bank resolution ...................................... 184 7.1 The role of shareholders in bank resolution ........................................................................................ 185 7.2 The treatment of creditors’ rights under bank resolution schemes .................................................... 199 7.3 Essential safeguards under bank resolution for shareholders’ and creditors’ rights ........................... 208 1 7.4 Concluding remarks .............................................................................................................................. 224 Chapter 8: Resolution planning .............................................................................................. 226 8.1 ‘Know thyself’ and ‘prepare your own funeral’ .................................................................................... 226 8.2 Distinction from analogous crisis management requirements
Recommended publications
  • Canadian Media's Visual Framing Of

    Canadian Media's Visual Framing Of

    “The Police and the Populace”: Canadian Media’s Visual Framing of the 2010 G20 Toronto Summit Aziz Douai University of Ontario Institute of Technology AbSTrACT The clash between the slick marketing slogans of the police and the democratic protections of political dissent was on full display throughout citizen protests during the 2010 G20 meetings in Toronto, Canada. In addition to the summit’s excessive costs and organiza - tional lapses, the eruption of violence and questionable police tactics dominated media cov - erage of the summit. This research investigates the media’s visual framing of the policing of the G20 Toronto summit through an analysis of 852 news images published in several print and online media outlets in Canada. The article examines how the “visual tone” of the images, news ideology, and the news medium affect the visual framing of the anti–corporate global - ization movement in communications research. KEywOrDS Visual communication; Frame analysis; Ideology; Globalization; New media rÉSUMÉ Le conflit entre les slogans mercatiques sophistiqués de la police et les garanties démocratiques de la dissidence politique a été dévoilé lors des affrontements violents entre la police et les protestants lors des réunions du G20 en 2010 à Toronto au Canada. En plus des coûts exorbitants et les faiblesses organisationnels, l’éruption de la violence accompagnée des tactiques policières qui ont été mises en question ont dominé la couverture médiatique durant le sommet. Cette étude examine le cadrage visuel du maintien de l’ordre et la sécurité par les médias au sommet du G20 à travers une analyse de 852 images d’actualité publiées dans plusieurs journaux ainsi que des médias électroniques au Canada.
  • COOPERATION to ENSURE ECONOMIC GROWTH and INTERNATIONAL SECURITY Cooperation to Ensure Economic Growth and International Security

    COOPERATION to ENSURE ECONOMIC GROWTH and INTERNATIONAL SECURITY Cooperation to Ensure Economic Growth and International Security

    COOPERATION TO ENSURE ECONOMIC GROWTH AND INTERNATIONAL SECURITY Cooperation to Ensure Economic Growth and International Security The G20 and the BRICS on Trade and Investment: Trends and Policies1 J. Wouters, S. Van Kerckhoven Jan Wouters – PhD, Jean Monnet Chair ad personam EU and Global Governance, Full Professor, International Law and International Organizations and Director, Leuven Centre for Global Governance Studies and the Institute for International Law, KU Leuven, 3000 Leuven, Belgium; E-mail: E-mail: jan. [email protected] Sven Van Kerckhoven – Dr., Assistant Professor and Co-Department Chair Business Studies, Vesalius College (Vrije Universiteit Brussels); Pleinlaan 2 B-1050 Brussels, Belgium; E-mail: svvkerck@vesalius. edu Abstract International trade and investment declined sharply in the aftermath of the 2008 financial crisis. To coordinate policy responses in the wake of this crisis, the Group of Twenty (G20) was elevated to the leaders’ level and the BRICS grouping of Brazil, Russia, India, China and South Africa was founded as a summit to gather leaders from the most important emerging economies. This contribution reviews the work of both fora to restore trade and investment. We show that, despite efforts to stimulate cross-border trade and investment, neither has returned to pre-crisis levels. This is especially the case regarding international investment for the G20 members, although the data show a revival of trade. In general, BRICS members have been able to recover more quickly. Although their decisions have not always been implemented by members, the G20 and BRICS have proven to be effective fora for coordinating efforts and compliance has been rather high.
  • The Irony of Global Economic Governance the System Worked

    The Irony of Global Economic Governance the System Worked

    WORKING PAPER The Irony of Global Economic Governance The System Worked Daniel W. Drezner October 2012 This publication is part of the International Institutions and Global Governance program and was made possible by the generous support of the Robina Foundation. The Council on Foreign Relations (CFR) is an independent, nonpartisan membership organization, think tank, and publisher dedicated to being a resource for its members, government officials, busi- ness executives, journalists, educators and students, civic and religious leaders, and other interested citizens in order to help them better understand the world and the foreign policy choices facing the United States and other countries. Founded in 1921, CFR carries out its mission by maintaining a diverse membership, with special programs to promote interest and develop expertise in the next generation of foreign policy leaders; convening meetings at its headquarters in New York and in Washington, DC, and other cities where senior government officials, members of Congress, global leaders, and prominent thinkers come together with CFR members to discuss and debate major in- ternational issues; supporting a Studies Program that fosters independent research, enabling CFR scholars to produce articles, reports, and books and hold roundtables that analyze foreign policy is- sues and make concrete policy recommendations; publishing Foreign Affairs, the preeminent journal on international affairs and U.S. foreign policy; sponsoring Independent Task Forces that produce reports with both findings and policy prescriptions on the most important foreign policy topics; and providing up-to-date information and analysis about world events and American foreign policy on its website, CFR.org. The Council on Foreign Relations takes no institutional positions on policy issues and has no affilia- tion with the U.S.
  • Studia Diplomatica Lxviii-3 (2017) the Future of the Gx

    Studia Diplomatica Lxviii-3 (2017) the Future of the Gx

    stud.diplom.2017-3.book Page 1 Tuesday, May 30, 2017 9:26 AM STUDIA DIPLOMATICA LXVIII-3 (2017) THE FUTURE OF THE GX SYSTEM AND GLOBAL GOVERNANCE Edited by Peter DEBAERE, Dries LESAGE & Jan WOUTERS Royal Institute for International Relations stud.diplom.2017-3.book Page 2 Tuesday, May 30, 2017 9:26 AM Studia Diplomatica – The Brussels Journal of International Relations has been published since 1948 by Egmont – Royal Institute for International Relations. President: Viscount Etienne DAVIGNON Director-General: Marc OTTE Editor in Chief: Prof. Dr. Sven BISCOP Egmont – The Royal Institute for International Relations Address FPS Foreign Affairs, Rue des Petits Carmes 15, 1000 Brussels, Belgium Phone +32-(0)2.223.41.14 Fax +32-(0)2.223.41.16 E-mail [email protected] Website www.egmontinstitute.be Subscription: € 85 (Belgium) € 100 (Europe) € 130 (worldwide) Lay-out: punctilio.be Cover: Kris Demey ISSN: 0770-2965 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise without the permission of the publishers. stud.diplom.2017-3.book Page 1 Tuesday, May 30, 2017 9:26 AM Table of Contents 3 The Future of the Gx System and Global Governance: An Introduction Peter Debaere, Dries Lesage & Jan Wouters 7 Governing Together: The Gx Future John Kirton 29 Russia and the Future of the Gx system Victoria V. Panova 45 The Gx Contribution to Multilateral Governance: Balancing Efficiency and
  • Economic Outlook Fall 2019

    Economic Outlook Fall 2019

    Economic Outlook Fall 2019 Preface ....................................................................................................................................................................1 Section I: Economic & Financial Context for a New Mandate ..............................................................................4 Introduction ...................................................................................................................................................5 The Perspective of History: How We Got to Where We Are .........................................................................6 The Current Global Backdrop: A Complex Interplay of Knowns and Unknowns ........................................8 Economic Policy for a Period of Change, Disruption and Uncertainty ......................................................12 Section II: Global Growth to 2022 ........................................................................................................................14 Recent Developments .................................................................................................................................15 Global Economic Outlook ...........................................................................................................................16 Main Risks to the Global Outlook ...............................................................................................................18 Canadian Outlook to 2022 ..........................................................................................................................19
  • 2010 G20 Toronto Summit Final Compliance Report

    2010 G20 Toronto Summit Final Compliance Report

    The G20 Research Group at the Munk School of Global Affairs at Trinity College in the University of Toronto and the G8 Research Centre of the University Higher School of Economics present the 2010 G20 Toronto Summit Final Compliance Report 28 June 2010 to 29 October 2010 Prepared by: Netila Demneri, Sarah Ellis, Mila Khodskaya, Ivana Jankovic and Jenilee Guebert, University of Toronto G20 Research Group and Mark Rakhmangulov and Yuriy Zaytsev, University Higher School of Economics (Moscow) G8 Research Centre November 14, 2010 www.g20.utoronto.ca • www.g8.utoronto.ca www.iori.hse.ru [email protected] Contents Executive Summary 3 Research Team 10 1. Macroeconomic Policy: Advanced Economies [6] 11 2. Macroeconomic Policy: Advanced Deficit Economies [16] 23 3. Macroeconomic Policy: Surplus Economies [17] 33 4. Development [20] 50 5. Finance [26] 82 6. International Financial Institutions Reform [37] 102 7. Food and Agriculture [43] 121 8. Trade [44] 150 10. Corruption [53] 164 11. Energy [60] 178 Annex I: Selected Commitments 196 Annex II: Macroeconomic Policy — Emerging Deficit Country Compliance on Commitment Made by Advanced Deficit Countries 198 Annex III: Macroeconomic Policy — European Union Compliance 205 2010 Toronto G20 Summit Final Compliance Report 2 Executive Summary The G20 Research Group at the Munk School of Global Affairs at Trinity College in the University of Toronto presents its fourth G20 Compliance Report in collaboration in collaboration with the G8 Research Centre at the State University Higher School of Economics. The report analyses the efforts made by the G20 members to comply with the commitments made at the Toronto Summit on 26-27 June 2010, within the period from 28 June 2010 to 31 October 2010.
  • Politics and Governance Open Access Journal | ISSN: 2183-2463

    Politics and Governance Open Access Journal | ISSN: 2183-2463

    Politics and Governance Open Access Journal | ISSN: 2183-2463 Volume 9, Issue 2 (2021) ReformingReforming thethe InstitutionsInstitutions ofof EurozoneEurozone GovernanceGovernance Editors Anna-Lena Högenauer, David Howarth and Moritz Rehm Politics and Governance, 2021, Volume 9, Issue 2 Reforming the Institutions of Eurozone Governance Published by Cogitatio Press Rua Fialho de Almeida 14, 2º Esq., 1070-129 Lisbon Portugal Academic Editors Anna-Lena Högenauer (University of Luxembourg) David Howarth (University of Luxembourg) Moritz Rehm (University of Luxembourg) Available online at: www.cogitatiopress.com/politicsandgovernance This issue is licensed under a Creative Commons Attribution 4.0 International License (CC BY). Articles may be reproduced provided that credit is given to the original andPolitics and Governance is acknowledged as the original venue of publication. Table of Contents Reforming the Institutions of Eurozone Governance Anna-Lena Högenauer and Moritz Rehm 159–162 Avoiding the Inappropriate: The European Commission and Sanctions under the Stability and Growth Pact Martin Sacher 163–172 Tug of War over Financial Assistance: Which Way Forward for Eurozone Stability Mechanisms? Moritz Rehm 173–184 The European Investment Bank’s ‘Quantum Leap’ to Become the World’s First International Climate Bank Helen Kavvadia 185–195 ‘Don’t Crunch My Credit’: Member State Governments’ Preferences on Bank Capital Requirements Sébastien Commain 196–207 European Financial Governance: FTT Reform, Controversies and Governments’ Responsiveness
  • PROTECTIONISM Trade and Investment Analytical Papers Topic 5 of 18

    PROTECTIONISM Trade and Investment Analytical Papers Topic 5 of 18

    PROTECTIONISM Trade and Investment Analytical Papers Topic 5 of 18 Contents Summary ................................................................................................................. 3 1. What is protectionism? ...................................................................................... 3 2. What are the arguments for and against protectionism? ............................... 4 3. Tariff and non-tariff barriers to trade ............................................................... 7 4. Has the recent global economic crisis led to a rise in protectionism? ....... 12 5. What are the costs of protectionism? ............................................................ 16 6. Conclusions ...................................................................................................... 18 References. ........................................................................................................... 20 Trade and Investment Analytical papers............................................................ 23 2 Summary Protectionism occurs when governments, deliberately or otherwise, restrict trade flows. There are many rationales for protectionism, but most do not stand up to economic analysis. Protectionism comes in many forms. Successive reductions in tariff measures through multilateral trade rounds and free trade agreements have meant that non-tariff measures are now often the most significant barriers to trade. The issue of protectionism has become a focus of commentators, international organisations and
  • South Africa's Changing Role in Global Development Structures

    South Africa's Changing Role in Global Development Structures

    Discussion Paper 4/2019 South Africa’s Changing Role in Global Development Structures – Being in Them but Not Always of Them Elizabeth Sidiropoulos South Africa’s changing role in global development structures – being in them but not always of them Elizabeth Sidiropoulos Bonn 2019 Discussion Paper / Deutsches Institut für Entwicklungspolitik ISSN (Print) 1860-0441 ISSN (Online) 2512-8698 Die deutsche Nationalbibliothek verzeichnet diese Publikation in der Deutschen Nationalbibliografie; detaillierte bibliografische Daten sind im Internet über http://dnb.d-nb.de abrufbar. The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data is available in the Internet at http://dnb.d-nb.de. ISBN 978-3-96021-095-5 (printed edition) DOI:10.23661/dp4.2019 Printed on eco-friendly, certified paper Elizabeth Sidiropoulos is the Chief Executive of South African Institute of International Affairs (SAIIA). E-Mail: [email protected] Published with financial support from the Federal Ministry for Economic Cooperation and Development (BMZ). © Deutsches Institut für Entwicklungspolitik gGmbH Tulpenfeld 6, 53113 Bonn +49 (0)228 94927-0 +49 (0)228 94927-130 Email: [email protected] www.die-gdi.de Acknowledgments The author would like to thank Stephan Klingebiel and Heiner Janus at the German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE) for their very useful comments on earlier drafts of the paper, which have improved it greatly; Carmel Rawhani for her research assistance in the early phase of this paper; and Neuma Grobbelaar at the South African Institute of International Affairs (SAIIA) for her valuable insights and comments. In addition, Alexandra Begg and Iolandi Pool at SAIIA provided generous support with the references.
  • The Politics of Public Sector Wages Ontario's Social Dialogue for Austerity BRYAN EVANS

    The Politics of Public Sector Wages Ontario's Social Dialogue for Austerity BRYAN EVANS

    Socialist Studies / Études socialistes 7(1/2) Spring/Fall 2011: 171‐190 Copyright © 2011 The Author(s) SPECIAL ISSUE ON ORGANIZING FOR AUSTERITY: THE NEOLIBERAL STATE, REGULATING LABOUR AND WORKING CLASS RESISTANCE The Politics of Public Sector Wages Ontario’s Social Dialogue for Austerity BRYAN EVANS Politics and Public Administration, Ryerson University. Toronto, Ontario, Canada. Abstract The economic crisis has revealed the extent to which sustaining the key tenets of the ‘Common Sense Revolution’, implemented by the Conservative government of Premier Mike Harris, have eroded the fiscal capacity of Ontario. The proposal to freeze public sector wages and the ensuing consultation with public sector unions and employers in the spring/summer of 2010 signal Ontario is about to return to the rollback neoliberalism that dominated the 1990s. The difference between now and then is the more defensive posture of organized labour and the limited capacities that exist to resist such an assault. Résumé La crise économique a révélé l’étendue avec laquelle le maintien des principaux principes du ‘Common Sense Révolution’, introduits par le gouvernement conservateur du Premier Mike Harris, a érodé la capacité fiscale de l’Ontario. La proposition de geler les salaires de la fonction publique et la consultation qui s’ensuivit avec les syndicats et les employeurs du secteur public au cours du printemps et de l’été de 2010 indiquent que l’Ontario est sur le point de retourner au néolibéralisme qui dominait les années 1990. La différence entre aujourd’hui et hier est la position plus défensive du mouvement syndical et les capacités limitées qui existent pour s’opposer à une telle attaque.
  • G20 Anti-Corruption Ministerial Meeting

    G20 Anti-Corruption Ministerial Meeting

    G20 ANTI-CORRUPTION MINISTERIAL MEETING Speeches and Remarks Summary This document contains all speeches and remarks given during the first-ever G20 anti- corruption ministerial meeting. Table of Contents Opening remarks by Saudi G20 Presidency .................................................................... 4 President of the Oversight and Anti-Corruption Authority ...................................... 4 Minister of Justice .................................................................................................................................... 8 Public Prosecutor .................................................................................................................................. 10 Remarks by Troika members ..................................................................................................... 12 JAPAN – State Minister for Foreign Affairs .......................................................................... 12 ITALY – Minister of Justice................................................................................................................ 14 Remarks by International Organizations ....................................................................... 17 UNODC – Executive Director ......................................................................................................... 17 INTERPOL – Secretary General .................................................................................................... 21 OECD – Secretary General ............................................................................................................
  • G8 Research Group 2010 Canada Summit Expanded Dialogue

    G8 Research Group 2010 Canada Summit Expanded Dialogue

    The G8 Research Group at the Munk Centre for International Studies at Trinity College in the University of Toronto Presents the 2010 Canada Summit Expanded Dialogue Country Assessment Report 27 June 2010 Prepared by Augustine Kwok, Erin Fitzgerald, and Netila Demneri, with The University of Toronto G8 Research Group www.g8.utoronto.ca www.g8live.org [email protected] 1 Contents Executive Summary ...................................................................................................................................... 3 Research Team .............................................................................................................................................. 5 Brazil ............................................................................................................................................................. 6 Objective 1: Economic Growth and Recovery [0.75] ................................................................................... 7 Objective 2: Reform of International Financial Institutions [0.75] ............................................................... 8 China ........................................................................................................................................................... 11 Objective 1: World Economy [1] ................................................................................................................ 12 Objective 2: Exclusion of Renminbi Adjustment/Revaluation Issue [0.75] ............................................... 15