Who decides whether bail-in is legal? What comes after Cyprus and Greece?

Autor:	Christian Duve, Philip Wimalasena
Rok vydání:	2015
Předmět:	Finance European level business.industry Economic policy Creditor Restructuring Directive Paradigm shift Financial crisis Economics media_common.cataloged_instance Taxpayer European union business Law media_common
Zdroj:	Law and Financial Markets Review. 9:177-186
ISSN:	1752-1459 1752-1440
DOI:	10.1080/17521440.2015.1084556
Popis:	Since the beginning of the financial crisis, the financial burdens associated with the restructuring or the resolution of distressed financial institutions were primarily borne by the states and, ultimately, by the taxpayers. This paradigm, however, is about to change. Both on a global and on a European level, the creditor bail-in is currently replacing the former taxpayer bail-out. Henceforward, private creditor rather than public taxpayer funds will be used to stabilise and restructure distressed financial institutions. With the entering into force of the European Bank Recovery and Resolution Directive (BRRD) in July of 2014, the creditor bail-in has also become the tool of choice within the European Union. This paradigm change entails considerable economic risks for creditors and depositors of financial institutions and may, as the events in Cyprus in 2013 demonstrate, also give rise to legal challenges by aggrieved parties. This article gives an overview on the legal questions surrounding a mandatory ...
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::d45939b6c43de531140937d2deb1ddf4 https://doi.org/10.1080/17521440.2015.1084556 Zobrazit plný text záznamu Plný text ve formátu PDF Plný text ve formátu HTML
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