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IIF Addressing Priority Issues in Cross Border Resolution May 2011

IIF Addressing Priority Issues in Cross Border Resolution May 2011

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09/09/2013

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May 2011
 Addressing Priority issuesin Cross-Border resolution
 
 
This
 
report
 
sets
 
out
 
a
 
global
 
financial
 
services
 
industry
 
perspective
 
on
 
a
 
number
 
of 
 
priority
 
issues
 
in
 
cross
border
 
resolution.
 
The
 
global
 
industry
 
strongly
 
supports
 
the
 
development
 
of 
 
an
 
international
 
framework
 
for
 
the
 
resolution
 
of 
 
cross
border
 
financial
 
firms.
 
This
 
is
 
key
 
to
 
ensuring
 
durable
 
financial
 
stability
 
consistent
 
with
 
sustainable
 
growth
 
of 
 
the
 
global
 
economy.
 
Achieving
 
this
 
will
 
require
 
both
 
the
 
will
 
to
 
address
 
this
 
challenge
 
as
 
well
 
as
 
solutions
 
to
 
a
 
number
 
of 
 
difficult
 
technical
 
questions.
 
This
 
report
 
is
 
designed
 
to
 
contribute
 
to
 
both
 
of 
 
these
 
aspects.
 
It
 
articulates
 
an
 
industry
 
consensus
 
on
 
a
 
number
 
of 
 
key
 
challenges
 
and
 
puts
 
forward
 
proposals
 
for
 
approaching
 
them.
 
The
 
report
 
builds
 
on
 
the
 
Institute’s
 
earlier
 
submissions
 
to
 
the
 
Financial
 
Stability
 
Board
 
on
 
the
 
subject:
 
 A
 
Global 
 
 Approach
 
to
 
Resolving
 
Failing
 
Financial 
 
Firms:
 
 An
 
Industry 
 
Perspective
 
(May
 
2010)
 
and
 
Preserving
 
Value
 
in
 
Failing
 
Financial 
 
Firms
 
(September
 
2010).
 
On
 
preserving
 
critical
 
functions,
 
the
 
report
 
advocates
 
a
 
sharply
 
focused
 
approach
 
to
 
the
 
identification
 
of 
 
critical
 
functions,
 
noting
 
that
 
the
 
preservation
 
of 
 
such
 
functions
 
in
 
the
 
event
 
of 
 
a
 
failure
 
is
 
not
 
a
 
cost
free
 
exercise.
 
This
 
should
 
be
 
dealt
 
with
 
as
 
part
 
of 
 
resolution
 
planning.
 
Firms
 
have
 
a
 
responsibility
 
to
 
provide
 
the
 
information
 
and
 
explanations
 
that
 
need
 
to
 
be
 
available
 
to
 
supervisors
 
to
 
achieve
 
this.
 
While
 
the
 
industry
 
does
 
not
 
believe
 
there
 
is
 
a
 
case
 
for
 
routine
 
demands
 
from
 
supervisors
 
for
 
structural
 
changes
 
such
 
as
 
modularization
 
of 
 
businesses
 
or
 
required
 
subsidiarization,
 
it
 
is
 
incumbent
 
on
 
firms
 
to
 
ensure
 
that
 
properly
 
identified
 
critical
 
functions
 
can
 
be
 
maintained
 
and
 
transferred
 
in
 
the
 
event
 
of 
 
a
 
firm’s
 
failure.
 
The
 
report
 
supports
 
the
 
use
 
of 
 
bail
in
 
techniques
 
to
 
reduce
 
loss
 
of 
 
value
 
in
 
failing
 
firms
 
and
 
avoid
 
systemic
 
trauma.
 
The
 
primary
 
focus
 
of 
 
bail
in
 
should
 
be
 
subordinated
 
debt,
 
which
 
could
 
be
 
expected,
 
in
 
a
 
majority
 
of 
 
cases,
 
to
 
be
 
sufficient
 
to
 
achieve
 
the
 
objectives.
 
The
 
bailing
in
 
of 
 
unsecured
 
senior
 
debt
 
should
 
occur
 
only
 
in
 
the
 
special
 
circumstances,
 
that
 
this
 
is
 
necessary
 
as
 
a
 
last
resort
 
alternative
 
to
 
winding
down
 
or
 
liquidation,
 
with
 
certain
 
requirements
 
imposed
 
on
 
authorities
 
if 
 
they
 
wish
 
to
 
use
 
these
 
supplementary
 
senior
 
debt
 
bail
in
 
powers.
 
Credit
 
liabilities
 
arising
 
from
 
trading
 
activities
 
should
 
be
 
excluded
 
from
 
the
 
scope
 
of 
 
bail
in,
 
and
 
the
 
introduction
 
of 
 
bail
in
 
should
 
be
 
on
 
a
 
prospective
 
basis
 
only.
 
An
 
effective
 
framework
 
for
 
the
 
resolution
 
of 
 
cross
border
 
firms
 
requires
 
both
 
convergence
 
of 
 
national
 
regimes
 
and
 
enhanced
 
cooperation
 
and
 
coordination
 
among
 
resolution
 
authorities,
 
based
 
on
 
legally
 
effective
 
crisis
 
management
 
agreements.
 
Such
 
agreements
 
have
 
the
 
capacity
 
to
 
allow
 
for
 
approaches
 
to
 
resolution
 
that
 
are
 
consistent
 
1
 
 
with
 
the
 
structural 
 
and 
 
organizational 
 
approaches
 
adopted 
 
by 
 
 firms,
 
and 
 
which
 
avoid 
 
increased
 
ring
fencing
 
of 
 
countries
 
and
 
fragmentation
 
of 
 
the
 
international
 
marketplace.
 
There
 
are
 
significant
 
benefits
 
to
 
the
 
global
 
and
 
local
 
economies
 
deriving
 
from
 
the
 
diverse
 
range
 
of 
 
approaches
 
and
 
structures
 
that
 
global
 
firms
 
deploy.
 
Cross
border
 
resolution
 
arrangements
 
need
 
to
 
preserve
 
these.
 
To
 
be
 
effective
 
such
 
crisis
 
management
 
agreements
 
need
 
to
 
be
 
embedded
 
in
 
national
 
resolution
 
frameworks
 
incorporating
 
a
 
number
 
of 
 
provisions
 
designed
 
to
 
underpin
 
and
 
support
 
the
 
international
 
market
 
in
 
financial
 
services.
 
The
 
global
 
industry
 
is
 
strongly
 
committed
 
to
 
the
 
development
 
of 
 
an
 
effective
 
international
 
framework
 
for
 
the
 
resolution
 
of 
 
cross
border
 
financial
 
firms.
 
We
 
consider
 
that,
 
building
 
on
 
the
 
work
 
to
 
date
 
by
 
the
 
FSB
 
and
 
its
 
members
 
as
 
well
 
as
 
by
 
industry
 
representatives,
 
this
 
goal
 
is
 
now
 
potentially
 
within
 
our
 
grasp.
 
The
 
IIF
 
is
 
pleased
 
to
 
present
 
this
 
report
 
as
 
an
 
industry
 
contribution
 
to
 
the
 
work
 
in
 
this
 
area.
 
The
 
industry
 
stands
 
ready
 
to
 
participate
 
in
 
further
 
work
 
and
 
dialogue
 
in
 
order
 
to
 
leverage
 
the
 
insights
 
and
 
solutions
 
of 
 
all
 
parties
 
toward
 
the
 
achievement
 
of 
 
this
 
strongly
 
shared
 
objective.
 
Josef 
 
Ackermann
 
Peter
 
Sands
 
Chairman
 
of 
 
the
 
Management
 
Board
 
Group
 
Chief 
 
Executive,
 
and
 
the
 
Group
 
Executive
 
Committee,
 
Standard 
 
Chartered,
 
PLC 
 
Deutsche
 
Bank 
 
 AG
 
Urs
 
Rohner
 
Charles
 
H.
 
Dallara
 
Chairman
 
of 
 
the
 
Board
 
of 
 
Directors
 
Managing
 
Director
 
Credit 
 
Suisse
 
Group
 
 AG
 
Institute
 
of 
 
International 
 
Finance
 
2

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