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(Download PDF) European Banking Union 2Nd Edition Danny Busch Guido Ferrarini Online Ebook All Chapter PDF
(Download PDF) European Banking Union 2Nd Edition Danny Busch Guido Ferrarini Online Ebook All Chapter PDF
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The Oxford EU Financial Regulation Series provides rigorous analysis of all aspects of EU
Financial Regulation and covers the regulation of banks, capital markets, insurance
undertakings, asset managers, payment institutions and financial infrastructures.
The aim of the series is to provide high-quality dissection of and comment on EU
Regulations and Directives, and the EU financial regulation framework as a whole.
Titles in the series consider the elements of both theory and practice necessary
for proper understanding, analysing the legal framework in the context of its practical,
political and economic background, and offering a sound basis for interpretation.
Series Editors:
Danny Busch
Professor of Financial Law and founding Director of the Institute for Financial Law,
Radboud University Nijmegen;
Research Fellow of Harris Manchester College and Fellow of the Commercial Law Centre,
University of Oxford;
Visiting Professor at Università Cattolica del Sacro Cuore di Milano;
Visiting Professor at Università degli Studi di Genova;
Visiting Professor at Université de Nice Côte d’Azur;
Member of the Dutch Banking Disciplinary Committee (Tuchtcommissie Banken);
Member of the Appeal Committee of the Dutch Complaint Institute Financial Services
(Klachteninstituut Financiële Dienstverlening or KiFiD).
Guido Ferrarini
Emeritus Professor of Business Law, University of Genoa;
Visiting Professor, Radboud University Nijmegen;
Founder and fellow of the European Corporate Governance
Institute (ECGI), Brussels;
Former member of the Board of Trustees, International Accounting
Standards Committee (IASC), London.
Previous volumes published in the series:
Governance of Financial Institutions, Edited by Danny Busch, Guido Ferrarini,
and Gerard van Solinge, January 2019, 9780198799979
Capital Markets Union, Edited by Danny Busch, Emilios Avgouleas, and
Guido Ferrarini, March 2018, 9780198813392
Regulation of the EU Financial Markets –MiFID II and MiFIR, Edited by
Danny Busch and Guido Ferrarini, January 2017, 9780198767671
European Banking Union, First Edition, Edited by Danny Busch and
Guido Ferrarini, July 2015, 9780198727309
Alternative Investment Funds in Europe –Law and Practice, Edited by
Lodewijk van Setten and Danny Busch, May 2014, 9780199657728
iii
EUROPEAN
BANKING UNION
SECOND EDITION
Edited by
Danny Busch
Guido Ferrarini
1
iv
1
Great Clarendon Street, Oxford, OX2 6DP,
United Kingdom
Oxford University Press is a department of the University of Oxford.
It furthers the University’s objective of excellence in research, scholarship,
and education by publishing worldwide. Oxford is a registered trade mark of
Oxford University Press in the UK and in certain other countries
© The editors and several contributors 2020
The moral rights of the authors have been asserted
First Edition published in 2015
Second Edition published in 2020
Impression: 1
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, without the
prior permission in writing of Oxford University Press, or as expressly permitted
by law, by licence or under terms agreed with the appropriate reprographics
rights organization. Enquiries concerning reproduction outside the scope of the
above should be sent to the Rights Department, Oxford University Press, at the
address above
You must not circulate this work in any other form
and you must impose this same condition on any acquirer
Crown copyright material is reproduced under Class Licence
Number C01P0000148 with the permission of OPSI
and the Queen’s Printer for Scotland
Published in the United States of America by Oxford University Press
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Data available
Library of Congress Control Number: 2019947218
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Links to third party websites are provided by Oxford in good faith and
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v
PREFACE
This second edition of European Banking Union offers a thorough revision and
expansion of the first edition of this work.
The book chapters are grouped in a thematic way, covering the following areas: (i)
general aspects; (ii) single supervision and the Capital Requirements Directive
(CRD IV); (iii) single resolution and the Bank Recovery and Resolution Directive
(BRRD); and (iv) the European Deposit Insurance System (EDIS) and policy
perspectives.
Part I discusses the economic consequences of the European Banking Union
(EBU), its effectiveness, impact and future challenges, as well as judicial protec-
tion in the context of EBU’s Single Supervisory Mechanism (SSM) and Single
Resolution Mechanism (SRM).
Part II considers the SSM’s institutional aspects, the interplay between the Single
Rulebook and the SSM, the CRD IV framework for bank’s corporate governance,
fit and proper assessments within the SSM, and the EU framework dealing with
non-performing exposures.
Part III analyses the governance structure of the SRM, particularly with respect
to financing of the Single Resolution Fund and adoption of resolution schemes.
Moreover, it discusses the function of existing recovery and resolution plans in the
context of a bank restructuring under the BRRD and the SRM Regulation, and
then provides an in-depth analysis of the bail-in instrument. This part also features
a critical discussion of the recent bank resolution cases in Europe, as well as an
analysis of the architecture of the BRRD from a UK perspective including Brexit
Part IV discusses the envisaged EDIS, followed by a treatment of the so-called
‘doom loop’ between sovereign and banking risk. In this part, it is also argued
that the work of EBU remains incomplete in one important respect, the structural
re-organization of large European financial firms that would make ‘resolution’ of
a systemically important financial firm a credible alternative to bail-out or some
other sort of taxpayer assistance. The book ends with a treatment of the complex
topic of supervision of financial conglomerates in the context of EBU.
The volume was preceded by a meeting on 20 October 2017 of the International
Working Group on the European Banking Union, established as a joint initiative
of the Institute for Financial Law within the Business & Law Research Centre of
Radboud University, Nijmegen, the Netherlands and the Genoa Centre for Law
v
vi
Preface
and Finance, University of Genoa, Italy. We thank the Business & Law Research
Centre of Radboud University, Nijmegen and the European Banking Institute
(EBI), Frankfurt, Germany, for their sponsorship and support. We also thank
Università Cattolica del Sacro Cuore di Milano and its Vice-Rector Professor
Antonella Sciarrone Alibrandi for hosting the meeting. We are grateful to the
distinguished members of the Working Group for their dedication to the project
and, in particular, for their contributions to this book as authors. We also thank
the invitees to the meeting for providing the members of the Working Group with
invaluable comments on their draft chapters.
Last but not least, we acknowledge our gratitude to the editorial team at Oxford
University Press, who successfully brought a lengthy and complex project to
completion.
The law is stated as of 1 May 2019.
Danny Busch,
Nijmegen, The Netherlands
Guido Ferrarini,
Genoa, Italy
vi
vi
CONTENTS
I GENERAL ASPECTS
1. The Economic Consequences of Europe’s Banking Union
Nicolas Véron
I. The Impact so Far: A Shift of Expectations 1.03
II. Six Developments to Watch 1.20
III. Conclusion 1.64
vii
vi
Contents
III. Judicial Protection for Credit Institutions under the SRM 3.37
IV. Substantive Review by the CJEU 3.66
V. Liability of the ECB and the SRB 3.86
VI. Conclusion 3.94
Contents
Contents
x
xi
Contents
xi
xi
Contents
Index 665
xii
xi
TABLE OF CASES
xiii
xvi
Table of Cases
FRANCE
Rozenblum case, Criminal Court of Cassation, 4 February 1985, Rev Soc (1985) 665�����6.66 6.68, 13.49
GERMANY
Federal Court of Justice (Bundesgerichtshof )
Decision of 5 June 1975, BGHZ 65, 15—ITT�����������������������������������������������������������������������6.64
Decision of 1 February 1988, BGHZ 103, 184—Linotype�����������������������������������������������������6.64
xiv
xv
Table of Cases
NETHERLANDS
SNS Reaal NV: VEB et al Dutch Minister of Finance, Administrative Court Division of the
Council of State, 25 February 2013, JOR 2013/140���������������������������������������������������������3.61
UNITED STATES
Inv. Co. Instit. v Camp, 401 US 617 (1971) �������������������������������������������������������������������������16.35
xv
xvi
xxvii
Table of Legislation
xxviii
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