Following the chaotic effects of the global financial crisis on
European financial markets, the legislative regime introduced by
the European Union (EU) represents a dramatic new approach to bank
insolvency law, and will have a profound effect on the way banks
function. The second edition of EU Banking and Insurance Insolvency
evaluates these important developments and their implications for
the Eurozone countries. A comprehensive general introduction sets
out the EU insolvency law framework and the principles which govern
financial institutions. The book provides detailed commentary on
the Bank Recovery and Resolution Directive (BRRD) and Single
Resolution Mechanism Regulation (SRMR), the legislative instruments
central to the EU's response to the crisis, intended to harmonize
Member States law. It considers the new powers given to government
authorities under the BRRD to write down shares and debt
instruments issued by banks, and the function of the newly created
'Single Resolution Board'. Commentary on the Winding-Up Directive
(2001/24/EC) and the Insurance Insolvency Directive (2001/17/EC)
discusses the significant changes these statutes have undergone as
a consequence of the adoption of the BRRD and SRMR, as well as
several high-profile court cases decided on the interpretation of
these two statutes, including the Landsbanki and Kaupthing cases,
and the Lehman Brothers, Isis Investments, and Heritable Bank
cases. This is an invaluable practitioner guide to the new European
banking insolvency regime, written by experts in the field.
General
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Review This Product
“EU BANKING AND INSURANCE INSOLVENCY”:
Wed, 14 Jun 2017 | Review
by: Phillip T.
“EU BANKING AND INSURANCE INSOLVENCY”:
AN EXPERT EXAMINATION – NOW IN A NEW SECOND EDITION
An appreciation by Elizabeth Taylor of Richmond Green Chambers and Phillip Taylor MBE, Head of Chambers
and Reviews Editor, “The Barrister”
As is obvious from its title, this book in its new second edition from the Oxford University Press, will be of particular interest to lawyers involved in cross-border banking and insurance matters, specifically those in which the overall focus points to matters of insolvency.
Only two years after the first edition was published in 2006 there was scarcely a bigger issue than insolvency in the arena of global financial services. It all started with the cataclysmic crash of 2005 about which whole volumes have been written to explain the causes and the consequences.
All experts in this field, the book’s editors, together with their team of contributors, have pointed out that the financial world would be ‘shaken to the core’ (which it was) and that ‘the EU would be (and was) severely shocked by consecutive financial banking and economic crises.’ Here, then, for the convenience of bemused practitioners is a comprehensive, extensive and thorough examination of this wide-ranging subject.
As we write, another shock wave now threatens the financial world, particularly the European Union end of it, with another shake-up: that of Brexit and about this vexed topic, the authors offer a couple of opinions that are nothing if not a bit disconcerting.
The United Kingdom referendum which decided that the UK would leave the EU ‘is purely advisory’, they say and while this is true as far as it goes, they go further, declaring that ‘as a matter of European law, the referendum does not affect the UK’s continued membership of the EU and does not constitute a withdrawal from the EU pursuant to Article 50 of the Treaty on European Union.’
This interesting bit of legal sophistry might be above the heads of most members of the British public, although those who voted to ‘remain’ will be glad to know that -- hooray -- we’ll still be in when we’re out. It is perhaps needless to point out that while any number of EU lawyers might regard all this as an article of faith, any number of UK lawyers might well identify it as a ‘legal fiction’.
There seems, also, to be some question here (possibly based on wishful thinking?) as to whether the UK will leave the EU at all… or seek to remain… or possibly rejoin the EEA as a non-EU member. This being the case, the CTWUD, IWUD and BRRD would remain applicable in the United Kingdom. For those who are intimidated by them, these acronyms stand for, respectively, Credit Institutions Winding-up Directive… Insurance Companies Winding-up Directive… and Bank Recovery and Resolution Directive.
This excellent and well-established work of reference deals with all these and of course much more, clarifying along the way, the complexities of this admittedly complex subject. Note that a new Part IV of this new edition comments in detail on pertinent parts of the BRRD – and of course there is a considerable amount of additional new material in this volume which makes the purchase of this book a sensible decision for practitioners in this field.
The publication date is cited as at 2017, the text having been completed in September 2016.
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