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Juridical and Financial Considerations on the Public Recapitalisation Rescue of Financial Institutions During Periods of Financial Crises - Revised Edition (Paperback)
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Juridical and Financial Considerations on the Public Recapitalisation Rescue of Financial Institutions During Periods of Financial Crises - Revised Edition (Paperback)
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This publication attempts to address why central bank independence
still lacks certain vital attributes which embody adequate
governance and accountability mechanisms - which are necessary if
better results in relation to longer term economic and political
objectives, in particular, are to be achieved. As well as a
consideration of why the lender of last resort facility should be
used for emergency situations and systemically relevant
institutions in particular, an interesting point which will be
considered in this publication is the comparison between the
European Central Bank (ECB) Recommendation and its application by
the Commission in the Re capitalisation Communication, specifically
with its Annex, where the Commission explains how it determines the
price of equity or own funds (ordinary or common shares) -
balancing the "real value" with the "market value" within a crisis
context. This publication will also consider how to transform
financial crises into opportunities whereby tax burdens to
taxpayers are minimised - as well as making financial markets more
efficient. Given the scale of government intervention and State
rescues which occurred during the recent crisis - as well as the
prominence accorded to measures aimed at preventing and limiting
distortions of competition, calls have been made for competition
authorities to take on more formidable roles in designing and
implementing exit strategies. In order to foster competition as
much as possible, it is proposed that "governments should provide
financial institutions with incentives to prevent them from
depending on government support once the economy begins to
recover."
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