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Books > Law > Laws of other jurisdictions & general law > Financial, taxation, commercial, industrial law > Financial law
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The Single Resolution Mechanism (Hardcover)
Loot Price: R1,982
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The Single Resolution Mechanism (Hardcover)
Series: Privaat En Publiek Financieel Recht, 2
Expected to ship within 10 - 15 working days
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On 1 January 2016 the Single Resolution Mechanism (SRM) became
fully operational. The SRM creates a framework for the uniform
resolution of banks in the euro area and after the Single
Supervisory Mechanism (SSM), it is the second pillar of the
European Banking Union. Whereas the SSM aims to reduce the risk of
bank failure by unifying the supervision of banks, the SRM's aim is
to increase the likelihood that a bank has been made "safe to
fail", if it is likely to fail; and to reduce the risk of a
government having to bail out a bank, if it actually fails. The key
actor in the framework of the SRM is the Single Resolution Board
(SRB). The SRB is the European agency responsible for the effective
and consistent functioning of the SRM. This entails a
responsibility for drawing up resolution plans and adopting
decisions relating to resolution for the institutions that are
within its realm. The actual execution of the adopted resolution
scheme must be closely monitored by the SRB, but is carried out by
the national resolution authorities (NRA). For institutions that
fall outside the scope of the SRB's powers, the national resolution
authorities are competent to adopt resolution plans and to take
resolution decisions, albeit under oversight of the SRB. The SRB
will be in charge of the Single Resolution Fund, a European pool of
money that is transferred from domestic resolution funds, financed
by the banking sector and set up to ensure that medium-term funding
support is available while a credit institution is being
restructured. This book takes stock after a year of application of
the SRM and examines the situation from various perspectives: the
perspective of the SRB, the NRA, the supervised bank and judicial
protection. Special attention is given to the division of power
between the SRB and the NRA and the impact on the supervised bank,
the relationship and links between the SRM and the SSM and the
query whether the right balance between national and supranational
powers has been struck, also in view of the principle of
subsidiarity. With contributions from Pierre E. Berger, Rudi Bonte,
Evy De Batselier, Hans Gilliams, Stijn Goovaerts, Yves Herinckx,
David Vanderstraeten and Eddy Wymeersch.
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