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Developing Distress Resolution Procedures for Financial Institutions

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  • Clas Wihlborg

Abstract

This paper focuses on the need for a lex specialis for resolution of insolvent banks and other financial institutions serving similar functions, and on requirements for making resolution procedures effective. After a review of the objectives of general insolvency law and the special characteristics of banks and the financial system, approaches to resolution procedures in a few “model countries” are described. The issues that require attention in legislation for resolution procedures are identified as the contagion issue, the valuation issue, the predictability issue, the information issue, the coverage issue, the funding issue and the cross-border issue. Complementary reforms of the financial architecture that would enhance the effectiveness of legislation for resolution procedures are discussed as well

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This chapter was published in:

  • Clas Wihlborg, 2012. "Developing Distress Resolution Procedures for Financial Institutions," SUERF Studies, SUERF - The European Money and Finance Forum, number 2012/5.
    This item is provided by SUERF - The European Money and Finance Forum in its series Chapters in SUERF Studies with number 71-1.

    Handle: RePEc:erf:erfssc:71-1

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Thomas J. Fitzpatrick & James B. Thomson, 2011. "An end to too big to let fail? The Dodd-Frank Act's orderly liquidation authority," Economic Commentary, Federal Reserve Bank of Cleveland, issue Jan.
    2. Clas Wihlborg & Shubhashis Gangopadhyay, 2001. "Infrastructure Requirements in the Area of Bankruptcy Law," Center for Financial Institutions Working Papers 01-09, Wharton School Center for Financial Institutions, University of Pennsylvania.
    3. Thomas J. Fitzpatrick IV & Moira Kearney-Marks & James B. Thomson, 2012. "The history and rationale for a separate bank resolution process," Economic Commentary, Federal Reserve Bank of Cleveland, issue Feb.
    4. Clas Wihlborg & Larry Wall & Maria. J Nieto & Thomas F. Huertas & Gillian G.H. Garcia & George G.Kaufman & David G. Mayes & Robert A.Eisenbeis & Rosa M. Lastra, 2007. "Prompt Corrective Action & Cross-Border Supervisory Issues in Europe," FMG Special Papers sp171, Financial Markets Group.
    5. Robert A. Eisenbeis & Larry D. Wall, 2002. "Reforming deposit insurance and FDICIA," Economic Review, Federal Reserve Bank of Atlanta, issue Q1, pages 1-16.
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    Cited by:
    1. Elisa Luciano & Clas Wihlborg, 2013. "The Organization of Bank Affiliates; A Theoretical Perspective on Risk and Efficiency," Carlo Alberto Notebooks 322, Collegio Carlo Alberto.

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