EU Banking and Insurance Insolvency

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.

Expert and detailed commentary and analysis of the Banks Winding-Up Part I. General Introduction 1: The EU Financial Institution Insolvency Law Framework, Gabriel Moss QC, Bob Wessels, and Matthias Haentjens 2: Principles for Cross-Border Financial Institution Insolvencies, Gabriel Moss QC, Bob Wessels, and Matthias Haentjens Part II: Commentary on Directive 2001/24/EC on the Reorganisation and Winding-Up of Credit Institutions 3: Commentary on Directive 2001/24/EC on the Reorganisation and Winding-Up of Credit Institutions, Bob Wessels Part III: Commentary on Title IV of Directive 2009/138/EC on the Taking-Up and Pursuit of the Business of Insurance and Reinsurance (Solvency II) 4: Commentary on Title IV of Directive 2009/138/EC on the Taking-Up and Pursuit of the Business of Insurance and Reinsurance (Solvency II), Gabriel Moss QC and Ryan Perkins Part IV: Bank Recovery and Resolution Directive and SMR 5: Title I: Scope, definitions and authorities, Matthias Haentjens 6: Titles II and III: Preparation and Early intervention, Matthias Haentjens 7: Title IV: Resolution, Matthias Haentjens 8: Titles V and VI: Cross-border group resolution and Third countries, Matthias Haentjens 9: Titles VII and VIII: Financing arrangements and Penalties, Matthias Haentjens Part V: National Implementation in the EU 10: France, Hubert de Vauplane and Gilles Kolifrath 11: Germany, Jens-Hinrich Binder 12: Iceland, Eyvindur G. Gunnarsson 13: Ireland, Blanaid Clarke 14: Spain, Ignacio Tirado 15: United Kingdom, Ian Fletcher, Hannah Thornley, and Robert Amey