Creditor Priority in European Bank Insolvency Law Financial Stability and the Hierarchy of Claims
Produktdetaljer
Biografisk notat
Sjur Swensen Ellingsæter is Associate Professor at the Department of Law and Governance, BI Norwegian Business School, Norway.Given the complexity and interconnectedness of the financial system ... this book may help the reader to understand the rationale behind such differences and with considering more suitable and efficient rules for crisis management regimes in the banking sector.
International and Comparative Law Quarterly
This book provides the first comprehensive treatment of creditor priority in European bank insolvency law.
Following reform in the wake of the global financial crisis, EU law requires that Member States have in place bank-specific insolvency frameworks. Creditor priority—the order in which different creditors bear losses should a bank fail—differs substantially between bank-specific and general insolvency law. The bank-specific creditor priority framework aims to ensure that banks can enter insolvency proceedings without disrupting financial stability.
The book provides a systematic and thorough account of the Bank Recovery and Resolution Directive and other EU legislation that governs creditor priority in bank resolution and liquidation proceedings, and their interaction with national law. The framework is analysed from several perspectives, including comparison with creditor priority in English, German and Norwegian general insolvency law. Moreover, the book places the evolution of the framework and its justifications within the broader post-crisis shifts in bank regulation, and critically examines the assumptions that underlie these developments. Finally, the book discusses how this area of law could evolve in the future.
1. Introduction
2. Why and How Society Seeks to Limit Bank Failures
3. The Emergence of Bank-Specific Insolvency Proceedings
4. Creditor Priority in General Insolvency Proceedings
5. Creditor Priority in the Winding-Up of Banks
6. Creditor Priority in Bank Resolution
7. The Rationales of Bank-Specific Creditor Priority Rules
8. Administrative Law and Creditor Priority: The Case of MREL (Minimum Requirements for Own Funds and Eligible Liabilities)
9. From Meta-Regulation to Technocratic Fine-Tuning: The Phases of Creditor Priority in Bank Insolvency Proceedings
10. What is the Future of Bank-Specific Creditor Priority Rules?
Stimulating works on commercial law, banking and finance, and the law on insolvency and bankruptcy.
This series offers a venue for publishing works on commercial law as well as on the regulation of banking and finance, and the law on insolvency and bankruptcy. It publishes works on the law on secured credit, the regulatory and transactional aspects of banking and finance, the transactional and regulatory institutions for financial markets, legal and policy aspects associated with access to commercial and consumer credit, new generation subjects having to do with the institutional architecture associated with innovation and the digital economy including works on blockchain technology, works on the relationship of law to economic growth, the harmonisation or unification of commercial law, transnational commercial law, and the global financial order. The series promotes interdisciplinary work. It publishes research on the law using the methods of empirical legal studies, behavioural economics, political economy, normative welfare economics, law and society inquiry, socio-legal studies, political theory, and historical methods. Its coverage includes international and comparative investigations of areas of law within its remit.