預金保険研究SAREB: Sociedad de Gestin de Activos procedentes de la Reestructuracin Bancaria (...
Transcript of 預金保険研究SAREB: Sociedad de Gestin de Activos procedentes de la Reestructuracin Bancaria (...
2018年11月
預 金 保 険 研 究(第二十二号)
預 金 保 険 機 構
預金保険研究(第二十二号)
預金保険機構
!000_表紙_背25.indd すべてのページ 2018/11/21 18:29:20
預金保険研究
(第二十二号)
2018 年 11 月
目 次
イタリア・スペインにおける銀行処
理について
- モンテ・デイ・パスキ・ディ・シ
エナ、バンカ・ポポラーレ・ビチェ
ンツァ、ベネト・バンカ、バンコ・
ポプラール - ……………………
原 和明
本誌に掲載されている論文等の内容や意見は、執筆者個人に属し、預金保険機
構の公式の見解等を示すものではありません。
1
EU 2014 (Bank
Recovery and Resolution Directive: BRRD)
2014
(Single Resolution Mechanism Regulation: SRMR) (Single
Resolution Mechanism: SRM)
2017 SRM
3
1.
2. EU
(1)
(2) BRRD
(3) SRM
3.
(1)
(2)
(3)
4.
(1)
(2) 1
1
5.
(1)
(2)
(3)
6.
( 1) EU
( 2)
2
3
EBA: European Banking Authority ( )
ECB: European Central Bank ( )
EU: European Union ( )
IMF: International Monetary Fund ( )
SRB: Single Resolution Board ( )
BCC: Banche di Credito Cooperativo ( )
FGDCC: Fondo di Garanzia dei Depositanti del Credito Cooperativo (
)
FITD: Fondo Interbancario di Tutela dei Depositi( )
FAAF: Fondo para la Adquisici n de Activos Financieros ( )
FR B: Fondo de Reestructuraci n rdenada Bancaria ( )
SAREB: Sociedad de Gesti n de Activos procedentes de la Reestructuraci n Bancaria (
)
BRRD: Bank Recovery and Resolution Directive ( )
DGSD: Deposit Guarantee Scheme Directive ( )
SRMR: Single Resolution Mechanism Regulation ( )
TFEU: Treaty on the Functioning of the European Union (EU )
F LTF: Failing or likely to fail ( )
NCW : No creditor worse off principle ( )
SRF: Single Resolution Fund ( )
SRM: Single Resolution Mechanism ( )
SSM: Single Supervisory Mechanism ( )
5.
(1)
(2)
(3)
6.
( 1) EU
( 2)
3
4
2017 6 7 (Monte
dei Paschi di Siena) (Banca Popolare di Vicenza)
(Veneto Banca) (Banco Popular Espa ol)
(Bank Recovery and Resolution Directive: BRRD)
2
3( 1)
( ) European Commission , “State aid: ow the EU rules apply to banks with a capital shortfall Factsheet”, 25
June 2017, Chart “If a bank has a capital shortfall in the banking union”
2 EU EU
EU 3 European Commission (2017_a) (http: europa.eu rapid press-release_MEM -17-1792_en.htm)
es No
No
es es
No
No
es
4
1.
EU
(Banking Union) 4
EU (Single Resolution
Mechanism: SRM)
4
EU 5
EU6
(public interest)
EU
(European Central Bank: ECB)
(Single Supervisory Mechanism: SSM)
(Single Resolution Board: SRB) SRM
4 ECB
3 ECB
(Failing or likely to fail: F LTF)
F LTF
( )
EU
4 EU EU
2017 5 (credit institution) (investment firm)
6 (Directive 2001 24 EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions, J L 125, 5.5. 2001, pp.15-23)
(2006)
4
2017 6 7 (Monte
dei Paschi di Siena) (Banca Popolare di Vicenza)
(Veneto Banca) (Banco Popular Espa ol)
(Bank Recovery and Resolution Directive: BRRD)
2
3( 1)
( ) European Commission , “State aid: ow the EU rules apply to banks with a capital shortfall Factsheet”, 25
June 2017, Chart “If a bank has a capital shortfall in the banking union”
2 EU EU
EU 3 European Commission (2017_a) (http: europa.eu rapid press-release_MEM -17-1792_en.htm)
es No
No
es es
No
No
es
5
2.
EU
EU (Treaty on the Functioning of the European Union: TFEU) 101
109 EU ( ) EU
8 9
10
11 2013 7
(2013 Banking Communication)(2013 8 1 )12 13
1)
2)
( )
3)
EU 2014 (BRRD14) EU
(resolution)
BRRD 15
7 (2014) (2011) (2014) 8 TEFU 108 1 9 TEFU 108 3 10 TEFU 108 2 11
EU 12 European Commission (2013_a) 13 (credit institution) (insurance company) European Commission (2013_a) pp.5-6 14 BRRD
(2014) World Bank(2016) 15 BRRD (1) (4)
6
(1)
(2)
(critical function)
(negative repercussion)
BRRD 16
17
18 19
20 21
22
( )
23
3
( ) 24
(a)
(b)
(c)
(a)
16 EU (European Banking Authority: EBA)
(http: www.eba.europa.eu about-us organisation resolution-committee resolution-authorities) 17 BRRD 63 1 (b) 18 BRRD 69 19 BRRD 63 1 ( ) 20 BRRD 65 21 BRRD 68 3 70 71 22 BRRD 71 (2014)pp.51-52 23 BRRD 38 9 24 BRRD 32 1 SRMR 18 1
EU
EU (Treaty on the Functioning of the European Union: TFEU) 101
109 EU ( ) EU
8 9
10
11 2013 7
(2013 Banking Communication)(2013 8 1 )12 13
1)
2)
( )
3)
EU 2014 (BRRD14) EU
(resolution)
BRRD 15
7 (2014) (2011) (2014) 8 TEFU 108 1 9 TEFU 108 3 10 TEFU 108 2 11
EU 12 European Commission (2013_a) 13 (credit institution) (insurance company) European Commission (2013_a) pp.5-6 14 BRRD
(2014) World Bank(2016) 15 BRRD (1) (4)
7
( )
25
(valuation)
(c) (
) 26
27
BRRD 4 28
(a)
29
30
31
(b)
32 33
25 BRRD 32 4 SRMR 18 4 26
27 BRRD 32 5 BRRD 31 28 BRRD 37 3 SRMR 22 2 BRRD (2016 11 23
) 29 BRRD 38 1 SRMR 24 1 30 BRRD 38 1 SRMR 24 2 (a) 31 BRRD 39 2 SRMR 24 2 (d) World Bank(2016) p.123 32
(BRRD 40 ) 33 BRRD 40 SRMR 25
8
34
(c) 35
( )
36
(d)
(asset management vehicle)37 38
( )39
EU
(Banking Union)
(SRM)
(Single Supervisory Mechanism: SSM)
ECB
SRM
SRB 40
SRM EU ECB
34 BRRD 40 1 SRMR 25 2 (a) 35 36 BRRD 48 SRMR 17 37
(BRRD 42 ) 38 BRRD 42 SRMR 26 39 BRRD 37 5
(BRRD 37 4 ) 40 SRMR 7
( )
25
(valuation)
(c) (
) 26
27
BRRD 4 28
(a)
29
30
31
(b)
32 33
25 BRRD 32 4 SRMR 18 4 26
27 BRRD 32 5 BRRD 31 28 BRRD 37 3 SRMR 22 2 BRRD (2016 11 23
) 29 BRRD 38 1 SRMR 24 1 30 BRRD 38 1 SRMR 24 2 (a) 31 BRRD 39 2 SRMR 24 2 (d) World Bank(2016) p.123 32
(BRRD 40 ) 33 BRRD 40 SRMR 25
9
(3)
( )41
2018 6 120 ( ) EU
80 42
SRM SRB SRB43 44 SRB
SRB 45
SRB 46
3 ( ) (a)
ECB47 ECB
SRB
SRB (a) 2 (
) 48
SRB 49
SRB (50)
41 ECB
2(SRMR 7 SRMR SSM (Single Supervisory Mechanism Regulation)2 SSM (SRMR 4 1 )
42 ECB (https: www.bankingsupervision.europa.eu about thessm html index.en.html) 43 SRB 4 ECB
(plenary session) 4 (executive session)
44 SRMR 7 45 SRB SRB
(SRMR 29 ) 46 SRMR 18 47 SRB SRB ECB 3ECB (SRMR 18 1 ) 48 SRB ECB (SRMR 18 1
) 49 EU (Council of the European Union)EU 50 SRMR 18 9 World Bank (2016) p.147
10
( ) World Bank, “Understanding Bank Recovery and Resolution in the EU: A Guidebook to the BRRD”,
November 2016, p.105 Chart “ verview of SRB decision making process”
( )41
2018 6 120 ( ) EU
80 42
SRM SRB SRB43 44 SRB
SRB 45
SRB 46
3 ( ) (a)
ECB47 ECB
SRB
SRB (a) 2 (
) 48
SRB 49
SRB (50)
41 ECB
2(SRMR 7 SRMR SSM (Single Supervisory Mechanism Regulation)2 SSM (SRMR 4 1 )
42 ECB (https: www.bankingsupervision.europa.eu about thessm html index.en.html) 43 SRB 4 ECB
(plenary session) 4 (executive session)
44 SRMR 7 45 SRB SRB
(SRMR 29 ) 46 SRMR 18 47 SRB SRB ECB 3ECB (SRMR 18 1 ) 48 SRB ECB (SRMR 18 1
) 49 EU (Council of the European Union)EU 50 SRMR 18 9 World Bank (2016) p.147
11
51 2024 12 1 52 BRRD 100 53 BRRD 101 54 55 BRRD 44 5 56 SRMR 77 SRB 2018 6 SRF 249 0.44
(https: srb.europa.eu en node 596) 57 2024 7 0.8 EBA 2017 (FITD) 9.5 (
0.16 ) 18.8 ( 0.26 ) (http: www.eba.europa.eu - eba-releases-updated-data-on-deposit-guarantee-schemes-across-the-eu) 58 11 59 (2015)pp.73-75
BRRD EU 51
52
53 54 8
( 5 ) 55
SRM 2016 8
(Single Resolution Fund: SRF)56
2014 (Deposit Guarantee Scheme Directive: DGSD)
EU 57
11 EU
( )
(
) 58
( )
EU BRRD
59
12
3
(Banche Popolari) (Banche di Credito Cooperativo: BCC)
2017 12 147 (21,333 ) 23 (1,619
) BCC 289 (4,257 ) 60
(UniCredit)
(Intesa Sanpaolo) 2 61
BCC
EU 62 (Consolidated Law on Banking)
12 ECB
FSB 30 G-SIFIs (2018 1 1 )
(Banca d’Italia)
63 (liquidazione
coatta amministrativa)
64
BRRD (a)
(b)
(c) 65
60 Bank of Italy (2018) 61 (2018_a) pp.6-7 62 (Directive 2013 36 EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms : Capital Requirements Directive) EU
63 (B 2 )
IMF (2013) p.24 64 Boccuzzi (2011)
65 80 1 Rumi and Volpi (2018)
51 2024 12 1 52 BRRD 100 53 BRRD 101 54 55 BRRD 44 5 56 SRMR 77 SRB 2018 6 SRF 249 0.44
(https: srb.europa.eu en node 596) 57 2024 7 0.8 EBA 2017 (FITD) 9.5 (
0.16 ) 18.8 ( 0.26 ) (http: www.eba.europa.eu - eba-releases-updated-data-on-deposit-guarantee-schemes-across-the-eu) 58 11 59 (2015)pp.73-75
BRRD EU 51
52
53 54 8
( 5 ) 55
SRM 2016 8
(Single Resolution Fund: SRF)56
2014 (Deposit Guarantee Scheme Directive: DGSD)
EU 57
11 EU
( )
(
) 58
( )
EU BRRD
59
13
3.
(1)
(2)
4
66
67 68
69
70 71
72
1
1573
74(
) 75
76
66 80 1 81 1 Boccuzzi (2011) p.205 67 84 Boccuzzi (2011) p.206 68 56 83 2 69 83 Boccuzzi (2011) p.206 70 72 -83 Boccuzzi (2011) p.206 71 (
)82 3 203 Boccuzzi
(2011) p.206 72 86-89 Boccuzzi (2011) pp.204-205 207-208 73 60
74 ( 13 2 ) 75 76 90 Boccuzzi (2011) pp.208-209
14
77
78
(consultation)
( )79
80
81
82
83 84
77 Boccuzzi (2011) pp.208 212 78 Boccuzzi (2011) pp.209-212 79 93 Boccuzzi (2011) p.211 80 93 5 Boccuzzi (2011) p.211 81 93 6 Boccuzzi (2011) p.211 82 91 4 Boccuzzi (2011) p.210 83 94 2 Boccuzzi (2011) p.211 84 92 Boccuzzi (2011) p.212
4
66
67 68
69
70 71
72
1
1573
74(
) 75
76
66 80 1 81 1 Boccuzzi (2011) p.205 67 84 Boccuzzi (2011) p.206 68 56 83 2 69 83 Boccuzzi (2011) p.206 70 72 -83 Boccuzzi (2011) p.206 71 (
)82 3 203 Boccuzzi
(2011) p.206 72 86-89 Boccuzzi (2011) pp.204-205 207-208 73 60
74 ( 13 2 ) 75 76 90 Boccuzzi (2011) pp.208-209
15
85
IMF (2013) p.24 86 70 1 Boccuzzi (2011) pp.197-198 203 87 71 1 Boccuzzi (2011) pp.200-201 88 Boccuzzi (2011) p.201 89 72 Boccuzzi (2011) p.198 90 74 1 Boccuzzi (2011) p.198 91 74 2 Boccuzzi (2011) p.198 92 5 93 74 3 Boccuzzi (2011) p.199 94 70 5 Boccuzzi (2011) p.197 95 75 1 Boccuzzi (2011) p.202 96 119 37
31 30 2011
BRRD
(Amministrazione straordinaria) 1991 2010
20 119
EU85
86
(1 )
(3 5 ) 87
88
89
(1 ) 290 (
) 91
92
93
1 94
95
96
16
2016 4 67 97 42.598
(Quaestio Capital Management SGR)
99 BRRD100
EU
70 30
II II
FITD (Fondo Interbancario di Tutela dei Depositi, Interbank
Deposit Protection Fund) FGDCC(Fondo di Garanzia dei Depositanti del Credito Cooperativo)
( EU )
4
(
13 Boccuzzi (2011) p.203
97 98 Quaestio Capital Management SGR (2016) p.4 99 80 Cassa Depositi e Prestiti Cassa Depositi e Prestiti
B. Mesnard (2016) pp.4 11 Bank of Italy (2016) pp. 31-32 100 BRRD 32 4 (d)
85
IMF (2013) p.24 86 70 1 Boccuzzi (2011) pp.197-198 203 87 71 1 Boccuzzi (2011) pp.200-201 88 Boccuzzi (2011) p.201 89 72 Boccuzzi (2011) p.198 90 74 1 Boccuzzi (2011) p.198 91 74 2 Boccuzzi (2011) p.198 92 5 93 74 3 Boccuzzi (2011) p.199 94 70 5 Boccuzzi (2011) p.197 95 75 1 Boccuzzi (2011) p.202 96 119 37
31 30 2011
BRRD
(Amministrazione straordinaria) 1991 2010
20 119
EU85
86
(1 )
(3 5 ) 87
88
89
(1 ) 290 (
) 91
92
93
1 94
95
96
17
(3)
) 101
102 FITD (
) 103 FITD
( ) 104
(a)
2008 EU105 106 2016
6 2017 6 107
3 5 ( 7 )
5 5
2
108
101 European Commission (2016_b) pp.51-55 102 FITD Banca Tercas (Banca Popolare di Bari )FITD
FITD
European Commission (2015_b) 103 2017 12 146 (FITD
84.4 ) FITD96.1
104
Banca Popolare di Bari Banca Tercas 2.7 (2015 12 ) Cassa di Risparmio di Cesena 2.8 (2016 6 ) FITD (2017) pp.35-38 105 2008 10 2008 10
( 2008 10 20092012 1 2012 6 2016 6 )
European Commission (2008) European Commission (2009_b) European Commission (2011_b) 106 EU
( ) European Commission (2009_a) 107 European Commission (2016_a) European Commission (2013_a) pp.10-11 108 European Commission (2013_a) p.4 European Commission (2011_a) p.9 Annex
1 40bp 1 50bp
18
(b)
2016 12 109 2017 12110
111
(NCW )112 113
(c)
114 115
2017 12 47 (10,836 )116 13
(12,246 )117 43 (3,244 ) 118
109 Decreto Legge n.237(2016 12 23 ) 2017 2 17 (Legge 15) 110 Alexander, Caracciolo, Canino et.al. (2017) 111
( )
112
NCW (No creditor worse off ) 113
114
115 Decreto Legge 237(2016 12 23 ) Legge 15(2017 2 17 )Decreto Legge 99(2017 6 25 ) Legge 121 (2017 7 31 ) 116 Asociaci n Espa ola de Banca (Spanish Banking Association) Anuario Estad stico 2017 (https: www.aebanca.es anuario-estadistico ) 117 Confederacion Espa ola de Ca as de Ahorros (Confederation of Spanish Savings Banks), Anuario Estad stico 2017 (http: www.ceca.es que-hacemos analisis-economico-y-regulatorio estados-financieros ) 118 Uni n Nacional de Cooperativas de Cr dito (National Union of Credit Cooperatives), Anuario 2017(http: www.unacc.com inicio Publicaciones Anuario.aspx)
) 101
102 FITD (
) 103 FITD
( ) 104
(a)
2008 EU105 106 2016
6 2017 6 107
3 5 ( 7 )
5 5
2
108
101 European Commission (2016_b) pp.51-55 102 FITD Banca Tercas (Banca Popolare di Bari )FITD
FITD
European Commission (2015_b) 103 2017 12 146 (FITD
84.4 ) FITD96.1
104
Banca Popolare di Bari Banca Tercas 2.7 (2015 12 ) Cassa di Risparmio di Cesena 2.8 (2016 6 ) FITD (2017) pp.35-38 105 2008 10 2008 10
( 2008 10 20092012 1 2012 6 2016 6 )
European Commission (2008) European Commission (2009_b) European Commission (2011_b) 106 EU
( ) European Commission (2009_a) 107 European Commission (2016_a) European Commission (2013_a) pp.10-11 108 European Commission (2013_a) p.4 European Commission (2011_a) p.9 Annex
1 40bp 1 50bp
19
4.
(1)
(Banco Santander) FSB 30 G-SIFIs (2018 1 1 )
18
2000119
(Banco de Espa a) 120
FR B (Fondo de Reestructuraci n rdenada Bancaria)
2011 FGD(Fondo de Garant a de Dep sitos
de Entidades de Cr dito) ( EU
)
FGD121
122
123 124 125
126
127
119 10 2014 (Law 10 2014 of 26 June, Management, Supervision and Solvency of Credit Institutions) (Law 26 2013 of 27 December, Savings Banks and Banking Foundation) 120 Royal Decree 84 2015 of 13 February, the Law 10 2014 of 26 June 121 BRRD
EUEuropean Commission (2016_b) pp.51-52
122 Single Resolution Board (2017_a) Bou(2017) 123 (22 2003) 1 Single Resolution Board (2017_a) p.3 124 3 Bou(2017) p.6 125 126 1 Single Resolution Board (2017_a) p.3 127 Banco Madrid
Banco de Espa a (2015)
20
(2)
2 128
2 50
3
FR B
FR B129
130
128 5 Bou(2017) p.7 129 Banco de Espa a (2015) pp.2-3 130 Law 10 2014 8 1 (h) Single Resolution Board (2017_a) p.3
(Banco Santander) FSB 30 G-SIFIs (2018 1 1 )
18
2000119
(Banco de Espa a) 120
FR B (Fondo de Reestructuraci n rdenada Bancaria)
2011 FGD(Fondo de Garant a de Dep sitos
de Entidades de Cr dito) ( EU
)
FGD121
122
123 124 125
126
127
119 10 2014 (Law 10 2014 of 26 June, Management, Supervision and Solvency of Credit Institutions) (Law 26 2013 of 27 December, Savings Banks and Banking Foundation) 120 Royal Decree 84 2015 of 13 February, the Law 10 2014 of 26 June 121 BRRD
EUEuropean Commission (2016_b) pp.51-52
122 Single Resolution Board (2017_a) Bou(2017) 123 (22 2003) 1 Single Resolution Board (2017_a) p.3 124 3 Bou(2017) p.6 125 126 1 Single Resolution Board (2017_a) p.3 127 Banco Madrid
Banco de Espa a (2015)
21
1472 ( )
4
131 IMF(2012) IMF(2014) Banco de Espana (2017_a) Banco de Espana (2017_b) 132 9 2009 Royal Decree Law 133 FR B 2009
(convertible preference share) FGD5 97.4
134 SAREB SAREB (2017 ) (https: en.sareb.es en-en about-sareb Pages What-is-Sareb.aspx) 135 SAREB 2012 2017
2010131
( )
2009 132FR B 2009 5 2014 543.5133
( )
2012 11 55 FR B 45
SAREB(Sociedad de Gesti n de Activos procedentes de la Reestructuraci n Bancaria)134 SAREB 2012 12 4 3,657 2013 2
4 1,409
2017 12 SAREB 26.8 (2013 2 )135
( )
2008 10 2012 2
( ) 969
2008 10 (Fondo para la Adquisici n de Activos
Financieros :FAAF) FAAF 193
22
5.
(1)
3
Banca Antonveneta136 2011 47
( )
137
2012 2013 2014 2015 2016
( ) 218,886 198,461 179,918 169,012 153,178
( ) -3,190 -1,432 -5,403 390 -3,231
(Tier1)( ) 9.52 10.45 8.45 12.85 8.17
( ) 16.36 21.50 29.81 33.84 33.61
( ) 30,265 28,417 25,961 25,731 25,566
( ) 2,700 2,363 2,216 2,163 2,063
2016 7 (European Banking Authority: EBA)
(
) 2018 Tier1 2.44
285
50
2016 12 23 ( 2 )
136 2008 90 Banca Antonveneta 8 ( ) 1,000
10,800 European commission (2013_b) pp.4-5 137 2012 -2017 B.Mesnard, A.Margerit, M.Magnus (2017_b) p.3
1472 ( )
4
131 IMF(2012) IMF(2014) Banco de Espana (2017_a) Banco de Espana (2017_b) 132 9 2009 Royal Decree Law 133 FR B 2009
(convertible preference share) FGD5 97.4
134 SAREB SAREB (2017 ) (https: en.sareb.es en-en about-sareb Pages What-is-Sareb.aspx) 135 SAREB 2012 2017
2010131
( )
2009 132FR B 2009 5 2014 543.5133
( )
2012 11 55 FR B 45
SAREB(Sociedad de Gesti n de Activos procedentes de la Reestructuraci n Bancaria)134 SAREB 2012 12 4 3,657 2013 2
4 1,409
2017 12 SAREB 26.8 (2013 2 )135
( )
2008 10 2012 2
( ) 969
2008 10 (Fondo para la Adquisici n de Activos
Financieros :FAAF) FAAF 193
23
4
4 3 2009 19
139
2011 (100
3 )
2012 ( 130
3 5 )
2013 19
41
2014 50
30
2015 30
2016
7 29 EBA 2016
12 23
12 30
2017
1 25 70 (
1 3 )
2 17
2 24
( )
3 15 40 ( 3
)
6 1 EU
6 28 ECB (solvent)
140
7 4
138 B.Mesnard, A.Margerit, M.Magnus (2017_b) European Commission 2013_b European Commission (2016_d) European Commission (2017_c)
24
2016 12 23 ( 2017 6
150
2017 1 3
110
43 141 142
(39 ) 143
( )144 15.4
(Banca Popolare di Vicenza)
(
) 145
146
139 140 ECB (Capital Requirements Regulation) 92
141 2000 12 2010 9 142 (Legge 15) 11 1(Floating Rate Equity-linked Subordinated ybrid) 18 3 ( TierI ) 75 7(Tier2 ) 100 European Commission (2017_c) p.5 25 143 144 145 420 4,330 (2016 12 ) 146 B.Mesnard, A.Margerit, M.Magnus (2017_a)
4
4 3 2009 19
139
2011 (100
3 )
2012 ( 130
3 5 )
2013 19
41
2014 50
30
2015 30
2016
7 29 EBA 2016
12 23
12 30
2017
1 25 70 (
1 3 )
2 17
2 24
( )
3 15 40 ( 3
)
6 1 EU
6 28 ECB (solvent)
140
7 4
138 B.Mesnard, A.Margerit, M.Magnus (2017_b) European Commission 2013_b European Commission (2016_d) European Commission (2017_c)
25
(2)
4 2012 2013 2014 2015 2016
( ) 46,709 45,236 46,475 39,783 34,424
( ) 100 -32 -759 -1,407 -1,902
(Tier1 ) ( ) 8.23 9.21 10.44 6.65 7.47
( ) 13.4 16.6 21.9 31.6 35.8
( ) 5,496 5,463 5,515 5,473 5,365
( ) 640 640 654 579 502
(Veneto Banca)
(
) 148
2000 149
150
2012 2013 2014 2015 2016
( ) 40,165 37,307 36,167 33,349 28,078
( ) -40 -96 -968 -882 -1,502
(Tier1 ) ( ) 7.93 7.69 9.56 8.34 6.39
( ) 13.2 17.5 22.3 28.2 38.7
( ) 6,241 5,575 5,598 6,263 6,089
( ) 586 555 554 550 480
152
ECB 147 2013-2016 European Commission (2017_b) p.5 148 324 4,110 (2016 12 ) 149 (https: www.gruppovenetobanca.it en la-storia) 150 B.Mesnard, A.Margerit, M.Magnus (2017_a) p.3 151 2013-2016 European Commission (2017_b) p.4 152 2016 97.64 ( ) 99.33 (
) European Commission(2017_b) pp.5-6
26
2017 6 23 ( ECB
SRB
SRB
( )
3 2016 25
2017
1 9
1 18
( 35 30 )
2 14
4 12
( 14 22 )
6 18
6 23 ECB
SRB
6 24
6 25
6 24 ( 2
25 (
6 18 (
6 21 (154
153 European Commission (2017_b) 154 European Commission(2017_b) pp.6-7 ECB F LTF
4 2012 2013 2014 2015 2016
( ) 46,709 45,236 46,475 39,783 34,424
( ) 100 -32 -759 -1,407 -1,902
(Tier1 ) ( ) 8.23 9.21 10.44 6.65 7.47
( ) 13.4 16.6 21.9 31.6 35.8
( ) 5,496 5,463 5,515 5,473 5,365
( ) 640 640 654 579 502
(Veneto Banca)
(
) 148
2000 149
150
2012 2013 2014 2015 2016
( ) 40,165 37,307 36,167 33,349 28,078
( ) -40 -96 -968 -882 -1,502
(Tier1 ) ( ) 7.93 7.69 9.56 8.34 6.39
( ) 13.2 17.5 22.3 28.2 38.7
( ) 6,241 5,575 5,598 6,263 6,089
( ) 586 555 554 550 480
152
ECB 147 2013-2016 European Commission (2017_b) p.5 148 324 4,110 (2016 12 ) 149 (https: www.gruppovenetobanca.it en la-storia) 150 B.Mesnard, A.Margerit, M.Magnus (2017_a) p.3 151 2013-2016 European Commission (2017_b) p.4 152 2016 97.64 ( ) 99.33 (
) European Commission(2017_b) pp.5-6
27
1 ( ) (
)
64155 ( 189 )
( 8 1 7)
( 8 8) 156
( )
1
35 (Tier1 )12.5
(
)
2
12.85
3
63.51
( )
4
40.35
5
4.91
6
15
155 5 1
European Commission (2017_b) p.10 156 European Commission (2017_b) 157 ( 1 2)
( 3 6)
( )
( ) European Commission (2017_b) pp.10-11 22
28
( )
7
8
100 Società per la Gestione
di Attività158
(Banco Popular Espa ol)
6
159
2016 6 25
2016 12 35
2012 2013 2014 2015 2016
( ) 157,618 146,709 161,456 158,650 147,926
( ) -2,461 254 330 106 -3,485
(Tier1 ) ( ) 10.25 11.18 11.50 13.14 12.13
( ) 8.98 14.39 13.78 12.86 14.61
( ) 16,501 15,613 15,321 15,079 11,948
( ) 2,475 2,182 2,140 2,124 1,739
158 2016 6 100 Società per la Gestione di Attività S.p.A.(2018) 159 Single Resolution Board (2017_a) p.2 160 Banco Popular Espa ol Annual Report (2012-2016)
1 ( ) (
)
64155 ( 189 )
( 8 1 7)
( 8 8) 156
( )
1
35 (Tier1 )12.5
(
)
2
12.85
3
63.51
( )
4
40.35
5
4.91
6
15
155 5 1
European Commission (2017_b) p.10 156 European Commission (2017_b) 157 ( 1 2)
( 3 6)
( )
( ) European Commission (2017_b) pp.10-11 22
29
(3)
3
(Emergency Liquidity Assistance) 2
2 2017 6 6 (
ECB
SRB
2016
5 26 25
2017
2 3 2016
12 35
5 5 2017 1.37
5 16
5 23 SRB (valuation) 162
Deloitte
5 31 SRB nig
EU
6 3 SRB FR B
6 6 3 (ran
out of liquidity)
21 ECB
SRB
6 7 SRB
SRB
6 FR B
7
161 B.Mesnard, A.Margerit, M.Magnus (2017_c) p.2 162 SRMR 20
30
3
6 7 ( SRB
SRB 163
( 164 165 166)167
168
BRRD ( 169)
170
171 Tier1 (AT1)172 Tier2 173
1 (SRF)
SRB (1 )
SRB Deloitte
82
163 Single Resolution Board (2017_a) pp.12-19 164 (1,644 2,368 ATM) 160
5 10 Single Resolution Board (2017_a) pp.13-14 165 15 20 Single Resolution Board (2017_a) pp.14-15 166 1,030 (2016 ) Single Resolution Board (2017_a) pp.15-16 167
168 EBA 402
350
EBA 2 1
41
350 2 1EBA(2014)
169 p.8
170 BRRD SRMR (Bail-in)(write down and conversion)
171 4,196,858,092 ( 0.5 ) 2,098,429,046 172 Tier1 6 1,346,542,000
173 Tier2 8 685,315,828
3
(Emergency Liquidity Assistance) 2
2 2017 6 6 (
ECB
SRB
2016
5 26 25
2017
2 3 2016
12 35
5 5 2017 1.37
5 16
5 23 SRB (valuation) 162
Deloitte
5 31 SRB nig
EU
6 3 SRB FR B
6 6 3 (ran
out of liquidity)
21 ECB
SRB
6 7 SRB
SRB
6 FR B
7
161 B.Mesnard, A.Margerit, M.Magnus (2017_c) p.2 162 SRMR 20
31
3
174
SRB
BRRD
SRB
EU ( )
(
) (
) 175
176 SRB
177
SRB (
EBA SRB 178
179
174 Single Resolution Board (2017_a) p.22
(SRMR 20 10 ) 175
176 Visco (2017) p.3 177 nig (2017) SRB (https: srb.europa.eu en node 452) 178 EBA(2015) Single Resolution Board “2018 Guidance on the Critical Functions Report” (https: srb.europa.eu en content critical-functions-report) 179 Merler (2017) pp.11-12
32
6.
33
BRRD
180 BRRD
EU 181
182
SRB 183
184
EU 2017
180 Weber and Groendahl (2017) 181 Deslandes and Magnus (2018) nig (2018_a) 182 nig (2018_b) 183 SRB (https: srb.europa.eu en node 483) 184 Single Resolution Board(2017_a) p.9
3
174
SRB
BRRD
SRB
EU ( )
(
) (
) 175
176 SRB
177
SRB (
EBA SRB 178
179
174 Single Resolution Board (2017_a) p.22
(SRMR 20 10 ) 175
176 Visco (2017) p.3 177 nig (2017) SRB (https: srb.europa.eu en node 452) 178 EBA(2015) Single Resolution Board “2018 Guidance on the Critical Functions Report” (https: srb.europa.eu en content critical-functions-report) 179 Merler (2017) pp.11-12
33
34
(EU) 185 (The Treaty on European Union) EU
(The Treaty of the Functioning of European Union: TEFU)
EU
(regulations) ) SRMR
(directives)
) BRRD
(decision)
(recommendations) (opinions)
(guidelines) (resolutions)
(Charter of the Fundamental
Rights of the European Union) 186 (Court of Justice
of the European Union) EU
EU EU 187
EU (European Commission) (European
Parliament) EU (Council of the European Union)
28 1
(European Council)188
EU
EU EU
EU ( 5 )
( ) EU
( )
185 1 3 EU EU 2
EU EU EUEU EEC
EU 186 (Court of Justice) (General Court) (Specialized Court) EU
( 19 ) 187 EU
EU 188 EU
EU
34
3
EU
EU
EU
189
190
(
)
EU
EU
EU
( ) (2013) EU p47
189 TEFU 259 190 TEFU 260
34
(EU) 185 (The Treaty on European Union) EU
(The Treaty of the Functioning of European Union: TEFU)
EU
(regulations) ) SRMR
(directives)
) BRRD
(decision)
(recommendations) (opinions)
(guidelines) (resolutions)
(Charter of the Fundamental
Rights of the European Union) 186 (Court of Justice
of the European Union) EU
EU EU 187
EU (European Commission) (European
Parliament) EU (Council of the European Union)
28 1
(European Council)188
EU
EU EU
EU ( 5 )
( ) EU
( )
185 1 3 EU EU 2
EU EU EUEU EEC
EU 186 (Court of Justice) (General Court) (Specialized Court) EU
( 19 ) 187 EU
EU 188 EU
EU
35
3
SRB BRRD191
(1) (Valuation)
EBA
NCW 3192
( )
( )
( )
ECB193
SRB Deloitte
( 2017 3 31 )
Deloitte 6
12
( )
191 SRB (https: srb.europa.eu en content banco-popular 192 EBA (http: www.eba.europa.eu regulation-and-policy recovery-and-resolution regulatory-technical-standards-on-valuation) 193 ECB(https: www.bankingsupervision.europa.eu ecb pub pdf ssm.2017_F LTF_ESP P.en.pdf)
36
3
(best case) 13
(worst case) 82 (best
estimate) 20
Deloitte ( ) (
2017 6 7 )194 18
3 7 3 195 7196 ( )
( ) ( )
( ) 197
123
3 198
199(38 ) 200
201 30 40 202
194 ( 11 2015 10.1 )
Deloitte(2018) p.18 195 2015 (Insolvency administrator) 12 (3
2 ) 18 Deloitte18 3
(50 ) 7 (75)
Deloitte(2018) p.7 196 33 85 197 198 Banco Popular Portugal Banco Pastor Popular Banca Privada 3 199
Deloitte(2018) pp.24-25 200
( )(Commercial Code)42 Deloitte(2018) pp.33-36
201 Deloitte(2018) p.55 202 Deloitte(2018) p.37
3
SRB BRRD191
(1) (Valuation)
EBA
NCW 3192
( )
( )
( )
ECB193
SRB Deloitte
( 2017 3 31 )
Deloitte 6
12
( )
191 SRB (https: srb.europa.eu en content banco-popular 192 EBA (http: www.eba.europa.eu regulation-and-policy recovery-and-resolution regulatory-technical-standards-on-valuation) 193 ECB(https: www.bankingsupervision.europa.eu ecb pub pdf ssm.2017_F LTF_ESP P.en.pdf)
37
3
(2)
SRB (2016 )203 35 (
) ( )
(preferred resolution Strategy)
SRB
SPE(Single Point of Entry)
(3)
FR B204
Tier2
1
(4)
(sale process letter) 205
Tier1 Tier2206
203 SRB (https: srb.europa.eu en content banco-popular) 204 FR B (http: www.frob.es en Resoluciones-del-FR B Paginas Resoluciones.aspx) 205 SRB BBVA
(https: srb.europa.eu en content banco-popular) 206
38
3
参考文献
(2015) - -
862 2015 3
(2006) EU - -
2006-J-22 2006 9
(2018) EU - EU
2018 Vol.21-4 2018 5
(2015) EU 18 2015
12
(2013) EU 2013 6
(2014)
2014-J-18 2014 11
(2013) EU 15 2013 5
(2017) 2017 3
(2011) 2008 EU
RIETI
11-P-012 2011 4
-(2014) EU
4 2014 10
UFJ (2014) 2014
3
(2014) FSA 8
2014 3
(2018_a)
IV. (Republic of Italy)
-(2018_b) .
(Spain
Agust n Bou (2017), “Restructuring and insolvency in Spain: overview”, July 2017, Thomson Reuters
Practical Law
Alexander Lehmann (2018), “Cash outflows in crisis scenarios: do liquidity requirements and
reporting obligations give the SRB sufficient time to react?”, In-depth analysis provided at
the request of the Economic and Monetary Affairs Committee, April 2018, European
Parliament
3
(2)
SRB (2016 )203 35 (
) ( )
(preferred resolution Strategy)
SRB
SPE(Single Point of Entry)
(3)
FR B204
Tier2
1
(4)
(sale process letter) 205
Tier1 Tier2206
203 SRB (https: srb.europa.eu en content banco-popular) 204 FR B (http: www.frob.es en Resoluciones-del-FR B Paginas Resoluciones.aspx) 205 SRB BBVA
(https: srb.europa.eu en content banco-popular) 206
39
4
Alexander Weber and Boris Groendahl (2017), “Italy s Bank Funeral Shows EU Still Using Crisis
Playbook”, July 2017, Bloomberg
Banco de Espa a (2015), “Briefing note on the actions taken by Banco de Espa a in relation to Banco
de Madrid”, April 2015
-(2017_a), “Report on the financial and banking crisis in Spain, 2008-2014”, May 2017
-(2017_b), “Briefing note on public financial assistance in the restructuring of the Spanish banking
sector (2009-2016)”, September 2017
Bank of Italy (2016), “Financial Stability Report”, April 2016
-(2018), “Banks and Financial Institutions: Branch Network - ear 2017”, March 2018
B. Mesnard (2016), “Bail-ins” in recent banking resolution and State aid cases”, In-depth analysis
provided at the request of the Economic and Monetary Affairs Committee, July 2016,
European Parliament
B. Mesnard, A. Margerit, M.Magnus (2017_a), “Briefing The orderly liquidation of Veneto Banca
and Banca Popolare di Vicenza”, July 2017, European Parliament
-(2017_b), “Briefing The precautionary recapitalization of Monte dei Paschi di Siena”, July 2017,
European Parliament
-(2017_c), “Briefing The resolution of Banco Popular”, July 2017, European Parliament
Deloitte (2018) “Valuation of difference in treatment Banco Popular Espa ol”, August 2018, Single
Resolution Board
Elke nig (2017), “Inquiry Committee on the financial crisis in Spain - SRB Chair Elke nig s
speech”, December 2017, Single Resolution Board
-(2018_a), “Why we need an EU liquidation regime for banks”, “Vienna 2018 Views: The Eurofi
Magazine” pp.88-89, Eurofi
-(2018_b), “Gaps in the Banking Union regarding funding in resolution and how to close them”,
“Vienna 2018 Views: The Eurofi Magazine” pp.44-45, Eurofi
European Banking Authority (EBA) (2014) “Guidelines on the criteria to determine the conditions of
application of Article 131(3) of Directive 2013 36 EU in relation to the assessment of other
systemically important institutions ( -SIIs)”, December 2014
-(2015), “Technical advice on the delegated acts on critical functions and core business lines”, March
2015
-(2017), “Regulatory Technical Standards on valuation for the purpose of resolution and on valuation
to determine in treatment following resolution under Directive 2014 59 EU on recovery
and resolution of credit institutions and investment firms”, May 2017
European Central Bank (2017), “Failing or Likely to Fail” Assessment of Banco Popular Espa ol”,
June 2017
European Commission (2008), “State aid N 520a 2008, Italy Urgent measures to guarantee the
40
4
stability of the Italian banking system”, November 2008
-(2009_a) , “State aid N 266 2009 Italy: Temporary aid scheme for granting aid in the form of
guarantees”, May 2009
-(2009_b) , “State Aid N328 2009 Italy: Prolongation of the Italian Guarantee Scheme”, June 2009
-(2011_a), “Communication from the Commission on the application, from 1 January 2012, of State
aid rules to support measures in favour of banks in the context of the financial crisis”, 6
December 2011
-(2011_b), “State Aid SA. 34032 (2011 N) Italy Reintroduction of the Italian Guarantee Scheme”,
15 December 2011
-(2013_a), “Communication on the application, from 1 August 2013, of State aid rules to support
measures in favour of banks in the context of the financial crisis ( Banking
Communication’) ( J C 216 01)”, August 2013
-(2013_b), “State aid n SA. 36175 (2013 N) Italy MPS Restructuring”, November 2013
-(2014), “Memo Bank Recovery and Resolution Directive (BRRD): Frequently Asked Questions” ,
April 2014
-(2015_a), “State aid SA.39451 (2015 C) (ex 2015 NN) - State support to Banca Tercas Italy”,
February 2015
- (2015_b), ”Commission Decision of 23.12.2015 on the State Aid SA.39451 (2015 C) (ex
2015 NN) implemented by Italy for Banca Tercas” , December 2015
-(2016_a), “State aid SA.45753 (2016 N) Italy Italian bank guarantee scheme”, June 2016
-(2016_b), “Effects analysis on the European Deposit Insurance Scheme (EDIS)”, ctober 2016
-(2016_c), “C M(2016) 852 final 2016 0362 (C D) Proposal for a Directive of the European
Parliament and of the Council amending Directive 2014 59 EU on loss-absorbing and
recapitalisation capacity of credit institutions and investment firms and amending Directive
98 26 EC, Directive, 2002 47 EC, Directive 2012 30 EU, Directive 2011 35 EU, Directive
2005 56 EC, Directive 2004 25 EC and Directive 2007 36 EC”, November 2016
-(2016_d), “State aid SA.47082 (2016 N) Italy First Prolongation of the Italian bank guarantee
scheme”, December 2016
-(2017_a), “State aid: ow the EU rules apply to banks with a capital shortfall Factsheet”, 25 June
2017
-(2017_b), “State aid SA.45664(2017 N) Italy rderly liquidation of Banca Popolare di Vicenza
and Veneto Banca Liquidation aid”, 25 June 2017
-(2017_c), “State aid SA.47677(2017 N) Italy New aid and amended restructuring plan of Banca
Monte dei Paschi di Siena”, 4 July 2017
-(2018), “Recording of the winding down of Banca Popolare di Vicenza S.p.A. and Veneto Banca
S.p.A, 3 March 2018
4
Alexander Weber and Boris Groendahl (2017), “Italy s Bank Funeral Shows EU Still Using Crisis
Playbook”, July 2017, Bloomberg
Banco de Espa a (2015), “Briefing note on the actions taken by Banco de Espa a in relation to Banco
de Madrid”, April 2015
-(2017_a), “Report on the financial and banking crisis in Spain, 2008-2014”, May 2017
-(2017_b), “Briefing note on public financial assistance in the restructuring of the Spanish banking
sector (2009-2016)”, September 2017
Bank of Italy (2016), “Financial Stability Report”, April 2016
-(2018), “Banks and Financial Institutions: Branch Network - ear 2017”, March 2018
B. Mesnard (2016), “Bail-ins” in recent banking resolution and State aid cases”, In-depth analysis
provided at the request of the Economic and Monetary Affairs Committee, July 2016,
European Parliament
B. Mesnard, A. Margerit, M.Magnus (2017_a), “Briefing The orderly liquidation of Veneto Banca
and Banca Popolare di Vicenza”, July 2017, European Parliament
-(2017_b), “Briefing The precautionary recapitalization of Monte dei Paschi di Siena”, July 2017,
European Parliament
-(2017_c), “Briefing The resolution of Banco Popular”, July 2017, European Parliament
Deloitte (2018) “Valuation of difference in treatment Banco Popular Espa ol”, August 2018, Single
Resolution Board
Elke nig (2017), “Inquiry Committee on the financial crisis in Spain - SRB Chair Elke nig s
speech”, December 2017, Single Resolution Board
-(2018_a), “Why we need an EU liquidation regime for banks”, “Vienna 2018 Views: The Eurofi
Magazine” pp.88-89, Eurofi
-(2018_b), “Gaps in the Banking Union regarding funding in resolution and how to close them”,
“Vienna 2018 Views: The Eurofi Magazine” pp.44-45, Eurofi
European Banking Authority (EBA) (2014) “Guidelines on the criteria to determine the conditions of
application of Article 131(3) of Directive 2013 36 EU in relation to the assessment of other
systemically important institutions ( -SIIs)”, December 2014
-(2015), “Technical advice on the delegated acts on critical functions and core business lines”, March
2015
-(2017), “Regulatory Technical Standards on valuation for the purpose of resolution and on valuation
to determine in treatment following resolution under Directive 2014 59 EU on recovery
and resolution of credit institutions and investment firms”, May 2017
European Central Bank (2017), “Failing or Likely to Fail” Assessment of Banco Popular Espa ol”,
June 2017
European Commission (2008), “State aid N 520a 2008, Italy Urgent measures to guarantee the
41
4
“Fondo Interbancario di Tutela dei Depositi (FITD)(2017), “Voluntary Intervention Scheme - Annual
Report 2016”, March 2017
-(2018), “Fondo Interbancario di Tutela dei Depositi - Annual Report 2017”, March 2018
Giuseppe Boccuzzi (2011), “Towards a new framework for banking crisis management. The
international debate and the Italian model”, Quaderni di Ricerca Giuridica, ctober 2011,
Bank of Italy
Giuseppe Rumi and Benedetta Volpi (2018), “Banking regulation in Italy: verview”, BonelliErede
Studio Legale, July 2018, Thomson Reuters Practical Law
Ignazio Visco (2017), “Address by Governor Visco to the Italian Banking Association Annual
Meeting”, July 2017, Bank of Italy
International Monetary Fund (IMF) (2012), “Spain: Safety Net, Bank Resolution, and Crisis
Management Framework Technical Note”, June 2012
- (2013), “Italy: Technical note on Safety Nets, Bank Resolution, and Crisis Management
Framework”, December 2013
-(2014), “Spain: Financial Sector Reform Final Progress Report”, February 2014
- (2018), “Euro Area Policies: Financial Sector Assessment Program-Technical Note-Bank
Resolution and Crisis Management, July 2018
J. Deslandes and M. Magnus (2018), “Further harmonising EU insolvency law from a banking
resolution perspective”, Briefing for the European Parliament, April 2018, European
Parliament
Matteo Bazzani (2016), “Restructuring and insolvency in Italy: overview “, Mazzoni Regoli Cariello
Pagni Studio Legale Associato, July 2016, Thomson Reuters Practical Law
Paul Alexander, Giuseppe Barra Caracciolo, Iacopo Canino, Gianluca Fanti, et.al. (2017), “The Italian
State Steps In: Government Guarantees and Precautionary Recapitalizations of Italian
Banks”, Client Alert, March 2017, White Case
Pierre- enri Conac (2018), “Subordinated Debt and Self-placement - Mis-selling of Financial
Products”, study requested by the EC N committee, June 2018, European Parliament
Quaestio Capital Management SGR (2016), “Atlante Fund Presentation”
Silvia Merler (2017), “Critical functions and public interest in banking services: Need for
clarification?”, In-depth analysis provided at the request of the Economic and Monetary
Affairs Committee, November 2017, European Parliament
Single Resolution Board (2017_a), “Decision of the Single Resolution Board in its executive session
of 7 June 2017 concerning the adoption of a resolution scheme in respect of Banco Popular
Espa ol, S.A., (the “Institution”) with a Legal Entity Identifier:
80 66LPTVDLM0P28 F25, addressed to FR B” (Non-confidential version)”, August
2017
42
43
- (2017_b), “Decision of the Single Resolution Board in its executive session of 23 June 2017
concerning the assessment of the conditions for resolution in respect of Veneto Banca S.p.A.
(the “Institution”) with the Legal Entity Identifier 549300W9STRUCJ2DLU64, addressed
to Banca d’Italia in its capacity as National Resolution Authority” (Non-confidential
version)”, June 2017
- (2017_c), “Decision of the Single Resolution Board in its executive session of 23 June 2017
concerning the assessment of the conditions for resolution in respect of Banca Popolare di
Vicenza S.p.A. (the “Institution”) with the Legal Entity Identifier
V3AFM0G2D3A6E0QWDG59, addressed to Banca d’Italia in its capacity as National
Resolution Authority” (Non-confidential version)”, June 2017
Società per la Gestione di Attività S.p.A.(2018), “2017 Annual Report”, April 2018
Willem Pieter de Groen (2018), “Valuation reports in the context of banking resolution: What are the
challenges?”, In-depth analysis provided at the request of the Economic and Monetary
Affairs Committee, June 2018, European Parliament
World Bank (2016), “Understanding Bank Recovery and Resolution in the EU: A Guidebook to the
BRRD”, November 2016
4
“Fondo Interbancario di Tutela dei Depositi (FITD)(2017), “Voluntary Intervention Scheme - Annual
Report 2016”, March 2017
-(2018), “Fondo Interbancario di Tutela dei Depositi - Annual Report 2017”, March 2018
Giuseppe Boccuzzi (2011), “Towards a new framework for banking crisis management. The
international debate and the Italian model”, Quaderni di Ricerca Giuridica, ctober 2011,
Bank of Italy
Giuseppe Rumi and Benedetta Volpi (2018), “Banking regulation in Italy: verview”, BonelliErede
Studio Legale, July 2018, Thomson Reuters Practical Law
Ignazio Visco (2017), “Address by Governor Visco to the Italian Banking Association Annual
Meeting”, July 2017, Bank of Italy
International Monetary Fund (IMF) (2012), “Spain: Safety Net, Bank Resolution, and Crisis
Management Framework Technical Note”, June 2012
- (2013), “Italy: Technical note on Safety Nets, Bank Resolution, and Crisis Management
Framework”, December 2013
-(2014), “Spain: Financial Sector Reform Final Progress Report”, February 2014
- (2018), “Euro Area Policies: Financial Sector Assessment Program-Technical Note-Bank
Resolution and Crisis Management, July 2018
J. Deslandes and M. Magnus (2018), “Further harmonising EU insolvency law from a banking
resolution perspective”, Briefing for the European Parliament, April 2018, European
Parliament
Matteo Bazzani (2016), “Restructuring and insolvency in Italy: overview “, Mazzoni Regoli Cariello
Pagni Studio Legale Associato, July 2016, Thomson Reuters Practical Law
Paul Alexander, Giuseppe Barra Caracciolo, Iacopo Canino, Gianluca Fanti, et.al. (2017), “The Italian
State Steps In: Government Guarantees and Precautionary Recapitalizations of Italian
Banks”, Client Alert, March 2017, White Case
Pierre- enri Conac (2018), “Subordinated Debt and Self-placement - Mis-selling of Financial
Products”, study requested by the EC N committee, June 2018, European Parliament
Quaestio Capital Management SGR (2016), “Atlante Fund Presentation”
Silvia Merler (2017), “Critical functions and public interest in banking services: Need for
clarification?”, In-depth analysis provided at the request of the Economic and Monetary
Affairs Committee, November 2017, European Parliament
Single Resolution Board (2017_a), “Decision of the Single Resolution Board in its executive session
of 7 June 2017 concerning the adoption of a resolution scheme in respect of Banco Popular
Espa ol, S.A., (the “Institution”) with a Legal Entity Identifier:
80 66LPTVDLM0P28 F25, addressed to FR B” (Non-confidential version)”, August
2017
43
預金保険研究に関するご意見ご照会等は、預金保険機構調査部調査分析課(03-3212-6235)までお寄せください。
2018年11月
編集・発行 預金保険機構
〒100-0006
東京都千代田区有楽町1-12-1
新有楽町ビルヂング内
電話 03(3212)6030(代表)
FAX 03(3212)6085
HP http://www.dic.go.jp