Research Handbooks in Financial Law series
Edited by Matthias Haentjens and Bob Wessels
Chapter 17: The rule of law: Protection of property
Combining the subject of ‘Crisis Management in the Banking Sector’ with the rule of law is no easy feat: not for lack of substance, but for the choices that have to be made to fit everything that could be said on the matter into a chapter of limited length. We have chosen to build this chapter on three – in our view important – issues concerning the rule of law in relation to a situation of banks in crisis. First, we will take a look at the supranational framework of – especially – the European Convention on Human Rights that – as we shall see – mainly via Article 1 of the First Protocol may offer (legal) protection to those parties that are likely to suffer in case of government intervention to save a bank in crisis. Second, we turn to two specific and well-known cases where government did intervene – the cases of Northern Rock and notably SNS – to analyse the effect of the rule of law in those case studies at a national level. Third, we take a look at the near future, in which (at least within the European Union) national instruments aimed at containing any banking crisis will have to conform to the European Banks Recovery and Resolution Directive. The thin red line connecting these three issues already becomes obvious.
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