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Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

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Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

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Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

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Mohd M. Billah, Ezzedine GhlamAllah and Christos Alexakis

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Markus Krajewski and Rhea Tamara Hoffmann

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Edited by Markus Krajewski and Rhea T. Hoffmann

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Napoleon Xanthoulis

This chapter examines the provision of emergency financial support to credit institutions in light of the European Banking Union (EBU). Emergency liquidity provision can be regarded as an integral component of both EBU pillars, namely the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM).2 The first sets up a common supervisory system for credit institutions. The second introduces a procedure for the orderly winding-up of credit institutions.

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Sahar Shamsi, Pantelis Solomon and Nicole Robins

In response to the financial and economic crisis, the European banking system received a significant amount of State funds, and allowed a wide range of rescue and restructuring measures to ensure financial stability. As State aid rules in the banking sector evolved to reflect the nature of the crisis, the policy towards compensatory measures, which are designed to limit any distortions to competition created as a result of the aid, has changed over time. This chapter considers the wide range of compensatory measures that have been introduced, how the approach to compensatory measures has changed over time and whether the measures have met their stated intentions.

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Joanna Gray and Francesco de Cecco

This chapter explores the challenges presented by the interplay between State aid control and financial regulation. While, during the financial crisis, State aid law and policy demonstrated remarkable openness towards the conceptual toolkit of financial regulation, the uncertain contours of concepts such as systemic risk and moral hazard affected the degree of congruence between theory, policy and practice. What is more, the presence of multiple regulatory objectives tended to present the European Commission with some difficult trade-offs in attempting to pursue stability, the prevention of moral hazard and the preservation of lending to the real economy simultaneously, while attempting to minimize distortions of competition.

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Sven Frisch

The financial crisis hit Germany’s banking industry early and severely. But closer analysis reveals that Germany’s banking crisis was peculiarly asymmetric due to the country’s highly segregated three-pillar banking model, and to the differentiated business models, degrees of exposure to international financial markets, and reliance on interbank borrowing, that it entailed. These idiosyncrasies played a major role in shaping the three phases of Germany’s response to that crisis, from the early ad hoc aid measures designed to rescue the banks most heavily exposed to the subprime crisis, through the implementation of a comprehensive scheme to stabilise banks faced with liquidity issues, to the creation of a bad bank to tackle the most severely and persistently affected banks.