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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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Edited by Joanna Gray and Orkun Akseli

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Financial Regulation in Crisis?

The Role of Law and the Failure of Northern Rock

Edited by Joanna Gray and Orkun Akseli

The depositor run on the Northern Rock bank in September 2007, which led to the bank’s subsequent nationalisation was the first run on a UK bank for nearly 150 years and was a seminal moment in the unfolding global financial crisis. This book provides a detailed legal analysis of the role played by financial law and regulation during this event, and the impact the episode made on the law. The contributors to the book explore and elaborate upon the legal technique of securitisation, and how Northern Rock itself created and employed securitised financial assets. There is also in-depth discussion and analysis of the origin of the problems experienced in the wholesale interbank markets surrounding the Northern Rock crisis.
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Orkun Akseli, Joanna Gray and Andrew Campbell

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T.T. Arvind, Joanna Gray and Sarah Wilson

This chapter compares the UK’s response to mid-nineteenth-century banking failures and the post-2008 banking crisis. Our focus is on the official narratives of cause and effect that emerged in the aftermath of each crisis, and the thrust and direction of the measures taken by regulators and courts in the response to each crisis. We argue that contrary to the standard understanding, official responses to financial instability during the Victorian crises reveal the same concern with systemic issues and systemic stability as responses to the post-2008 crisis. Official reviews, case law, and administrative decisions during the Victorian period – and particularly the 1850s – show a clear understanding of and concern about systemic risk and contagion, and of the importance of bolstering the system through the quality and character of management within individual institutions. Despite the similarity of the Victorian and modern understandings, however, the Victorians framed very different prophylactic institutional reforms to curb the likelihood of future systemic shocks. We juxtapose the differing responses to episodes of financial crisis and failure, which are so distant in time and yet demonstrate remarkably similar demands both for accountability at law for the past and for law to help ensure a safer future, and argue that there is sound reason to play close attention to the lessons the Victorian approach might have to offer.

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Edited by François-Charles Laprévote, Joanna Gray and Francesco De Cecco

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Edited by François-Charles Laprévote, Joanna Gray and Francesco De Cecco

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Edited by François-Charles Laprévote, Joanna Gray and Francesco De Cecco

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Edited by François-Charles Laprévote, Joanna Gray and Francesco De Cecco

The Research Handbook on State Aid in the Banking Sector brings together experts in state aid and in financial regulation, drawn from legal academia, legal practice, economics, and from the EU and EEA institutions to shed light on this relationship. The editors and expert contributors do this by elucidating key concepts that underpin the application of state aid law to banks, and by considering specific aspects of the interface between state aid and financial regulation. The Research Handbook's analysis is complemented by a number of key country-based case studies, and by a concluding section which takes stock of the Banking Union’s package of legislative/regulatory reforms and reflects on the possible future role of state aid in this sector.