Research Handbook on Crisis Management in the Banking Sector
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Research Handbook on Crisis Management in the Banking Sector

Edited by Matthias Haentjens and Bob Wessels

In this timely Handbook, over 30 prominent academics, practitioners and regulators from across the globe provide in-depth insights into an area of law that the recent global financial crisis has placed in the spotlight: bank insolvency law.
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Chapter 17: The rule of law: Protection of property

Jacques Sluysmans, Willem Bosma, Matthijs Timmer and Nikky van Triet


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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