Financial Crisis Containment and Government Guarantees
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Financial Crisis Containment and Government Guarantees

Edited by John Raymond LaBrosse, Rodrigo Olivares-Caminal and Dalvinder Singh

Financial Crisis Containment and Government Guarantees analyses the international community’s commitment to forging enhanced, well thought-out, mechanisms for containing systemic risks in the context of a highly interconnected global financial framework which incorporates ongoing financial innovation.
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Chapter 5: Crisis management and guarantees in Europe

Charles Enoch


This chapter explores the use of government guarantees during the recent financial crisis. First, it looks at some guarantees that have nothing to do with the banking sector, why they are attractive, and how they can have both positive and negative effects. Then the theme of this book is addressed more specifically, and the banking sector, and the role of guarantees in the banking sector, in particular on deposits, both in crisis and in other times are looked at. There follows a very brief history of deposit guarantees, and a look at the emerging European deposit guarantees in the context of the single European market. A few examples of banking sector problems during the crisis, and what they taught us about deposit guarantees are covered. Guarantees were extended beyond depositor protection but only some of these are examined briefly. The changes to the European deposit guarantees in the crisis are surveyed, and finally some areas where this work is not yet complete are identified.

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