Protecting Public Interest in Financial Crisis
DOI:
https://doi.org/10.4335/14.1.19-32(2016)Keywords:
local self-government, municipality, banking, insolvency, public interest, EUAbstract
The financial crisis has been ongoing from beginning of year 2008 and we still have not reached a point of recovery throughout the European Union. Many European countries, such as Greece, Portugal, Ireland, Spain and Cyprus, received the financial help of international organisations (notably the International Monetary Fund, the European Central bank and the European Commission). Taking into account the public interest as the ultimate goal and objective of the system-wide reforms arising from the start from the financial institutions, namely banks and other financial institutions, it is important to analyse whether the wide economic and social reforms which are still reshaping the democratic setup of these countries really met the public interest objectives. Thus, this article deals with first and foremost the definition of public interest in financial services.
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Basel Committee on Banking Supervision (2009) Report and recommendations of the Cross-border Bank Resolution Group: Consultative Document (Basel, Basel Committee on Banking Supervision).
Basel Committee on Banking Supervision (2002) Supervisory guidance on dealing with weak banks: report of the Task Force on Dealing with Weak Banks (Basel: Basel Committee on Banking Supervision).
BBVA (2014) Regulation Outlook: Compendium on bank resolution regimes: from the FSB to the EU and US frameworks (Madrid: BBVA).
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Calomiris, C. W. (1990) Is Deposit Insurance Necessary? A Historical Perspective, The Journal of Economic History, 50(2), pp. 283-295.
Caprio, G. & Klingebiel, D. (1996) Bank Insolvencies: Cross-country Experience, Policy Research Working Papers (Washington D.C.: The World Bank), doi: 10.1596/1813-9450-1620.
Diamond, D. W., & Dybvig, P. H. (1983) Bank runs, deposit insurance, and liquidity, Journal of Political Economy, 91(3), pp. 401-419.
Dziobek, C. H., & PazarbaşIoğLu, C. (1997) Lessons from systemic bank restructuring: a survey of 24 countries (Washington, D.C.: International Monetary Fund, Monetary and Exchange Affairs Dept.).
Evanoff, D. D. & Kaufman, G. G. (2007) International financial instability: global banking and national regulation (Singapore: World Scientific).
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Freixas, X. (2003) Crisis Management in Europe, In: Kremers, J. J. M., Schoenmaker, D. & Wierts, P. J. (2003) Financial supervision in Europe (Northhampton, MA: Edward Elgar Pub.).
Garcia, G. G. (1999) Deposit insurance: a survey of actual and best practices (Washington, D.C.: International Monetary Fund, Monetary and Exchange Affairs Department).
Garcia, G. G. (2000) Deposit insurance and crisis management (Washington, D.C.: International Monetary Fund, Monetary and Exchange Affairs Department).
Goodhart, C. A. E. & Schoenmaker, D. (2006) Burden sharing in a banking crisis in Europe (Stockholm: Sveriges Riksbank).
Gros, D. & Schoenmaker, D. (2014) European deposit insurance and resolution in the banking union, Journal of Common Market Studies, 52(3), pp. 529-546.
Haentjens, M. & Wessels, B. (2014) Bank Recovery and Resolution A Conference Book. Bank Recovery and Resolution (Portland: Eleven International Publishing).
Hoggarth, G., Reidhill, J. & Sinclair, P. (2004) On the resolution of banking crises: theory and evidence (London: Bank of England).
Kwan, S. H. (2004) Risk and return of publicly held versus privately owned banks, FRBNY Economic Policy Review, September 2004, pp. 97-107.
Puig, J., Miyajima, K., Mccaughrin, R. & Dattels, P. (2010) Can You Map Global Financial Stability? (Washington D.C.: International Monetary Fund).
Reserve Bank of India (2014) Report of the Working Group on Resolution Regime for Financial Institutions (New Delhi: Reserve Bank of India).
Schich, S. (2008) Financial turbulence Some lessons regarding deposit insurance, OECD Journal: Financial Market Trends, 2008(1), pp. 55-79.
Schoenmaker, D. (2010) Burden sharing for cross-border banks. Banco de España, Estabilidad Financiera, 18, pp. 33-47.
Waibel, M. (2010) Iceland’s Financial Crisis – Quo Vadis International Law, ASIL Insight, 14(5), available at: https://www.asil.org/insights/volume/14/issue/5/icelands-financial-crisis-–-quo-vadis-international-law (March 15, 2015).
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Zhou, J., Rutledge V., Bossu W., Dobler M., Jassaud N. & Moore M. (2012) From bail-out to bail-in mandatory debt restructuring of systemic financial institutions (Washington, D.C.: International Monetary Fund).</span></p>
Published
2016-01-02
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