Dissertation: Reaktionen des Staates auf die Bedrohung der Finanzsystemstabilität durch Insolvenz systemrelevanter Kreditinstitute

Reaktionen des Staates auf die Bedrohung der Finanzsystemstabilität durch Insolvenz systemrelevanter Kreditinstitute

Verfassungsrecht in Forschung und Praxis, volume 110

Hamburg , 360 pages

ISBN 978-3-8300-7662-9 (print)
ISBN 978-3-339-07662-5 (eBook)

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Financial system stability is an important public good. Its preservation is in the macroeconomic interest and must be specifically supervised. This stability is fundamentally threatened by the insolvency of a systemically important financial institution.

This thesis shows the causes of these threats and discusses the state’s past, present and future responses to protect the financial system stability. For this purpose, the attribute “systemic relevance” is subject of a detailed examination as well as the question, whether the state is legally obligated – by the constitution or European law – to save systemically important banks to ensure financial system stability.

The author also analyzes whether a consistent and durable framework is currently existing that allows to restrict bank-specific troubles on the affected banking institution and thus minimize the impact of banking crises. By the end of 2010, the Bank Restructuring Act (Restruk­turierungs­gesetz) was enacted, trying to solve the problem of “too-big-to-fail” permanently by enabling a special reorganization and restructuring regime for banking institutions. As a last resort, the German Federal Financial Supervisory Authority (BaFin) becomes authorized to split systemically important banks up. In this way, large banks are to be taken the implicit state guarantee as they are now unable to rely on a rescue by the state. However, these instruments are suffering from various deficits. To achieve the legislator’s objective - solely transfer the systemically important parts of the affected bank to another - financial institutions must be obligated to prepare “living wills” prophylactically. This is to be enabled by the Act on Ringfencing and Recovery and Resolution Planning for Credit Institutions and Financial Groups (Gesetz zur Abschirmung von Risiken und zur Planung der Sanierung und Abwicklung von Kreditinstituten und Finanzgruppen) that was enacted in August 2013.

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