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Full Description
This book explores the diversity of restructuring instruments applied to financial institutions in EU countries during the Global Financial Crisis. It investigates the cost of that support before evaluating its effects, as well as providing an extensive analysis of the measures undertaken. The first chapter presents a historical outline, discusses causes of crises, and offers an overview of the restructuring instruments and of how they were used for crisis management before 2007. The following chapters explore the financial environment in the EU before the crisis outbreak, the rescue actions and financial landscape after the events of the crisis. This book offers a critical and thorough analysis of the financial support provided to banks, providing case studies of over 95 banks from 17 EU member states. The authors provide an in-depth study of the pre and post-crisis landscape, and demonstrate that the crisis has by no means been overcome.
Contents
List of FiguresList of TablesNotes on the ContributorsIntroduction: Ma?gorzata Iwanicz-Drozdowska1. Banking Crises and Restructuring Tools: Ma?gorzata Iwanicz-Drozdowska1.1. Short History and the Scope of the Analysis1.2. Causes of Banking Crises - Review of the Literature1.3. Types of Financial Support - Historical Perspective2. Pre-Crisis Landscape: Pawe? Smaga2.1. Economic Environment2.1.1. Macroeconomic Conditions2.1.2. Fiscal Policy2.1.3. Monetary Policy2.2. Pre-Crisis Financial Standing of the EU Banking Sector2.3. Pre-Crisis Legal and Institutional Arrangements for Rescue Operations in the EU3. State Aid and Fiscal Costs: Ma?gorzata Iwanicz-Drozdowska, El?bieta Malinowska-Misi?g and Bartosz Witkowski3.1. State Aid for Financial Institutions During the Crisis: El?bieta Malinowska-Misi?g3.1.1. General Rules for Granting State Aid3.1.2. Guidelines for Granting State Aid to Financial Institutions3.1.3. Guarantees for Liabilities of Financial Institutions3.1.4. Recapitalisation of Financial Institutions3.1.5. Assistance Related to Impaired Assets3.1.6. Assistance for Liquidation3.2. European Stability Mechanism and Assistance to EU Countries: El?bieta Malinowska-Misi?g3.2.1. European Stability Mechanism3.2.2. Assistance to Countries3.2.2.1. Assistance to Greece3.2.2.2. Assistance to Ireland3.2.2.3. Assistance to Portugal3.2.2.4. Assistance to Spain3.2.2.5. Assistance to Cyprus3.3. The Impact of Restructuring Costs on Public Finance: Ma?gorzata Iwanicz-Drozdowska, El?bieta Malinowska-Misi?g and Bartosz Witkowski3.3.1. Burden on Public Finance: Ma?gorzata Iwanicz-Drozdowska and El?bieta Malinowska-Misi?g3.3.2. Econometric Model: Ma?gorzata Iwanicz-Drozdowska and Bartosz Witkowski4. Restructuring Tools and Their Costs: Ma?gorzata Iwanicz-Drozdowska, Pawe? Smaga and Bartosz Witkowski4.1. General Assumptions: Ma?gorzata Iwanicz-Drozdowska4.2. Comparative Analysis: Ma?gorzata Iwanicz-Drozdowska and Pawe? Smaga4.3.Econometric Model: Ma?gorzata Iwanicz-Drozdowska and Bartosz Witkowski4.4. Cluster Analysis: Ma?gorzata Iwanicz-Drozdowska and Bartosz Witkowski5. Landscape After the Lessons of the Crisis: Ma?gorzata Iwanicz-Drozdowska, Jakub Kerlin and Pawe? Smaga5.1. Economic Situation and Changes in EU Banking Sector After the Outbreak of the Crisis: Pawe? Smaga5.2. Changes in Prudential Regulations and the Financial Safety Net: Ma?gorzata Iwanicz-Drozdowska5.2.1. Changes in Prudential Regulations 5.2.2. Changes in Financial Safety Net5.3. Banks' Restructuring and Resolution: Jakub Kerlin5.3.1. The Genesis of the Restructuring and Resolution Regulations5.3.2. Objectives and Rules of the Resolution Process5.3.3. Resolution Authorities5.3.4. Sequence of Actions5.3.5. Resolution Tools5.3.6. Funding of the Resolution Procedure 5.3.7. Evaluation of Solutions5.4. Banking Union: Pawe? Smaga5.4.1. Construction of the Banking Union5.4.2. Evaluation of the Banking Union6. Summary: Ma?gorzata Iwanicz-DrozdowskaAppendix: Case Studies of Restructured Banks and Asset Management Companies: Ma?gorzata Iwanicz-Drozdowska, Jakub Kerlin, Anna Koz?owska, El?bieta Malinowska-Misi?g, Agnieszka K. Nowak, Pawe? Smaga and Piotr Wi?niewski
