Die Minimierung des volkswirtschaftlichen Schadens von Insolvenzen systemrelevanter Kreditinstitute in der Europäischen Union / Georg Kratochwill
VerfasserKratochwill, Georg
Betreuer / BetreuerinSchürz, Martin
ErschienenWien, 01.02.2015
UmfangIX, 94 Seiten
HochschulschriftFachhochschule des BFI Wien, Masterarbeit, 2015
URNurn:nbn:at:at-fhbfiw:1-1175 Persistent Identifier (URN)
 Das Werk ist frei verfügbar
Die Minimierung des volkswirtschaftlichen Schadens von Insolvenzen systemrelevanter Kreditinstitute in der Europäischen Union [0.63 mb]
Zusammenfassung (Englisch)

This paper analyzes how a resolution regime for systemically important banks is best designed to minimize the costs for the economy. It further investigates if the directive establishing a framework for the recovery and resolution of credit institutions and investment firms can fulfill this task. I begin by presenting the banking environment and the strengths and weaknesses of regular bankruptcy concerning the resolution of systemically important banks. I then discuss some types of resolution regimes the priority rules and the possibilities to reduce the economic costs. Finally the theoretical basics are compared with the analysis of the directive of the European Union. Based on the analysis, I propose to introduce the minimization of the economic costs into the objectives of a special resolution regime without the implementation of governmental support because this always counteracts the stability of the financial and the economic system. Furthermore I suggest to sell a systemically important financial institute in as big parts as possible and to strictly comply with priority rules and the automatic stay, except on demand deposits. It is most important that decisions and processes take place quickly and transparently. In comparison of the theoretical basics with the directive of the EU I have analyzed that the member states have a lot of freedom to choose their resolution regime. The positive aspect of this fact is that a legal ground has been made to create an optimal resolution regime. The downside is, that the member states are free to create a resolution regime that is not reducing the economic costs effectively. This paper does not raise a claim to deal with all possibilities to reduce economic costs. However it can be said that even an optimal resolution regime has its limits. It cannot tackle the systemic problems of the financial sector at source and therefore not prevent any damage to the system, it is only able to dilute or cover them. Thence there is more research necessary to correct the shortcomings of the system.