Suchergebnisse

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

The doctoral dissertation analyses the recent overhaul of the EU banking policy framework in 2012–2016 with the aim of answering two interrelated questions. First, why did the euro area member states decide to surrender national control over their banking systems by creating a banking union despite the fact that similar proposals had been constantly rejected in the past? Second, what accounts for the content of the established banking union? The research argues that the European sovereign debt crisis and, more specifically, its Spanish episode in the first half of 2012 were a necessary but insufficient condition for the European leaders' historic decision. Building on a deterministic interpretation of punctuated equilibrium theory, the author explains the creation of the banking union by three intervening factors: interdependence of the euro area member states that led to changes in the EU banking policy image held by the governments of the largest euro area states, and the politicisation of the related banking policy-making venue. Having showed that the content of the final agreements corresponded to the identified 'preventive' banking union type, the author argues that it can be best explained by the interaction of preference intensity of member states and political legitimacy of their national positions. Accordingly, the research explains the content of the banking union by the exposure of German banks' to the most stressed Southern euro area member states at the start of negotiations and the German government's 'rhetorical entrapment' at later stages. It is also argued that the entire EU bargaining process was facilitated by 'constructive ambiguity' related to the finality of the banking union.

The Baltic banking sector is dominated by the subsidiaries of Scandinavian banks. Since the 2009 crisis, the question on the particularities of the business models adopted by foreign-owned banks has been raised more than once. The banking business model analysis is a relatively new approach in the banking industry analysis. In order to obtain research results, empirical research was carried out by means of a quantitative method in nine Scandinavian bank subsidiaries operating in the Baltics. The main focus of this research was on one component – key activities - of the bank business model, by means of a newly created system of business model key indicators (Jočienė, 2015). The business model analysis was based merely on publicly available information, which was limited and not standardised. The analysis of the main business model component showed that the loan portfolio growth was modest, and the loan portfolio share in assets shrank. More than 50 % of net lending was directed into the real estate sector (Mortgage loans, Real estate& Construction sector financing); however, corporate lending to the productive sectors and innovative companies was quite low. The financing of small and medium-sized enterprises (SMEs), especially in productive sectors and innovative companies, could be the best outcome for banks and for Lithuania's economy. To achieve the goal, banks need to set SMEs financing as a strategic priority and make fundamental changes in their lending policy. The EU and local governments should provide financial support to SMEs to strengthen this sector, and that should also encourage banks to finance SMEs more actively. The paper can serve as an eye-opener for financial supervisory authorities, Scandinavian banks when drafting strategies for their subsidiaries, and Government representatives who are responsible for the banking system strategy and the consolidation of the SMEs sector.

The Baltic banking sector is dominated by the subsidiaries of Scandinavian banks. Since the 2009 crisis, the question on the particularities of the business models adopted by foreign-owned banks has been raised more than once. The banking business model analysis is a relatively new approach in the banking industry analysis. In order to obtain research results, empirical research was carried out by means of a quantitative method in nine Scandinavian bank subsidiaries operating in the Baltics. The main focus of this research was on one component – key activities - of the bank business model, by means of a newly created system of business model key indicators (Jočienė, 2015). The business model analysis was based merely on publicly available information, which was limited and not standardised. The analysis of the main business model component showed that the loan portfolio growth was modest, and the loan portfolio share in assets shrank. More than 50 % of net lending was directed into the real estate sector (Mortgage loans, Real estate& Construction sector financing); however, corporate lending to the productive sectors and innovative companies was quite low. The financing of small and medium-sized enterprises (SMEs), especially in productive sectors and innovative companies, could be the best outcome for banks and for Lithuania's economy. To achieve the goal, banks need to set SMEs financing as a strategic priority and make fundamental changes in their lending policy. The EU and local governments should provide financial support to SMEs to strengthen this sector, and that should also encourage banks to finance SMEs more actively. The paper can serve as an eye-opener for financial supervisory authorities, Scandinavian banks when drafting strategies for their subsidiaries, and Government representatives who are responsible for the banking system strategy and the consolidation of the SMEs sector.

The Master thesis aims to analyze requirements and their shortcomings for the corporate governance of banks in Lithuania and the European Union, remuneration policy for the banking sector employees and directors as well as the relevant regulation in Lithuania and other European Union Member States. Analysis explores the corporate governance of banks in transition, principal – agent problem, the input of main stakeholders (shareholders, board of directors, supervisors, etc.) and its possible improvement as well as examines risk management, conflicts of interest, effective implementation of possible solutions. The main aim of this master thesis is to fully and comprehensively assess, compare and analyze the regulation of the corporate governance of commercial banks impact to financial stability in Lithuania and the European Union. Therefore, the following tasks were set: to analyze the regulation of corporate governance of banks and its main shortcomings in the European Union; examine the remuneration policy of directors and other banking sector employees; investigate legal instruments of the corporate governance of banks implemented in Lithuania to strengthen the financial stability; make suggestions for improving this regulation. The following methods were used in this analysis: historical, logical, teleological and mainly – systemic taking into account systemic relations between internationally operating banks and comparative – comparing the regulation of the corporate governance of banks in Lithuania and other EU Member States, the governance of banks and non-financial institutions. Main conclusions of this paper show the need for a more effective supervision of the implementation of principles on the good corporate governance and remuneration policy. They should be implemented by principle-based and proportionate way in order to take account of the differences in business models of banks, the nature of their activity, their size, complexity, legal form and different corporate governance systems and arrangements as well as every employee specific contribution, competence, loyalty and seeking for long term value for a bank and general bank financial situation, results. In case of a difficult bank, state or the EU/global situation more cooperation between financial institutions, external auditors and supervisors is essential. It should be organized not regularly but in case of enough serious problems. Furthermore, national legislation have to be improved in time, supervisory institutions have to present analysis of significant problems, banking and its supervision needs to be simplified by publishing corporate governance and remuneration policies, the EU corporate governance code for banks should be created.

The Master thesis aims to analyze requirements and their shortcomings for the corporate governance of banks in Lithuania and the European Union, remuneration policy for the banking sector employees and directors as well as the relevant regulation in Lithuania and other European Union Member States. Analysis explores the corporate governance of banks in transition, principal – agent problem, the input of main stakeholders (shareholders, board of directors, supervisors, etc.) and its possible improvement as well as examines risk management, conflicts of interest, effective implementation of possible solutions. The main aim of this master thesis is to fully and comprehensively assess, compare and analyze the regulation of the corporate governance of commercial banks impact to financial stability in Lithuania and the European Union. Therefore, the following tasks were set: to analyze the regulation of corporate governance of banks and its main shortcomings in the European Union; examine the remuneration policy of directors and other banking sector employees; investigate legal instruments of the corporate governance of banks implemented in Lithuania to strengthen the financial stability; make suggestions for improving this regulation. The following methods were used in this analysis: historical, logical, teleological and mainly – systemic taking into account systemic relations between internationally operating banks and comparative – comparing the regulation of the corporate governance of banks in Lithuania and other EU Member States, the governance of banks and non-financial institutions. Main conclusions of this paper show the need for a more effective supervision of the implementation of principles on the good corporate governance and remuneration policy. They should be implemented by principle-based and proportionate way in order to take account of the differences in business models of banks, the nature of their activity, their size, complexity, legal form and different corporate governance systems and arrangements as well as every employee specific contribution, competence, loyalty and seeking for long term value for a bank and general bank financial situation, results. In case of a difficult bank, state or the EU/global situation more cooperation between financial institutions, external auditors and supervisors is essential. It should be organized not regularly but in case of enough serious problems. Furthermore, national legislation have to be improved in time, supervisory institutions have to present analysis of significant problems, banking and its supervision needs to be simplified by publishing corporate governance and remuneration policies, the EU corporate governance code for banks should be created.

The regional policy pursued in the European Union which is often called the cohesion policy is characterized as an important factor helping to level the overall development of the European Union. In this regard, the study of the features of cohesion policy instruments using the example of the legal mechanisms of the European Bank for Reconstruction and Development is very relevant and has a high theoretical and practical significance. The object of the master's work is the legal regulation of social relations that arise about the implementation of the European cohesion policy by the European Bank for Reconstruction and Development. The purpose of the master's work is a comprehensive analysis of the peculiarities of the legal regulation of the European Bank for Reconstruction and Development as an instrument of the European cohesion policy. Tasks of the master's work: 1) to give a concept, to characterize the essence and instruments of the implementation of the European cohesion policy; 2) to consider the evolution of the cohesion policy of the European Union; 3) to consider the features of creation, organizational structure and the aims of the European Bank for Reconstruction and Development; 4) to analyze the features and problems of the international legal status of the European Bank for Reconstruction and Development; 5) to characterize the features of the credit and investment activities of the European Bank for Reconstruction and Development; 6) to determine the role of the European Bank for Reconstruction and Development in the European cohesion policy. There were used dialectical, historical methods, the methods of formal logic, the comparative legal method, the statistical and the system methods and other methods of cognition. The master's work is devoted to the study of European cohesion policy instruments using the example of the European Bank for Reconstruction and Development legal mechanisms. It has been found out that today the cohesion policy in the European Union is used as a synonym for regional policy, since it aims to bridge the gap in the levels of economic development and per capita income in different regions, to increase the economic solidarity of countries. A classification of European cohesion policy instruments has been proposed. It is proved that the European Bank for Reconstruction and Development is an international intergovernmental organization by its legal nature. The features of the legal status of the EBRD are defined. It has been found out that the lending by the European Bank for Reconstruction and Development to finance projects in a particular country is carried out in accordance with the EBRD's strategies for this country. The role of the European Bank for Reconstruction and Development as an instrument of European cohesion policy is defined. The features of the social policy of the European Bank for Reconstruction and Development and the environmental dimension of its investment activities in the framework of the European cohesion policy are identified. The scientific novelty of the study lies in the fact that it is a comprehensive scientific work in which a theoretical study of the legal basis of the European Bank for Reconstruction and Development, including the implementation of the European cohesion policy goals by the bank, has been carried out. The master's work can be useful to researchers, lecturers, lawyers and students.

The regional policy pursued in the European Union which is often called the cohesion policy is characterized as an important factor helping to level the overall development of the European Union. In this regard, the study of the features of cohesion policy instruments using the example of the legal mechanisms of the European Bank for Reconstruction and Development is very relevant and has a high theoretical and practical significance. The object of the master's work is the legal regulation of social relations that arise about the implementation of the European cohesion policy by the European Bank for Reconstruction and Development. The purpose of the master's work is a comprehensive analysis of the peculiarities of the legal regulation of the European Bank for Reconstruction and Development as an instrument of the European cohesion policy. Tasks of the master's work: 1) to give a concept, to characterize the essence and instruments of the implementation of the European cohesion policy; 2) to consider the evolution of the cohesion policy of the European Union; 3) to consider the features of creation, organizational structure and the aims of the European Bank for Reconstruction and Development; 4) to analyze the features and problems of the international legal status of the European Bank for Reconstruction and Development; 5) to characterize the features of the credit and investment activities of the European Bank for Reconstruction and Development; 6) to determine the role of the European Bank for Reconstruction and Development in the European cohesion policy. There were used dialectical, historical methods, the methods of formal logic, the comparative legal method, the statistical and the system methods and other methods of cognition. The master's work is devoted to the study of European cohesion policy instruments using the example of the European Bank for Reconstruction and Development legal mechanisms. It has been found out that today the cohesion policy in the European Union is used as a synonym for regional policy, since it aims to bridge the gap in the levels of economic development and per capita income in different regions, to increase the economic solidarity of countries. A classification of European cohesion policy instruments has been proposed. It is proved that the European Bank for Reconstruction and Development is an international intergovernmental organization by its legal nature. The features of the legal status of the EBRD are defined. It has been found out that the lending by the European Bank for Reconstruction and Development to finance projects in a particular country is carried out in accordance with the EBRD's strategies for this country. The role of the European Bank for Reconstruction and Development as an instrument of European cohesion policy is defined. The features of the social policy of the European Bank for Reconstruction and Development and the environmental dimension of its investment activities in the framework of the European cohesion policy are identified. The scientific novelty of the study lies in the fact that it is a comprehensive scientific work in which a theoretical study of the legal basis of the European Bank for Reconstruction and Development, including the implementation of the European cohesion policy goals by the bank, has been carried out. The master's work can be useful to researchers, lecturers, lawyers and students.

With the creation of the second pillar of the Banking Union, a handful of important decisions has been entrusted to the Single Resolution Board (SRB), which has the status of an EU agency. _is delegation of executive powers to the newly created EU agency takes place in the wake the Court of Justice revisiting its jurisprudence on EU agencies in the Short-selling judgment, C-270/12. _is article aims at examining the mandate provided to the SRB in the context of the Short-selling judgment, and in particular, at analysing whether the granting of discretionary implementing powers to this agency complies with Article 114 TFEU and whether those powers are well framed by conditions and criteria that no scope is le{ for abuse of the delegation. _e article also brie}y addresses the issue of such implementing powers in the light of Articles 290 and 291 TFEU. _e author focuses on the decisions adopting resolution schemes for failing or likely to fail banks as those SRB decisions are supposed to have the biggest impact on banks, their creditors, shareholders and depositors. _e Short-selling case con%rms that the approximation of national laws might be insuf- %cient to achieve the goal of a uniformly functioning internal market and for that reason it might be necessary to entrust an EU agency with some executory powers for contributing to the implementation of the carried out approximation. Decisions of the SRB prevent di~erences, which might easily occur if national resolution authorities were to continue adopting bank resolution decisions. _e di~erent national treatment of failing banks could create obstacles for the smooth functioning of the internal market. _e resolution decisions, taken by the SRB in its executive session, have few elements of democratic scrutiny, therefore in order to ensure that those decisions comply with the Meroni doctrine that has been further developed in the Short-selling judgement, Regulation (EU) No 806/2014 foresees that the Commission and the Council are also involved in approving resolution schemes of failing of likely to fail banks. However, the very short period given for these two EU institutions to examine the bank resolution schemes and the high technical complexity of bank resolution issues do not rule out the probability that the review could be rather formalistic and focus only on a limited number of the most politically delicate issues. In its Short-selling judgment the Court of Justice did not agree with the opinion of the Advocate General N. Jääskinen and maintained that Article 291 TFEU did not apply to the decisions adopted by EU agencies. It therefore follows that the control mechanism, foreseen in Article 291(3) TFEU does not apply to such decisions and the control of implementing powers delegated to EU agencies such as the SRB must be duly envisaged at the moment of delegation, i.e. in Regulation (EU) No 806/2014 itself. The author reaches a conclusion that the mechanisms put in place by Regulation (EU) No 806/2014 in order to ensure the political control of the discretionary implementing powers granted to the SRB comply with the parameters set out by the Court of Justice in the Short-selling judgment.