Suchergebnisse

614Relationship of international law and municipal law — Treaties — State succession — Non-justiciability — Transactions between foreign States — Treaty between foreign States not incorporated into English law — Socialist Federal Republic of Yugoslavia — Dissolution — Succession to assets — Agreement on Succession Issues — Bank incorporated in the United Kingdom — Accounts in the name of central bank of Socialist Federal Republic of Yugoslavia — Whether application to determine to whom funds to be paid justiciableState succession — Dissolution of State — Socialist Federal Republic of Yugoslavia — Succession to property located outside Yugoslavia — Succession and continuity — The law of England

International Organization — Specialized Agencies — International Monetary Fund — Articles of Agreement of — Regulation of Currency and International Exchange — Recognition of Such Regulation by Other States — International Recognition of Exchange Control Regulations — Effect of Membership in International Monetary Fund — Laws of Member Country as Governing Law under Private International Law of the Forum.

Under the current European Union frameworks for dealing with banking problems, resolution of banks is seen as an exception to be activated only if liquidation under national insolvency proceedings would not be warranted. This is most notably the case when the bank provides critical functions to the economy, or when its liquidation might threaten financial stability. The two options - resolution and liquidation - differ substantially when it comes to the scope of legislation that is applicable to the use of public funds. The EU Bank Recovery and Resolution Directive (2014/59/EU) covers resolution, while liquidation is regulated by national insolvency laws. The liquidations of Veneto Banca and Banca Popolare di Vicenza in Italy highlight how this two-tier framework raises important questions in the context of EU banking union. The first question is whether the definitions of critical functions and public interest - key elements in the context of liquidation - should be clarified. A second question is whether the current legal and regulatory situation within banking union ensures that similar banks can expect predictable equal treatment in case of failure. The author argues that there should be more clarity over the role that the concepts of critical functions and public interest play in Member States' decision to grant liquidation aid, as the current framework might give rise to situations in which the views of national authorities seem to contradict the Single Resolution Board's assessment. While the purpose of this Policy Contribution is not to provide a comprehensive overview of different national insolvency regimes, the author argues that the current diversity is a source of uncertainty about the outcome of liquidation procedures, for all participants. For banking union to function effectively, the framework should be changed to provide the same level of certainty in liquidation as there is expected to be in resolution.

The Board of Liquidation, appointed by the Assembly at the twenty-first session, 1 had nearly completed its work by May 1, 1947, when it issued its Fourth Interim Report. Under the chairmanship of Mr. C. J. Hambro (Norway) and vice-chairmanship of Sir Cecil Kisch (United Kingdom), the Board had been charged with winding up the affairs of the League. By May 1, 1947, the following had been accomplished:Contributions from members which were outstanding as of August 31, 1946, totaled 29,467,845.28 Swiss francs. By April 30, 1947 this amount had been reduced to 11,098,488.61 Swiss francs owed by 21 of the former Members.

This dissertation analyses the EU regulatory framework for the management of bank crises, with a focus on the interconnections between bank resolution and State aid rules and their implications for banking competition and market structures. To this end, the primary step involves an assessment of the EU State aid rules as applied to the banking sector, to establish which are the conditions for granting public funds to institutions in distress and how these conditions have evolved from the latest financial crisis until the recent years. The establishment of the Banking Union provides the backdrop against which to evaluate how a greater degree of sectoral integration at EU level has influenced the implementation of State aid rules and how bank crisis resolution strategies have been updated. In particular, focus is devoted to the balance struck between financial stability and competition policy objectives whenever governmental measures are deployed in instances of bank distress. In this respect, this study is grounded on the interaction between the 2013 Banking Communication and the newer prescriptions introduced by the Bank Recovery and Resolution Directive, to assess the efficiency of the existing regulatory framework and evaluate how the apparent trade-off between financial stability and competition is addressed. As a number of bank crisis resolution strategies and tools have been made available by the composite framework of resolution and State aid rules, this dissertation aims to assess how the use of different combinations of such strategies and tools can affect bankers' incentives and banking market structures in different ways. To this end, this study provides a detailed comparative analysis of the most recent cases of application of bank resolution, precautionary recapitalisations and bank liquidation, in order to offer an updated and comprehensive view of the different tools available and suitable to deal with different sorts of bank failures.

This dissertation analyses the EU regulatory framework for the management of bank crises, with a focus on the interconnections between bank resolution and State aid rules and their implications for banking competition and market structures. To this end, the primary step involves an assessment of the EU State aid rules as applied to the banking sector, to establish which are the conditions for granting public funds to institutions in distress and how these conditions have evolved from the latest financial crisis until the recent years. The establishment of the Banking Union provides an important backdrop against which to evaluate how a greater degree of sectoral integration at EU level has influenced the implementation of State aid rules and how bank crisis resolution strategies have been updated. In particular, focus is devoted to the balance struck between financial stability and competition policy objectives whenever governmental measures are deployed with a stabilisation purpose in instances of bank distress. In this respect, this study is grounded on the interaction between the 2013 Banking Communication of the European Commission and the newer prescriptions introduced by the Bank Recovery and Resolution Directive (BRRD), so as to assess the efficiency of the existing regulatory framework and evaluate how the apparent trade-off between financial stability and competition is addressed. As a number of bank crisis resolution strategies and tools have been made available by the composite framework of resolution and State aid rules, this dissertation aims to assess how the use of different combinations of such strategies and tools can affect bankers' incentives and banking market structures in different ways. To this end, this study provides a detailed comparative analysis of the most recent cases of application of bank resolution, precautionary recapitalisations and bank liquidation, respectively, in order to offer an updated and comprehensive view of the different tools available and suitable to deal with different sorts of bank failures. This exercise is relevant both from a positive and from a normative perspective. From the former point of view, this study endeavours to shed light on the complexity of the interactions between alternative crisis management tools and forms of State aid, highlighting the enduring role of public fund granting in affecting institutions' market conduct depending on the choice of bank restructuring tool, as well as public authorities' incentives in choosing which rescue strategies and tools to apply to different instances of bank distress. From the latter point of view instead, it highlights how the regulatory framework, as designed and/or applied, can actively shape institutions' and markets' conduct and structure, with the aim of assessing whether the intended regulatory goals of the BRRD are met in practice and advancing policy proposals for possible improvements in this respect.

This is the final published version of the article. It was originally published in Cross Currents: East Asian History and Culture Review (Moazzin G., Cross Currents: East Asian History and Culture Review (No. 16, September 2015, ISSN: 2158-9674)). The final version is available at https://cross-currents.berkeley.edu/e-journal/issue-16/moazzin ; This article uses the case of the Deutsch-Asiatische Bank and its liquidation during the First World War to examine the challenges faced by German businesses during the war in China and China's involvement in Allied economic warfare. This case suggests the detrimental effect that political crises and global shifts of power had on foreign businesses in modern China's globalized treaty port economy. It also reveals China's role in the global economic warfare of the Allies, showing that China first resisted Allied demands for a full liquidation of the German bank but eventually acquiesced to Allied pressure and handed control over the liquidation to the Allies. As a consequence, China ended up violating the very international law it had put so much value on when entering the war. ; The author acknowledges financial support from the Arts and Humanities Research Council of the United Kingdom and the German Academic Exchange Service.