The Single Resolution Mechanism (SRM) and the Single Resolution Fund (SRF): Legal Aspects of the Second Main Pillar of the European Banking Union (Fifth- Extended and Fully Updated - Edition)

336 Pages Posted: 6 Oct 2015 Last revised: 4 Jun 2019

See all articles by Christos Gortsos

Christos Gortsos

National and Kapodistrian University of Athens

Date Written: April 30, 2019

Abstract

(1) The fifth edition of the present study contains a further update in full of the institutional and regulatory framework governing the Single Resolution Mechanism (SRM) and the Single Resolution Fund (SRF). Its structure has also been revised, since the Sections of previous editions have been turned into Chapters, each of which (except the last one) comprises several Sections.

All Sections have also been extended and updated, primarily (but not solely) those included in Chapters 4 (on resolution planning) and 6 (on the SRF, discussing also briefly, and as appropriate, the proposals on the establishment of the European Deposit Insurance Scheme (EDIS)), while several new secondary sources have been added as well. The (new) Section C of Chapter 6 briefly discusses for the first time the issue relating to the provision of liquidity in resolution.

(2) The study discusses to some extent the 2016 legislative “banking package” on the amendment, inter alia, of the Single Resolution Mechanism Regulation (SRMR) and the Bank Recovery and Resolution Directive (BRRD). Nevertheless, since the proposed legal acts had not yet been published at the time when this study was finalised, a detailed presentation of their provisions is deemed as being outside its scope (at least, at this stage).

(3) Like in previous editions, all primary sources are mentioned, as appropriate, in the main text, and are then listed at the end of the study, along withan extensive list of secondary sources.

Keywords: European Banking Union, SRM, SRF, SRB, Preparation for Resolution, MREL, TLAC, Resolution Objectives, Powers and Tools, NCWO Principle, Bail-In, Precautionary Recapitalisation, Winding-Up

JEL Classification: G01, G21, G28, G33, K23, K33, N20, N24

Suggested Citation

Gortsos, Christos, The Single Resolution Mechanism (SRM) and the Single Resolution Fund (SRF): Legal Aspects of the Second Main Pillar of the European Banking Union (Fifth- Extended and Fully Updated - Edition) (April 30, 2019). Available at SSRN: https://ssrn.com/abstract=2668653 or http://dx.doi.org/10.2139/ssrn.2668653

Christos Gortsos (Contact Author)

National and Kapodistrian University of Athens ( email )

Akadimias 45
Athens, 10672
Greece

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