CROSS-BORDER CRISIS MANAGEMENT IN THE BANKING SECTOR
In autumn 2009, the European Commission has adopted a Communication on an “EU framework for Cross-Border Crisis Management in the Banking Sector”. (For further in formation: see COM(2009)561 final). The purpose of the Communication is to consult as widely as possible on a broad range of issues aimed at safeguarding financial stability and the continuity of banking services in a cross border banking crisis. The Communication sets out questions on the tools that the Commission considers would be necessary for a EU crisis management framework. These tools range from “early intervention” action by banking supervisors aimed at correcting irregularities at banks, to bank resolution measures which involve the reorganization of ailing banks. These would include insolvency frameworks under which failed banks are wound up, with proposals for dealing with cross-border banking groups as one debtor.
The deadline for responses to this consultation was 20 January 2010. Following this consultation, a public hearing will be organized in February 2010 after which the Commission will come forward with concrete policies and proposals.
See for a more detailed discussion of the Communication European Company Law 2010, nr.2: Hanneke E. Wegman – The European Commission’s Guidelines on restructuring aid to banks: a short guide.
The Academic Forum of Insol Europe (www.insol-europe.org/academics), chaired by professor Bob Wessels (Leiden) & the Centre for European Company Law are organising a joint conference on CROSS-BORDER CRISIS MANAGEMENT IN THE BANKING SECTOR.
The conference takes place Thursday/Friday 1 and 2 July 2010. Venue: Leiden University, the Netherlands, Small Auditorium, Academy Building. (20 minutes from Schiphol Airport)
For further information please contact:
Caroline Taylor, INSOL Europe
T: +44 (0) 115 878 0584
Registration brochure available: Registration Brochure 2010 (Adobe Acrobat Reader required)