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  • COVID-19
  • Corporate Finance
04 Jun 2021
2 min to read

Towards a Principled Approach for Bailouts of COVID-distressed Critical/Systemic Firms

Horst Eidenmüller, St Hugh's College | Javier Paz Valbuena, Oxford Law Faculty

In a recent paper, we propose a principled approach for government bailouts of critical/systemic firms who find themselves in COVID-19-induced financial distress. We also demonstrate why bankruptcy...

OBLB categories

  • Corporate Governance
  • Financial Regulation
11 May 2021
3 min to read

Beyond Loss-Absorption in Bank Resolution: the Essential Role of the Composition of Bail-Inable Investors

Edoardo Martino

Bank resolution is a cornerstone of the regulatory architecture that emerged in the aftermath of the global financial crisis. Its core aim is to orderly resolve distressed banks allocating losses to...

OBLB categories

  • Financial Regulation
25 Jan 2021
2 min to read

'Never again' (or not?)—The European bail-in regime has yet to solve the systemic problem of implicit government guarantees

Axel Wieandt | Sascha Hahn | Paul P Momtaz

'Never again' was the impassioned conviction of governments worldwide after being forced to bail out banking institutions and provide guarantees and capital to avert systemic collapse as a result of...
Featured

OBLB categories

  • COVID-19
  • Commercial Law
27 Aug 2020
5 min to read

Bail-ins and Bail-outs Are Better than Bankruptcy: A Comparative Assessment of Public Policy Responses to COVID-19 Distress

Kristin van Zwieten, Harris Manchester College | Horst Eidenmüller, St Hugh's College | Oren Sussman

COVID-19 has significantly disrupted the conduct of business around the globe. In jurisdictions that impose one or more ‘lockdowns’, multiple sectors of the real economy must endure prolonged periods...

OBLB categories

  • Corporate Governance
  • Financial Regulation
18 Jun 2020
3 min to read

Bail-in beyond Unpredictability: Creditors’ Incentives and Market Discipline

Edoardo Martino

Resolution of distressed banks represents one of the major cornerstones of the post-crisis financial regulation. It should let shareholders and long-term unsecured (bail-inable) creditors bear the...

OBLB categories

  • COVID-19
  • Financial Regulation
15 Jun 2020
3 min to read

Pandemic Crisis and Financial Stability

Christos V. Gortsos

The recent e-book on Pandemic Crisis and Financial Stability, which was published by the European Banking Institute (EBI) and which I co-edited with Georg Ringe (Hamburg University) contains as...

OBLB categories

  • Financial Regulation
10 Apr 2019

O Tell Me The Truth About Bail-In: Theory and Practice

Marco Ventoruzzo | Giulio Sandrelli

Bank resolutions and specifically bail-ins are among the most complicated and contentious issues of banking law, in the EU and elsewhere.. Bearing the potential to directly affect thousands of...

OBLB categories

  • Financial Regulation
17 Oct 2017

The Bank of England’s Presumptive Path

Davis Polk

Last week, the Bank of England updated its public disclosure about how it would use its resolution powers to ensure that systemically important banks can be allowed to fail without destabilizing the...

OBLB categories

  • Financial Regulation
21 Sep 2017

The European Bail-in Tool is too Complex and MREL Won’t Remedy its Shortcomings

Tobias H. Tröger

I recently published two related working papers that scrutinize the effectiveness of the bail-in tool in the European bank resolution framework. I find that the regime, even after the prospected...
Featured

OBLB categories

  • Financial Regulation
28 Jul 2017

Why Taxpayer-funded Bail-out rather than a Bail-in may be in the Public Interest: Proportionality and the Limits of Bank Resolution in the Light of Recent Developments in Italy

Jens-Hinrich Binder

It may sound odd that a taxpayer-funded bank bail-out should be in the public interest, whereas formal bank resolution – which transfers the losses exclusively to bank owners and bank creditors (in...

OBLB categories

  • Commercial Law
  • Financial Regulation
17 Jul 2017

Regulators’ commitment to bail-in – is it credible? The case of MPS, V&V and Banco Popular

Lukas Köhler

With the Italian bank Monte dei Paschi di Siena (MPS) being bailed out by the Italian taxpayer, push comes to shove: Are post-crisis reforms working? First and foremost, this concerns the innovative...

OBLB categories

  • Financial Regulation
02 May 2017

Monte dei Paschi: A Test for the European Policy Against Bank Bailouts

Christos Hadjiemmanuil

On 29 July 2016, the European Banking Authority (‘EBA’) released the results of yet another round of stress tests for major European credit institutions. Of the 51 institutions participating in the...

OBLB categories

  • Financial Regulation
25 Oct 2016

Deutsche Bank Contingent Capital

Wande McCunn, New College

This post briefly reflects on the contingent capital (CoCos) issued by Deutsche Bank (DB). It argues that there is some uncertainty around when the CoCos might be triggered. It also highlights...

OBLB categories

  • Financial Regulation
26 Sep 2016

ICYMI - Forthcoming Event at UCL: ‘Bank Resolution Regimes: What Next?’

OBLB Editors

'Bank Resolution Regimes: What Next?' is a one-day conference that examines the new bank resolution regime under the Bank Recovery and Resolution Directive and the new requirements that banks have to...

OBLB categories

  • Financial Regulation
08 Sep 2016

Forbearance Incentives: Undermining the Distinction Between Going and Gone-concern Capital

Wande McCunn, New College

Contingent Convertibles (‘CoCos’) are debt instruments that either convert into equity or are written-down when they are converted. In this paper, I argue that European CoCos issued as regulatory...
Featured

OBLB categories

  • Brexit
  • Financial Regulation
02 Aug 2016

(Don’t) Blame It All on Brexit…

Martin R. Götz | Tobias H. Tröger

A key lesson for policymakers after the financial crisis was to reduce the likelihood of bank bailouts using taxpayers’ funds. Bailing out banks not only stresses public finances – it also undermines...

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