The Single Resolution Mechanism of the European Banking Union: its structure and functioning
The recent financial crisis showed that the institutions of the European Union (EU) and its member states are poorly prepared for solving current problems of banks, which are experiencing financial difficulties in European markets. In order to be able to further provide services for citizens and companies, member states’ governments had to support banks with public finances and provide guarantees on an unprecedented scale. It did help to avoid a collapse of banks and a disturbance of the economy, but only by putting the burden on taxpayers and thereby causing deterioration in public finances. An agreement about the right course of action in the face of these difficulties experienced by cross-national banks has not been reached either. The major situation changer should be the European Banking Union (EBU), also called the Integrated Financial System, which is in the process of being created. The foundations for it have been laid during Lithuanian presidency of the Council of the EU in the second half of 2013. For Lithuania and all other EU member states, joining the banking union will mean handing over important national state powers to the European Union institutions.
The Concept of Resolution of Financial Institutions
This chapter presents the theoretical basis of introducing resolution—a procedure designed as the answer to deposit guarantee scheme weaknesses—in the EU. Key goals and conditions related to the procedure, as well as administrative instruments designed for the elimination of large financial institutions, were hereby described. Special attention was paid to financing resolution, because means of the financial sector (not public resources) are determinants for the effectiveness of the procedure. The role of deposit insurance agencies in the procedures was also described, with special emphasis on the high level of freedom in institutional shaping of EU financial safety in the aftermath of the crisis. Instruments applied in resolution were also scrutinized, and their weaknesses and little practical experience were brought to light.
Subject index
Adoptive immunotherapy A1, A63, A63, A64, A64, A65, A66, A68, A69, A69, A70, A70, A71, A71, A72, A72, A73, A73, A74, A75, A76, A78, A79, A79, A7, A80, A80, A81, A81, A82, A84, A85, A86, A86, A88, A88, A89, A90, A90, A91, A92, A93, A93, A94, A95, A95, A96, A96, A97, A97, A98, A98, A99, A99, A102, A103, A104, A104, A166, A167, A169, A170, A174, A177, A179, A181, A182, A199, A204, A205, A21, A215, A220, A231, A231, A243, A251, A254, A25, A276, A287, A304, A307, A310, A315, A316, A316, A329, A331, A333, A357, A358, A369, A405, A441, A442, A458, A458, A459, A459, A461, A461, A463, A468, A468, A479, A492, A497, A497, A56, A58, A58, A59, A60, A60, A61, 1, 100, 101, 102, 103, 104, 106, 109, 111, 112, 113, 114, 115, 116, 117, 119, 120, 122, 123, 124, 125, 127, 128, 129, 13, 130, 131, 133, 134, 136, 139, 140, 141, 142, 146, 147, 148, 149, 150, 152, 153, 154, 155, 156, 157, 158, 159, 160, 161, 163, 164, 165, 166, 167, 169, 173, 174, 175, 272, 273, 278, 280, 285, 290, 293, 297, 298, 324, 333, 335, 35, 353, 360, 379, 380, 400, 414, 418, 42, 454, 470, 493, 500, 504, 513, 515, 516, 542, 545, 549, 598, 599, 614, 675, 737, 739, 764, 765, 766, 767, 770, 771, 772, 780, 781, 801, 822, 830, 831, 89, 91, 92, 94, 95, 96, 98 Angiogenesis A108, A155, A171, A200, A201, A214, A228, A265, A305, A349, A350, A359, A410, A47, A48, A480, A483, A519, A5, 181, 257, 281, 327, 328, 351, 374, 435, 495, 583, 584, 602, 683, 76, 78, 802, 808, 873, 9 Antibody A7, A73, A81, A86, A91, A8, A99, A9, A104, A108, A108, A109, A109, A111, A115, A119, A126, A128, A130, A135, A138, A141, A144, A151, A153, A159, A160, A163, A164, A164, A171, A172, A175, A176, A2, A187, A193, A193, A195, A195, A198, A199, A20, A209, A212, A225, A229, A230, A23, A233, A233, A235, A239, A239, A240, A242, A244, A244, A245, A245, A246, A247, A247, A24, A250, A256, A260, A261, A266, A267, A268, A269, A273, A275, A286, A288, A292, A293, A296, A299, A300, A307, A3, A308, A31, A318, A324, A35, A334, A334, A336, A338, A339, A342, A343, A344, A344, A346, A346, A351, A351, A353, A356, A360, A361, A363, A368, A369, A370, A371, A372, A372, A373, A374, A376, A377, A378, A378, A379, A379, A380, A380, A388, A391, A399, A399, A41, A402, A410, A410, A411, A412, A414, A417, A418, A419, A419, A420, A422, A422, A423, A426, A427, A428, A428, A430, A431, A432, A434, A434, A435, A446, A454, A455, A459, A463, A465, A468, A468, A469, A474, A481, A483, A50, A486, A487, A491, A502, A502, A504, A507, A507, A508, A510, A511, A512, A512, A516, 12, 122, 133, 141, 151, 16, 167, 17, 174, 181, 182, 184, 185, 188, 195, 203, 210, 215, 218, 227, 231, 237, 243, 250, 253, 261, 262, 265, 267, 268, 281, 282, 287, 288, 3, 305, 313, 315, 317, 318, 323, 325, 34, 342, 348, 369, 377, 378, 38, 384, 385, 387, 393, 394, 395, 399, 401, 402, 403, 404, 405, 406, 407, 41, 412, 421, 428, 429, 438, 439, 442, 443, 450, 453, 469, 472, 476, 478, 480, 483, 486, 499, 5, 501, 51, 519, 531, 55, 550, 552, 557, 561, 562, 569, 571, 572, 573, 576, 578, 586, 587, 590, 594, 603, 605, 607, 612, 615, 616, 617, 618, 619, 621, 622, 626, 629, 630, 631, 632, 633, 634, 635, 647, 653, 665, 666, 67, 670, 683, 684, 686, 687, 690, 693, 696, 697, 698, 699, 702, 703, 704, 711, 713, 714, 715, 718, 721, 722, 725, 726, 727, 745, 757, 760, 766, 772, 776, 780, 781, 785, 793, 804, 808, 81, 812, 814, 820, 842, 843, 846, 851, 852, 853, 856, 858, 860, 861, 869 Antigen presenting cells A67, A79, A80, A92, A95, A96, A99, A99, A101, A102, A102, A108, A108, A111, A129, A139, A160, A166, A177, A178, A183, A191, A191, A213, A220, A221, A245, A254, A256, A262, A266, A275, A314, A322, A327, A328, A35, A335, A345, A359, A359, A360, A361, A364, A366, A368, A369, A371, A372, A403, A409, A411, A411, A418, A422, A433, A449, A48, A468, A471, A472, A4, A50, A495, A502, A506, A513, A514, A515, 108, 128, 130, 153, 157, 160, 166, 167, 168, 169, 170, 181, 182, 188, 217, 235, 263, 271, 290, 291, 299, 310, 311, 349, 360, 362, 404, 418, 421, 431, 438, 453, 510, 526, 538, 540, 55, 553, 575, 601, 602, 603, 605, 610, 611, 612, 615, 617, 618, 672, 682, 685, 686, 695, 703, 724, 748, 78, 780, 787, 790, 8, 81, 828, 842, 849, 862, 864, 868 Autoimmunity A8, A116, A15, A180, A181, A22, A380, A387, A394, A395, A402, A408, A502, A510, 16, 197, 27, 295, 296, 37, 637, 645, 657, 658, 671, 680, 843, 856