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The Future of Financial Regulation: Who Should Pay for the Failure of American and European Banks?

The Future of Financial Regulation: Who Should Pay for the Failure of American and European Banks?

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Johan A. Lybeck
Cambridge University Press, 2/11/2016
EAN 9781107514508, ISBN10: 1107514509

Paperback, 596 pages, 22.8 x 15.2 x 3.4 cm
Language: English

A number of changes have been made to the supervision and regulation of banks as a result of the recent financial meltdown. Some are for the better, such as the Basel III rules for increasing the quality and quantity of capital in banks, but legal changes on both sides of the Atlantic now make it much more difficult to resolve failing banks by means of taxpayer funded bail-outs and could hinder bank resolution in future financial crises. In this book, Johan A. Lybeck uses case studies from Europe and the United States to examine and grade a number of bank resolutions in the last financial crisis and establish which were successful, which failed, and why. Using in-depth analysis of recent legislation, he explains how a bank resolution can be successful, and emphasizes the need for taxpayer-funded bail-outs to create a viable banking system that will promote economic and financial stability.

Acknowledgements
List of abbreviations
Introduction
Part I. A Chronological Presentation of Crisis Events January 2007–December 2014
Part II. Bail-Out and/or Bail-In of Banks in Europe - A Country-by-Country Event Study on Those European Countries Which Did Not Receive Outside Support
1. United Kingdom
Northern Rock, Royal Bank of Scotland (RBS), Lloyds Banking Group
2. Germany
IKB, Hypo Real Estate, Commerzbank, Landesbanken
3. Belgium, France, Luxembourg
Dexia
4. Benelux
Fortis, ING, SNS Reaal
5. Italy
Monte dei Paschi de Siena
6. Denmark
Roskilde Bank, Fionia Bank and the others vs Amagerbanken and Fjordbank Mors
Part III. Bail-Out and/or Bail-In of Banks in Europe - A Country-by-Country Event Study on Those European Countries Which Received IMF/EU Support
7. Iceland
Landsbanki, Glitnir and Kaupthing
8. Ireland
Anglo Irish Bank, Bank of Ireland, Allied Irish Banks
9. Greece
Emporiki, Eurobank, Agricultural Bank
10. Portugal
Caixa Geral, Banco Espirito Santo, Millennium Bank
11. Spain
Bankia and the other ex-cajas
12. Cyprus
Bank of Cyprus, Popular Bank (Laiki)
Part IV. The Tarp Program and the Bailing Out (and Bailing In) of US Banks
13. The roles of the FDIC, the Treasury and the Fed in the crisis
14. USA
Bear Stearns, Merrill Lynch and Lehman Brothers
15. USA
Countrywide, IndyMac, Washington Mutual and Wachovia
16. USA
AIG, Citibank and Bank of America
zombies too big to fail?
Part V. Summary of the Micro Studies
Part VI. Political and Regulatory Responses to the Crisis - To Bail Out or To Bail In, That's the Question
17. Future bail-outs in the United States under Dodd-Frank and OLA
18. Future bail-outs in the European Union under the Single Resolution Mechanism and the Bank Recovery and Resolution Directive
Conclusion
towards host-country supervision and resolution?
Addendum
Bibliography
Index.