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来源类型 | Working Paper |
规范类型 | 工作论文 |
Bad banks in the EU: the impact of Eurostat rules | |
Christopher Gandrud; Mark Hallerberg | |
发表日期 | 2014-12-16 |
出版年 | 2014 |
语种 | 英语 |
概述 | At least 12 European Union member states used publicly created asset management companies (AMCs), otherwise known as a ‘badbanks’ to respond to the recent financial crisis. This tool remains an option for future bank resolutions under the EU Bank Recovery andResolution Directive. This working paper assesses the design of AMCs in the recent crisis and why their form has changed. |
摘要 | • At least 12 European Union member states used publicly created asset management companies (AMCs), otherwise known as a ‘badbanks’ to respond to the recent financial crisis. This tool remains an option for future bank resolutions under the EU Bank Recovery and Resolution Directive. • We assess the design of AMCs in the recent crisis and why their form has changed. Through its role as definer of statistical concepts used under the Stability and Growth Pact, Eurostat has affected the design of AMCs. Increasingly stringent rulings on whether AMCs count as debt have pushed member states to create similar types of AMCs, namely those with majority private-sector ownership. • We argue that privately owned AMCs act differently to publicly owned ones. In particular, private AMCs usually impose larger haircuts on the price they pay for the assets they acquire. This haspositive benefits for how profitable the AMC will be and how much it will help in avoiding the creation of zombie banks and zombie badbanks. • There are important caveats. The effect of Eurostat’s accounting rules on decision-making is stronger in countries with more strained budgets. Also, when the public owns a failed bank, Eurostat rulesare likely to have little impact on AMC ownership decisions. Governments tend to use publicly owned bad banks to resolve publicly owned failed banks. This is because it is difficult to compel private sector involvement in these situations |
主题 | European Macroeconomics & Governance |
URL | https://bruegel.org/2014/12/bad-banks-in-the-eu-the-impact-of-eurostat-rules/ |
来源智库 | Bruegel (Belgium) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/429486 |
推荐引用方式 GB/T 7714 | Christopher Gandrud,Mark Hallerberg. Bad banks in the EU: the impact of Eurostat rules. 2014. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
front-banks.png(79KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | ![]() 浏览 | ||
Bad_Banks_in_the_EU.(792KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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