EU Banking and Insurance Insolvency - Tapa dura

This excellent and well-established work of reference deals with all these (CTWUD, IWUD, AND BRRD), and of course much more, clarifying along the way, the complexities of this admittedly complex subject ... there is a considerable amount of additional new material in this volume which makes the purchase of this book a sensible decision for practitioners in this field. (Elizabeth Taylor and Richard Taylor MBE, Richmond Green Chambers.)

Following the chaotic effects of the global financial crisis on European financial markets, the legislative regime introduced by the European Union (EU) represents a dramatic new approach to bank insolvency law, and will have a profound effect on the way banks function. The second edition of EU Banking and Insurance Insolvency evaluates these important developments and their implications for the Eurozone countries. A comprehensive general introduction sets out the EU insolvency law framework and the principles which govern financial institutions.

The book provides detailed commentary on the Bank Recovery and Resolution Directive (BRRD) and Single Resolution Mechanism Regulation (SRMR), the legislative instruments central to the EU's response to the crisis, intended to harmonize Member States law. It considers the new powers given to government authorities under the BRRD to write down shares and debt instruments issued by banks, and the function of the newly created 'Single Resolution Board'. Commentary on the Winding-Up Directive (2001/24/EC) and the Insurance Insolvency Directive (2001/17/EC) discusses the significant changes these statutes have undergone as a consequence of the adoption of the BRRD and SRMR, as well as several high-profile court cases decided on the interpretation of these two statutes, including the Landsbanki and Kaupthing cases, and the Lehman Brothers, Isis Investments, and Heritable Bank cases.

This is an invaluable practitioner guide to the new European banking insolvency regime, written by experts in the field.