Creditor Priority in European Bank Insolvency Law
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A01=Sjur Swensen Ellingsæter
Author_Sjur Swensen Ellingsæter
bailout
bank creditors
bank insolvency proceedings
Bank Recovery and Resolution Directive
BRRD
Category=LNPB
debt restructuring
eq_isMigrated=1
eq_nobargain
EU bank regulation
global financial crisis
insolvency frameworks
Minimum Requirements for own funds and Eligible Liabilities
MREL
Product details
- ISBN 9781509953691
- Dimensions: 156 x 234mm
- Publication Date: 22 Aug 2024
- Publisher: Bloomsbury Publishing PLC
- Publication City/Country: GB
- Product Form: Paperback
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This book provides the first comprehensive treatment of creditor priority in European bank insolvency law.
Following reform in the wake of the global financial crisis, EU law requires that Member States have in place bank-specific insolvency frameworks. Creditor priority—the order in which different creditors bear losses should a bank fail—differs substantially between bank-specific and general insolvency law. The bank-specific creditor priority framework aims to ensure that banks can enter insolvency proceedings without disrupting financial stability.
The book provides a systematic and thorough account of the Bank Recovery and Resolution Directive and other EU legislation that governs creditor priority in bank resolution and liquidation proceedings, and their interaction with national law. The framework is analysed from several perspectives, including comparison with creditor priority in English, German and Norwegian general insolvency law. Moreover, the book places the evolution of the framework and its justifications within the broader post-crisis shifts in bank regulation, and critically examines the assumptions that underlie these developments. Finally, the book discusses how this area of law could evolve in the future.
Sjur Swensen Ellingsæter is Associate Professor at the Department of Law and Governance, BI Norwegian Business School, Norway.
