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Considerations on the application of the NCWO principle under the SRM Regulation
The aim of this article is to niake certain specific considerations on the application of the fcno creditor worse off (NCWO) principie' (or safeguard) under the Regulation governing the Single Resolution Mechanism and the Single Resolution Fund (SRAíR). Even though the fíeld of application of the SRMR also covers other financial firms. the article's focus, which is structured in four sections, is (solely) on credit instituí ions.
I. THE PUBLIC INTEREST CRITERION AS ‘NUCLEUS' FOR DECIDING ON BANKING RESOLUTION VS. WINDING UP
1. Introductory remarks
2. In particular: the public interest criterion
II. THE PROVISIONS OF INTERNATIONAL AND EU BANKING LAW ON THE NCWO PRINCIPLE
1. The intemational financial standards on banking resolution
2. The NCWO principie as a general principie governing resolution under the SRM Regulation
2.1. Introductory remarks
2.2. On theperimeter: the specific case of relevan! capital instruments
2.3. Obligations imposed on national resolution authorities (NRAs) within the SRM
III. THE NCWO PRINCIPLE AND EXCLUSION OF DEPOSITS FROM BAIL-IN. 19
1. Introductory remarks
2. Mandatory exclusions
3. Optional exclusions
IV. THE NCWO PRINCIPLE AND VALUATION FOR THE PURPOSES OF RESOLUTION UNDER THE SRM REGULATION
1. The obligations set out in Article 20 SRM Regulation
2. The importance of the NCWO principie in the ex-ante valuations (Valuations 1 and 2) and the ex-post definitive valuation
3. The (ex post)valuation of difference in treatment in resolution (Valuation 3)
V. CONCLUDING REMARKS
VI. SECONDARY SOURCES
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The aim of this article is to niake certain specific considerations on the application of the fcno creditor worse off (NCWO) principie' (or safeguard) under the Regulation governing the Single Resolution Mechanism and the Single Resolution Fund (SRAíR). Even though the fíeld of application of the SRMR also covers other financial firms. the article's focus, which is structured in four sections, is (solely) on credit instituí ions.
I. THE PUBLIC INTEREST CRITERION AS ‘NUCLEUS' FOR DECIDING ON BANKING RESOLUTION VS. WINDING UP
1. Introductory remarks
2. In particular: the public interest criterion
II. THE PROVISIONS OF INTERNATIONAL AND EU BANKING LAW ON THE NCWO PRINCIPLE
1. The intemational financial standards on banking resolution
2. The NCWO principie as a general principie governing resolution under the SRM Regulation
2.1. Introductory remarks
2.2. On theperimeter: the specific case of relevan! capital instruments
2.3. Obligations imposed on national resolution authorities (NRAs) within the SRM
III. THE NCWO PRINCIPLE AND EXCLUSION OF DEPOSITS FROM BAIL-IN. 19
1. Introductory remarks
2. Mandatory exclusions
3. Optional exclusions
IV. THE NCWO PRINCIPLE AND VALUATION FOR THE PURPOSES OF RESOLUTION UNDER THE SRM REGULATION
1. The obligations set out in Article 20 SRM Regulation
2. The importance of the NCWO principie in the ex-ante valuations (Valuations 1 and 2) and the ex-post definitive valuation
3. The (ex post)valuation of difference in treatment in resolution (Valuation 3)
V. CONCLUDING REMARKS
VI. SECONDARY SOURCES
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