@article{70b93e63c3e14887ad2a0964a877c99a,
title = "EU bank insolvency law harmonisation: What next?",
abstract = "After the COVID-19 crisis has subsided, the (further) harmonization of bank insolvency law will again be high on the agenda of EU regulators and policymakers. On the basis of an analysis of the status quo pain points, this article advocates the extension of the BRRD resolution regime to all bank failures, regardless of their systemic relevance. This could be achieved by removing the public interest requirement as part of the resolution trigger. The ensuing consolidation would significantly reduce complexity and enhance the transparency and legitimacy of the EU crisis management framework.",
author = "Michael Schillig",
note = "Funding Information: National budgets, however, remain exposed and the negative feedback loop intact where an institution's (part) liquidation under national insolvency law is funded by State aid (and also as long as national budgets backstop national deposit guarantee schemes). This may not matter much for smaller banks. However, the availability of this escape route for larger and even the largest and most complex institutions blows a massive hole into the EU crisis management framework. 58 Publisher Copyright: {\textcopyright} 2021 The Author. International Insolvency Review published by INSOL International and John Wiley & Sons Ltd. Copyright: Copyright 2021 Elsevier B.V., All rights reserved.",
year = "2021",
month = may,
day = "1",
doi = "10.1002/iir.1413",
language = "English",
volume = "30",
pages = "239--266",
journal = "International Insolvency Review",
issn = "1180-0518",
publisher = "John Wiley and Sons Ltd",
number = "2",
}
