Regulation and Supervision of Financial Intermediaries in the EU: The Aftermath of the Financial Crisis*

Begg, Iain

doi:10.1111/j.1468-5965.2009.02037.x

Cited by 52 publications

(38 citation statements)

References 8 publications

(10 reference statements)

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“…Not so in the UK, where 'light touch' regulation is still preferred, and where reform finds an impervious terrain, showing how the conflicting interests of EU member states are significant (Begg 2009). Regulating financial operations is problematic for the EU because of the clashes between national sensitivities.…”

Section: Cross-border Consequencesmentioning

confidence: 99%

“…Disagreements are hard to avoid when discussing how best to reach a coherent approach to cross-border risks and burden-sharing. 'The UK has sought to avoid a dominant role for EU bodies in supervision which could pose a competitive threat to the City of London' (Begg 2009(Begg : 1121 Changing the rules amounts to interfering with both domestic and European legislation. A further problem arises from the fact that the euro area and the EU have different forms and intensity of membership, so that the interplay between monetary policy and financial regulation is complicated and 'raises questions about which institution should take the lead at EU level' (Begg 2009(Begg : 1114.…”

Section: Cross-border Consequencesmentioning

confidence: 99%

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Social Harm and the Vagaries of Financial Regulation in the UK

Ruggiero¹

2015

Int J for Crime, Justice & Social Democracy

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The premise of this article is that financial crises, whether they occur as a result of legitimate of illegitimate conduct, cause social harm and victimisation. The 2008 bank crisis is a clear indication of this, as some of the financial operations determining it possessed a criminal nature while some did not. This article is concerned with both typologies, namely with illicit and licit harmful behaviour adopted by financial actors. After some general introductory notes, the first section of the paper focuses on the measures proposed or adopted in response to the 2008 crisis in the UK. This is followed by the presentation of a number of recent cases proving that, despite recent regulatory efforts, large loopholes are still present which allow forms of financial crime to thrive. Some final observations on the difficulties encountered by regulatory attempts complete the paper.

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Section: Cross-border Consequencesmentioning

confidence: 99%

Section: Cross-border Consequencesmentioning

confidence: 99%

Social Harm and the Vagaries of Financial Regulation in the UK

Ruggiero¹

2015

Int J for Crime, Justice & Social Democracy

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“…Šie veiksniai yra išsamiai analizuoti ir įvertinti plačiame mokslinės analizės kontekste (Ingves, 2007;Stichele, 2008;Begg, 2009;Masciandaro, Nieto, Quintyn, 2009;Masciandaro, Pansini, Quintyn, 2011;Ludwig-Vogler, Giernalczyk, 2010;Miklaszewska, 2011;Novickytė, Jasienė, 2011;Novickytė, 2012), nurodant, kad jie gali būti priežastis bankams jungtis (siekti sąnaudų sinergijos, įgyvendinti kitus nematerialios sinergijos tikslus).…”

Section: Tyrimo Rezultataiunclassified

Susijungimus ir įsigijimus bankininkystės sektoriuje lemiančių veiksnių kompleksinis vertinimas

Novickytė

2014

Business Systems & Economics

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Santrauka. Globalizacija, bankų konsolidacija, pasaulinė finansų krizė pastaraisiais dešim-tmečiais stipriai paveikė bankininkystė sektorių. Visi šie pokyčiai turėjo įtakos ir sektoriaus plėtrai bei jo stabilumui. Šiame straipsnyje nagrinėjami bankininkystės sektoriaus konsolidacinius procesus lemiantys veiksniai ir priežastys. Nustatyti susijungimų ir įsigijimų sandorius bankininkystės sektoriuje lėmę motyvai bei galimas konsolidacijos poveikis finansų sistemai. Atlikus ekspertinį tyrimą sudaryta veiksnių, nuo kurių priklauo susijungimai ir įsigijimai bankininkystės sektoriuje, kompleksinė matrica, kuri apima makro-, mikroveiksnius ir banko vertės nustatymo svarbą.Reikšminiai žodžiai: susijungimai, įsigijimai, bankininkystės sektorius, finansų sistema. JEL klasifikacija: G21, G28. ĮvadasBankininkystės ir finansų sektorius yra vienas iš dinamiškiausių ir struktūrinius pokyčius išgyvenančių sektorių. Pasauliniu mastu vykstanti sparti bankų konsolidacija ir koncentracija paskatino aktyvias mokslininkų ir praktikų diskusijas apie koncentracijos įtaką bankų sistemos efektyvumui ir konkurencijai, šalių finansiniam ir makroekonominiam stabilumui bei ekonomikos augimui. Pažymėtina, kad didelė koncentracija yra labiau toleruojama bankininkystės nei kituose verslo sektoriuose būtent dėl tariamos koncentracijos naudos finansų sistemos stabilumui stiprėti.Susijungimus ir įsigijimus bankininkystės sektoriuje dažniausiai skatina siekis įgyti kuo daugiau svorio tarptautinėje bankinėje erdvėje, eliminuoti iš pelningos veiklos konkurentus, siekti papildomos finansinės naudos akcininkams, teikti daugiau i paslaugų, efektyviai valdyti turimus išteklius. Tokie konsolidaciniai procesai neišvengiamai turi įtakos ir šalies (regiono) finansų sistemai. Globalizacijos procesų plotmėje sėkminga bankų veikla priklauso nuo tinkamai pasirinktos veiklos strategijos ir veiklos modelio, nuo to, kaip bankai sugeba išnaudoti savo turimą rinkos pranašumą ir įtvirtinti savo pozicijas rinkoje. Bankininkystės sektoriaus svarba ekonomikoje leidžia pagrįsti nagrinėjamos problemos aktualumą ir ištirti bankininkystės sektoriuje vykstančių konsolidacinių procesų veiksnius ir jų poveikį finansų sistemai.

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“…The author submits that a more European approach to supervision is necessary. As Mervyn King and Lord Turner favour the subsidiary model, the implication is that the host supervisor will have more role in supervising foreign banks (33). This is necessary to ensure that foreign banks' levels of capital and liquidity are sufficient.…”

Section: Branch Subsidiarymentioning

confidence: 99%

Retail ring-fencing of banks and its implications

Lui

2011

J Bank Regul

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Abstract:Financial stability remains a key theme globally in view of the Eurozone debt crisis. The latest strategy by Germany and France is to ring-fence the crisis amongst the PIIGS countries: Portugal, Greece, Ireland, Italy and Spain. In the UK, the big four major banks have all responded to the Independent Commission of Banking's interim report key recommendation: ring-fencing retail operations into a separate subsidiary of any bank which wishes to operate in the UK. The report has clearly discussed the advantages and disadvantages of various types of subsidiarisation. Retail ringfencing is considered a compromise since full subsidiarisation is too costly and operational subsidiarisation is too minimal. The Independent Commission of Banking published its final report on 12th September 2011. They recommended ring-fencing retail banking and a 10% equity baseline. This paper focuses on structural reforms of UK banks. It aims to address the question of financial stability from a wider European perspective. The first question is whether cross-border retail banking in the EEA is best served by branches or subsidiaries? The second question concerns the legality of setting up subsidiaries in the European Union. Whilst there are no legal problems for UK based banks setting up subsidiaries for their retail activities, there might be a legal hurdle for requiring foreign banks setting up subsidiaries in the UK. The third question concerns EU crossborder banking regulation and supervision. Are the 'passporting system' and the home country supervisory approach still applicable in this post-financial crisis era?Many factors influence the choice of setting up branches or subsidiaries. However, the general position is that branches are more suited for wholesale/investment activities due to ease of funds transfer. Subsidiaries are more suitable for retail banking due to the limited liability principle and extensive local network. Effective cross-border banking must be accompanied by effective supervision and resolution regimes. The 'passporting' concept under EU law and home country dominance are somewhat dated post-financial crisis. Host country control should play a dominant part in financial regulation, especially in light of the importance of subsidiaries and the limited liability principle associated with them. The Icelandic bank crisis and collapse of Lehman Brothers International Europe illustrate the importance of host country control. Finally, the author argues that requiring banks to hold its retail activities in the form of subsidiaries in another European country is necessary to achieve financial stability.

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Regulation and Supervision of Financial Intermediaries in the EU: The Aftermath of the Financial Crisis*

Cited by 52 publications

References 8 publications

Social Harm and the Vagaries of Financial Regulation in the UK

Social Harm and the Vagaries of Financial Regulation in the UK

Susijungimus ir įsigijimus bankininkystės sektoriuje lemiančių veiksnių kompleksinis vertinimas

Retail ring-fencing of banks and its implications

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