Recovery and resolution

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Principles on Loss-Absorbing and Recapitalisation of G-SIBs in Resolution

FSB principles for loss absorbing capital and recapitalization capacity of G-SIBs involving a minimum TLAC requirement

Financial Stability Board policy principles to enhance the loss-absorbing capacity of globally systemically important banks (G-SIBs) in resolution. Includes principles on loss absorbing and recapitalization capacity and detailed term sheet on Total Loss Absorbency Capacity (TLAC). The principles elaborate on premise that G-SIBs must have sufficient loss absorbing and recapitalization capacity available in resolution to minimize impact on financial stability, ensure continuity of critical functions, and avoid taxpayers losses. Represents an international minimum standard for G-SIBs.

Publisher: Global Standard-Setting Bodies Release date: Nov 2015

Type: Guideline

Parent: Key Attributes of Effective Resolution Regimes for Financial Institutions

Peer: Total Loss-Absorbing Capacity and Long-Term Debt Requirement

Topics: Recovery and resolution, Capital adequacy, Systemically important financial institutions (SIFIs)

Sectors: Banking

Principles on Loss-Absorbing and Recapitalisation Capacity of G-SIBs in Resolution

FSB total loss-absorbing capacity (TLAC) Principles and Term Sheet

Financial Stability Board final TLAC Principles and Term Sheet designed to ensure that if a G-SiB fails it has sufficient loss-absorbing and recapitalization capacity to implement orderly resolution that minimizes impact on financial stability, ensures continuity of critical functions and avoids exposing public funds to loss. Directly applicable to G-SIBs, but relevant to other SIBs as well.

Publisher: Global Standard-Setting Bodies Release date: Nov 2015

Type: Standard

Peer: Guiding Principles on the Internal Total Loss-Absorbing Capacity of G-SIBs

Topics: Crisis management and contingency planning, Recovery and resolution, Systemically important financial institutions (SIFIs), Capital adequacy

Sectors: Banking, Securities

ISDA 2015 Universal Resolution Stay Protocol

ISDA protocol incorporating stay provisions of special resolution regimes as set out in FSB Key Attributes

International Swaps and Derivatives Association relaunched protocol enabling parties to amend terms of swap, derivative and other contracts to recognize cross-border application of temporary stay provisions of resolution regimes adhering to the Financial Stability Board's Key Attributes for Effective Resolution Regimes.

Publisher: Industry Groups Release date: Nov 2015

Type: Sound Practice

Topics: Recovery and resolution

Sectors: Banking, Securities

Principles for Cross-Border Effectiveness of Resolution Actions

FSB guidance on giving cross-border effect to bank resolution actions

Financial Stability Board guidance sets out statutory and contractual mechanisms that jurisdictions should consider including in their legal frameworks to give cross-border effect to resolution actions in accordance with Key Attributes. While emphasizing the importance of implementing comprehensive statutory frameworks, these Principles also support contractual approaches to cross-border recognition, which the FSB agreed were critical pending wider adoption of statutory frameworks and which may also complement statutory regimes once they are in place. Guidance has been developed with a focus on the regulation of banks.

Publisher: Global Standard-Setting Bodies Release date: Nov 2015

Type: Guideline

Parent: Key Attributes of Effective Resolution Regimes for Financial Institutions

Peer: Guidance on Cooperation and Information Sharing with Host Authorities Not Represented on CMGs, Guiding Principles on the Temporary Funding Needed to Support the Orderly Resolution of a G-SIB, Guidance on Arrangements to Support Operational Continuity in Resolution

Topics: Crisis management and contingency planning, Recovery and resolution, Systemically important financial institutions (SIFIs), Cross-border cooperation

Sectors: Banking

Guidance on Cooperation and Information Sharing with Host Authorities Not Represented on CMGs

FSB guidance to G-SIFI CMGs on their engagement with host authorities where the G-SIFI has a systemic presence but which are not represented on the CMG

Financial Stability Board guidance promotes cooperation and information sharing between crisis management groups (CMGs) for globally systemically important financial institutions (G-SIFIs) and authorities from jurisdictions not represented on the CMG where the firm is systemic for their market. CMGs only include a limited number of home and key host authorities and cooperation beyond CMG membership is crucial for achieving effective resolution of a G-SIFI as a whole.

Publisher: Global Standard-Setting Bodies Release date: Nov 2015

Type: Guideline

Parent: Key Attributes of Effective Resolution Regimes for Financial Institutions

Peer: Principles for Cross-Border Effectiveness of Resolution Actions , Guiding Principles on the Temporary Funding Needed to Support the Orderly Resolution of a G-SIB, Guidance on Arrangements to Support Operational Continuity in Resolution, 2017 Update of List of Global Systemically Important Banks (G-SIBs)

Topics: Crisis management and contingency planning, Recovery and resolution, Systemically important financial institutions (SIFIs), Cross-border cooperation

Sectors: Banking

Resolution Frameworks for Islamic Banks

IMF working paper on applicability of FSB Key Attributes to the resolution of Islamic banks

International Monetary Fund working paper examines key applicability of FSB Key Attributes of Effective Resolution Regimes for Financial Institutions to the resolution of Islamic banks. Concludes that several issues need to be addressed, owing to Islamic banks' unique governance structures and balance sheets. Recommends international guidance for the design of robust Sharia-compliant resolution frameworks for jurisdictions with Islamic banks.

Publisher: International Organizations Release date: Nov 2015

Type: Consultative, discussion and issues paper

Parent: Key Attributes of Effective Resolution Regimes for Financial Institutions

Topics: Islamic finance, Recovery and resolution

Sectors: Banking

Media Announcement of the Failure and Resolution of Danish Bank

Danish Finansiel Stabilitet description of its actions to resolve a bank pursuant to the EU BRRD

Finansiel Stabilitet announcement of its assumption and control of Andelskassen J.A.K. Slagelse. Company failed to meet solvency requirements set out by the Danish Financial Supervisory Authority. Finansiel Stabilitet acted pursuant to the Danish Act on Restructuring and Resolution of Certain Financial Businesses which implements the European Union Bank Recovery and Resolution Directive (BRRD).

Publisher: National Regulators Release date: Oct 2015 Country: Denmark

Type: Supervisory Practice

Topics: Recovery and resolution, Early intervention and enforcement, Transparency and disclosure

Sectors: Banking

Effective Resolution Regime for Financial Institutions in Hong Kong

HKMA, SFC and IA response to public consultation to establish cross-sector resolution regime for financial institutions

Hong Kong Monetary Authority, Securities and Futures Commission and Insurance Authority consultation response to second stage public consultation on proposals to establish cross-sector resolution regime for financial institutions, financial groups and financial market infrastructure in Hong Kong. Summarizes respondents’ views on proposals and sets out government’s responses along with refined policy positions of proposed resolution regime.

Publisher: National Regulators Release date: Oct 2015 Country: Hong Kong, China

Type: Consultative, discussion and issues paper

Parent: Key Attributes of Effective Resolution Regimes for Financial Institutions

Topics: Recovery and resolution

Sectors: Banking, Insurance, Pensions, Securities

Contingency Planning for Bank Resolution and Financial Crises

TC note provides guidance for supervisory agencies in making contingency plans to deal with banking or financial system distress and crisis

Toronto Centre note provides guidance for senior managers of supervisory agencies to make contingency plans to deal with banking or financial system distress and crisis. Addresses contingency planning in context of: i) creating safety nets; ii) determining conditions of banks; iii) strengthening undercapitalized banks; iv) resolving insolvent banks; v) managing and reprivatizing banks under temporary state ownership; and vi) establishing a crisis management unit.

Publisher: Toronto Centre Release date: Oct 2015

Type: TC Notes

Topics: Crisis management and contingency planning, Recovery and resolution

Sectors: Banking

Consultations on the Bank of Canada Emergency Lending Policies

Summary and responses to comments received by the Bank of Canada

Bank of Canada decisions on emergency lending assistance (ELA) policies. The Bank will implement changes in the following areas: i) the Bank will eliminate its requirement for a solvency opinion as a condition for the provision of ELA and will instead adopt a new requirement for a credible recovery and resolution framework to be in place as a condition for ELA; ii) eligibility requirements for ELA to provincial deposit-taking institutions; iii) acceptance of mortgages as collateral for ELA; and iv) potential to provide ELA to financial market infrastructures.

Publisher: National Regulators Release date: Sep 2015 Country: Canada

Type: Consultative, discussion and issues paper

Parent: Emergency Lending Policies

Topics: Liquidity risk and rules, Recovery and resolution, Systemic risk

Sectors: Banking, Securities

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Resources

382 records

Principles on Loss-Absorbing and Recapitalisation of G-SIBs in Resolution

Principles on Loss-Absorbing and Recapitalisation Capacity of G-SIBs in Resolution

ISDA 2015 Universal Resolution Stay Protocol

Principles for Cross-Border Effectiveness of Resolution Actions

Guidance on Cooperation and Information Sharing with Host Authorities Not Represented on CMGs

Resolution Frameworks for Islamic Banks

Media Announcement of the Failure and Resolution of Danish Bank

Effective Resolution Regime for Financial Institutions in Hong Kong

Contingency Planning for Bank Resolution and Financial Crises

Consultations on the Bank of Canada Emergency Lending Policies

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