FINANCIAL TIME: LA UE VUOLE CONFISCARE I RISPARMI DELLE PERSONE NELLE BANCHE CHE SONO IN ODORE DI DIFFICOLTA' (COSI' CON IL BAIL IN SI TROVEREBBERO ABBASTANZA SOLDI PER SODDISFARE I CREDITORI )
EU weighs guillotine powers to freeze transfers
Brussels is exploring granting bank regulators tougher “guillotine” powers to freeze transfers out of a failing bank to prevent it haemorrhaging cash before authorities can intervene.
The European Commission will study options for a “moratorium tool” that could be applied across the EU, according to a document seen by the Financial Times. While work on the measure is at an early stage, the powers would abruptly halt payments to bondholders and potentially even prevent depositor withdrawals.
The tool could have a “stabilising” effect while regulators are preparing a decision on how to intervene at a bank, according to the document dated May 10 drawn up by the Netherlands, which holds the rotating presidency of the EU.“A moratorium . . . can enable an expedient and successful process that minimises risks to financial stability,” it says.
According to EU government officials, the idea is supported by Germany and the Netherlands,At the same time, governments are wary that pulling up the drawbridge too early could shatter confidence at the bank while sending shockwaves through the broader financial system, prompting reservations among some nations.
There is a “large degree of divergence” between countries on whether and when moratorium powers are available to their regulators, according to the document.
The idea of a eurozone guillotine power was partly inspired by Germany, which already employs such a tool.
Nations are also keen to avoid any repeat of the panic that ensued during the bailout of Cyprus in 2013. Then depositor flight critically weakened the country’s two main banks despite the imposition of capital controls, hampering plans to force large savers to share the cost of the rescue.
The commission will also weigh whether deposits, especially those holding less than €100,000 and therefore guaranteed by the state, should be covered by any freezing powers. The commission will look, too, at other exemptions that might be needed to avoid sparking a panic or breakdown in the financial system, such as payments to central banks or to derivatives counterparties.
Pubblicato da ML a domenica, maggio 22, 2016CLICCA SULL'ICONA DELLA MOSCA TZE-TZE E VOTA PER QUESTO POST!