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 )
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.
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