2011年-IMF国际货币组织全球_United_Kingdom_Crisis_Management_and_Bank_Resolution_Technical_Note_34页_532kb

United Kingdom: Crisis Management and Bank Resolution Technical Note Summary

Core Content

This technical note, published by the International Monetary Fund (IMF) in July 2011, provides an analysis of the United Kingdom's crisis management and bank resolution framework in the aftermath of the 2007 global financial crisis. It outlines the key findings and recommendations from the IMF mission, focusing on crisis prevention, early intervention, the Special Resolution Regime (SRR), the treatment of large and complex financial institutions (LCFIs), international harmonization, and exit strategies.

Main Points and Key Findings

A. Crisis Prevention and Early Intervention

• The IMF supports the enhanced role of macro-prudential oversight and the need for transparency and realistic mandates for the Financial Policy Committee (FPC).
• The mission encourages the FSA to use a step-wise approach based on indicators to take early supervisory action.
• Stress tests are seen as a valuable tool for identifying potential problem institutions early on.
• The FSA needs clear legal powers and obligations to act flexibly and timely to mitigate bank weaknesses.
• The mission acknowledges the flexibility of the depositor protection approach but notes that the issue of depositor preference may need further consideration.

B. Special Resolution Regime (SRR) and Resolution Tools

• The SRR, introduced under the Banking Act 2009, is a useful framework for small- and medium-sized deposit-taking institutions.
• The SRR may need to be expanded to cover other systemically important firms, such as investment banks and insurance companies.
• The mission suggests that contractual termination clauses for derivatives and other financial contracts should be temporarily suspended during resolution if they are to be transferred to a solvent entity.
• The issue of termination rights requires amendment of European legislation, which is currently under discussion.

C. Large Groups (SIFIs)

• The SRR is not well-suited for large banking groups due to its lack of extraterritorial effect and the complexity of such institutions.
• The mission supports stricter capital and liquidity requirements for SIFIs as a supervisory tool.
• Contingent capital (CoCos) and bail-in capital are seen as important tools to increase loss absorbency, though international agreements on these instruments are still under discussion.
• The UK is actively involved in international efforts to harmonize regulations for SIFIs and improve their resolvability.

D. International Harmonization

• The UK's ability to take unilateral regulatory action is limited due to the integration of financial markets and the need for cross-border cooperation.
• The mission encourages the UK to contribute to international solutions, especially regarding SIFIs and cross-border resolution.
• The UK is part of EU discussions to harmonize deposit guarantee schemes and improve international coordination in crisis management.
• The differences in international insolvency regimes must be addressed to facilitate cross-border resolution.

E. Exit Strategies

• The IMF supports the UK's efforts to dismantle crisis-related special measures in an orderly manner.
• Encouraging institutions to reduce reliance on support measures early can help prevent market pressures and increase confidence.
• Early repayment of obligations can signal recovery and improve market perception of the affected institutions.

Institutional Framework

• The institutional framework for crisis management includes the BoE, FSA, and HMT, with responsibilities outlined in a Memorandum of Understanding (MoU).
• The Banking Act 2009 has placed many of these responsibilities on a statutory basis.
• The FSCS plays a key role in the crisis management framework, with agreements in place with the FSA and the BoE.
• The FSA is responsible for triggering the SRR and authorizing bridge banks, while the BoE acts as the lead resolution authority under the SRR.

Crisis Planning and Prevention

• The UK is implementing a range of initiatives to improve crisis planning and prevention, especially for larger and more complex banking groups.
• The SRR is more suitable for smaller institutions, but for LCFIs, the framework is less effective due to complexity and lack of extraterritorial powers.
• The FSA and BoE are developing detailed templates for Recovery and Resolution Plans (RRPs) as part of a pilot study involving six major UK bank groups.
• RRPs aim to ensure that banks can withstand financial stress and explain how their key functions can be separated in the event of failure.

Recommendations

• The UK should continue to strengthen its macro-prudential oversight and align it with micro-prudential supervision to avoid duplication and gaps.
• The SRR should be expanded to cover other SIFIs, and international agreements on resolution tools should be pursued.
• The UK should work towards international harmonization of regulations, particularly in the areas of SIFIs, cross-border resolution, and deposit guarantee schemes.
• The FSA and BoE should continue to develop and implement RRPs, ensuring they are comprehensive and include mechanisms for loss absorption and orderly resolution.

Conclusion

The note concludes that the UK's crisis management and bank resolution framework has made significant progress since the financial crisis, particularly with the introduction of the SRR and enhanced regulatory measures. However, further improvements are needed, especially in dealing with large and complex financial institutions, to ensure the stability and resilience of the financial system. The mission emphasizes the importance of international cooperation and harmonization in achieving these goals.