野村資本市場研究所｜ベイルインの導入に向けた検討－破綻時に債権の損失吸収を図る新たな措置－（PDF）

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1 1. SIFI 2. EU 1 FDIC G20 FSB FSB G20 88

2 EU EU bail-in 1 ICB 2 write-down SIFI SIFI SIFI bail-out SIFI G20 too big to fail G20 SIFI FSBG ICB PLAC 2011 G20 2 SIFI 89

3 4 EU FDIC BOE 5 11 SIFI capitalizationrecapitalization resolution authority 1 6 contingent convertible FSB, Key Attributes of Effective Resolution Regimes for Financial Institution, October 2011 SIFIs 2012 Paul Tucker, Resolution: A Progress Report, Speech at the Institute for Law and Finance Conference, 3 May Jianping Zhou, Virginia Rutledge, Wouter Bossu, Marc Dobler, Nadege Jassaud, and Michael Moore, From Bail-out to Bail-in: Mandatory Debt Restructuring of Systemic Financial Institutions, IMF Staff Discussion Note, April 24,

4 1 capital; CoCo CoCo Tier1 91

5 7 CoCo 8 CoCo EU Tier1 Tier2 9 Tier1 Tier Q&A Tier Tier1 Tier2 92

6 EU EU 1 2 no creditor worse off than in liquidation Tier1 Tier2 93

7 G20 EU FDIC SIFI G20 FSB EU EU EU 12 European Commission, Discussion Paper on the Debt Write-down Tool- Bail-in, Working Document of the Services of DG Internal Market, March

8 a) b) c) a) b) (a) c) (b) (a) 1 1 a) 10 b) EU EU

9 EU EU EU EU 18 Tier1 Tier1 Tier1 Tier2 Teir1 Tier2 EU EU EU CCP CCP 18 Tier1 Tier2 19 Tier1 96

10 EU explanatory memorandum 10 ICB ring-fenced bank 20 ICB ICB primary bail-in power 12 bail-in bond ICB ICB Tier1 Tier1 Tier2 12 primary lossabsorbing capacity; PLAC ICB PLAC PLAC secondary bail-in power 21 ICB 20 Independent Commission Banking, Final Report, Recommendations, September 2011 PLAC ICB 97

11 long-term unsecured bond 24 ICB 2 2 BOE FDIC FDIC 1 ICB GDP 22 HM Treasury, Banking Reform: Delivering Stability and Supporting a Sustainable Economy, June CoCo 98

12 3 2.5 G-SIB PLAC PLAC G-SIB 4.0 PLAC 26 2 ICB PLAC EU ICB EU 17 PLAC FDIC orderly liquidation authority FDIC BOE 28 FDIC 2 PLAC G-SIB13PLAC 17% 4.0% 4.0% PLAC 3.5% PLAC % 2.5% 2.5% % 2.5% 2.5% Tier1 Tier2 3.5% 3.0% 2.5% PLAC G-SIB 4.5% 4.5% Tier1 4.5% PLAC G-SIB HSBC RBS GDP G-SIB 17 PLAC 28 FDIC

13 FDIC FDIC 29 FDIC qualified financial contract FDIC FSB FSB 29 Remarks by Martin J. Gruenberg Acting Chairman, FDIC to the Federal Reserve Bank of Chicago Bank Structure Conference, May 10,

14 instrument of ownership CoCo FSB G20 G20 SIFI 30 FSB (a) SIFI (b) (c) FSB SIFI IIF AFME ISDA BBA 30 FSB, Policy Measures to Address Systemically Important Financial Institutions, 4 November FSB, Thematic Peer Review of Resolution Regimes, Questionnaire, 3 August

15 EU 32 S&P 33 S&P 34 KPMG KPMG Goldman Sachs, Bail-in Tools Welcome, But Could Further Impact Longer-dated Bonds, Credit Research, 6 June S&P, How a Bail in Tool Could Affect Our Ratings on EU Banks, May S&P EU 35 KPMG, Bail-in Liabilities: Replacing Public Subsidy with Private Insurance, July

16 FDIC EU EU 37 EU EU EU 38 EU EU EU ESM 38 EU 103

17 EU BOE FDIC FSB G20 FSB EU G20 39 FDIC