1. SIFI 2. EU 1 FDIC G20 FSB 3. 4. FSB 2012 8 G20 88
2012 6 EU EU bail-in 1 ICB 2 write-down SIFI SIFI SIFI bail-out SIFI G20 too big to fail 2010 6 G20 SIFI 1 3 2011 11 FSBG20 1 2 3 2012 ICB PLAC 2011 G20 2 SIFI 89
4 EU FDIC BOE 5 11 SIFI capitalizationrecapitalization resolution authority 1 6 contingent convertible 4 5 6 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 2012. 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, 2012. 90
1 capital; CoCo CoCo Tier1 91
7 CoCo 8 CoCo EU Tier1 Tier2 9 Tier1 Tier2 7 8 9 Q&A Tier1 5.125 6 Tier1 Tier2 92
EU EU 1 2 no creditor worse off than in liquidation 10 11 10 6 11 Tier1 Tier2 93
G20 EU FDIC SIFI G20 FSB 2010 10 EU 2012 3 12 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 2012. 94
a) b) c) a) b) (a) c) (b) (a) 1 1 a) 10 b) EU 1 13 14 15 EU 13 14 2 15 12 95
1 1 16 17 EU EU EU EU 18 Tier1 Tier1 Tier1 Tier2 Teir1 Tier2 EU 2015 1 1 2018 1 1 2018 1 EU EU 19 16 17 CCP CCP 18 Tier1 Tier2 19 Tier1 96
EU explanatory memorandum 10 ICB 2011 9 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 2011 21 ICB 97
2012 6 22 23 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 2012. 23 24 CoCo 98
3 2.5 G-SIB PLAC 17 25 3.5 PLAC G-SIB 4.0 PLAC 26 2 ICB PLAC EU ICB EU 17 PLAC 27 2010 7 FDIC orderly liquidation authority FDIC BOE 28 FDIC 2 PLAC G-SIB13PLAC 17% 4.0% 4.0% PLAC 3.5% PLAC 17 3.5% 2.5% 2.5% 13 3.5% 2.5% 2.5% Tier1 Tier2 3.5% 3.0% 2.5% PLAC G-SIB 4.5% 4.5% Tier1 4.5% PLAC 12 25 G-SIB HSBC RBS 26 3 27 GDP 1 3 2.5 G-SIB 17 PLAC 28 FDIC 2012 99
FDIC 2012 5 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, 2012. 100
instrument of ownership CoCo FSB G20 G20 SIFI 30 FSB 2012 8 31 (a) SIFI (b) (c) FSB SIFI IIF AFME ISDA BBA 30 FSB, Policy Measures to Address Systemically Important Financial Institutions, 4 November 2011. 31 FSB, Thematic Peer Review of Resolution Regimes, Questionnaire, 3 August 2012. 101
EU 32 S&P 33 S&P 34 KPMG 35 3 3 KPMG 1. 2. 3. 4. 5. 6. 1. 2. 3. 4. 32 Goldman Sachs, Bail-in Tools Welcome, But Could Further Impact Longer-dated Bonds, Credit Research, 6 June 2012. 33 S&P, How a Bail in Tool Could Affect Our Ratings on EU Banks, May 2012. 34 S&P EU 35 KPMG, Bail-in Liabilities: Replacing Public Subsidy with Private Insurance, July 2012. 102
FDIC EU 36 102 1 EU 37 EU EU EU 38 EU EU 36 37 EU ESM 38 EU 103
EU BOE FDIC FSB G20 FSB EU G20 39 FDIC 39 104