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The euro zone is working on a resolution framework, but the ability to force losses on senior creditors and uninsured depositors may be delayed until 2018.
In the absence of a cross-border resolution framework, these rules also do not adequately cover what would happen if a global megabank went down.
The Dodd-Frank reform process decided not to break up global megabanks, but rather to handle them under the F.D.I.C.'s resolution framework.
If it is built well and works properly, a good resolution framework allows a company to fail, without socializing losses and without destabilizing the financial system.
But the primary lesson from F.D.I.C. planning and our discussions is this: no resolution framework can correct a systemic problem once it has occurred.
We have a much better description of beyond worst-case optimality with a resolution framework and a host of new results for different indexing strategies.
Similar(22)
Current discussion about the design of bank resolution frameworks suggests that the takeover of a failed bank by an incumbent one has two effects on financial stability.
According to Ahmed of the IMF, the process of cleaning up local banks' balance sheets "needs to be accompanied by enhancements to the regulatory, supervisory and resolution frameworks, where needed".
As the Treasury/Fed statement concedes: "AIG operates in over 130 countries with over 400 regulators and the company and its regulated and unregulated subsidiaries are subject to very different resolution frameworks across their broad and diverse operations without an overarching resolution mechanism".
An innovative claim-resolution framework proposed by PWC in Europe has won backing from most eligible creditors.
This paper proposes a hierarchical, multi-resolution framework for the identification of model parameters and their spatially variability from noisy measurements of the response or output.
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