Bad banks in the EU: the impact of Eurostat rules
Bad banks in the EU: the impact of Eurostat rules
复制标题
欧盟坏账银行：欧盟统计局规则的影响
DOI：
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发表时间：
2014
期刊：
影响因子：
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通讯作者：
Mark Hallerberg
中科院分区：
文献类型：
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作者：
Christopher Gandrud;Mark Hallerberg
至少有12个欧盟成员国使用公开创建的资产管理公司（AMC），也被称为“坏银行”，以应对最近的金融危机。该工具仍然是欧盟银行复苏和解决指令下未来银行解决方案的一个选项。·我们评估了在最近的危机中资产管理公司的设计，以及为什么它们的形式发生了变化。欧统局作为《稳定和增长公约》所用统计概念的定义者，影响了资产管理公司的设计。关于资产管理公司是否算作债务的规定越来越严格，促使成员国创建类似类型的资产管理公司，即那些私营部门拥有多数股权的公司。我们认为，私有资产管理公司的行为不同，公有的。特别是，民营资产管理公司通常会对所收购资产的价格进行较大幅度的折减。这对AMC的盈利能力以及避免僵尸银行和僵尸坏账银行的产生有积极的好处。有一些重要的警告。欧统局的会计规则对预算较为紧张的国家决策的影响更大。此外，当公众拥有一家破产银行时，欧盟统计局的规则可能对AMC的所有权决定几乎没有影响。政府倾向于利用公有的坏银行来解决公有的破产银行。这是因为很难迫使私营部门参与这些情况
• At least 12 European Union member states used publicly created asset management companies (AMCs), otherwise known as a ‘badbanks’ to respond to the recent financial crisis. This tool remains an option for future bank resolutions under the EU Bank Recovery and Resolution Directive.• We assess the design of AMCs in the recent crisis and why their form has changed. Through its role as definer of statistical concepts used under the Stability and Growth Pact, Eurostat has affected the design of AMCs. Increasingly stringent rulings on whether AMCs count as debt have pushed member states to create similar types of AMCs, namely those with majority private-sector ownership.• We argue that privately owned AMCs act differently to publicly owned ones. In particular, private AMCs usually impose larger haircuts on the price they pay for the assets they acquire. This haspositive benefits for how profitable the AMC will be and how much it will help in avoiding the creation of zombie banks and zombie badbanks.• There are important caveats. The effect of Eurostat’s accounting rules on decision-making is stronger in countries with more strained budgets. Also, when the public owns a failed bank, Eurostat rulesare likely to have little impact on AMC ownership decisions. Governments tend to use publicly owned bad banks to resolve publicly owned failed banks. This is because it is difficult to compel private sector involvement in these situations