The embodiment into the national law of the EU Directive 2014/59/EU about the recovery and resolution of credit institutions and investment firms (BRRD). A critical view under the provisions of article 1 of the first protocol to the ECHR.

Postgraduate Thesis uoadl:2255732 711 Read counter

Unit:
Κατεύθυνση Δημόσιο Δίκαιο και Δημόσια Πολιτική
Library of the Faculties of Political Science and Public Administration, Communication and Mass Media Studies, Turkish and Modern Asian Studies, Sociology
Deposit date:
2017-11-19
Year:
2017
Author:
Zacharopoulou Panagiota
Supervisors info:
Χαράλαμπος Χρυσανθάκης, Καθηγητής, Τμήμα Πολιτικής Επιστήμης και Δημόσιας Διοίκησης, ΕΚΠΑ.
Original Title:
«Η οδηγία 2014/59/ΕΕ για την ανάκαμψη και εξυγίανση πιστωτικών ιδρυμάτων και επιχειρήσεων επενδύσεων και η πρόσφατη ενσωμάτωση της στο εθνικό δίκαιο» [Μία κριτική θεώρηση αυτής, ιδίως υπό το πρίσμα του 17 Σ και του ΠΠΠ 1 της ΕΣΔΑ]
Languages:
Greek
Translated title:
The embodiment into the national law of the EU Directive 2014/59/EU about the recovery and resolution of credit institutions and investment firms (BRRD). A critical view under the provisions of article 1 of the first protocol to the ECHR.
Summary:
The recent international financial crisis of 2007 has been characterized by the entire academic community as the most significant crisis that the international financial system has been experienced in the postwar period. At first, the crisis appeared as a problem of confidence between the banks of the developed economies, which aired rapidly in the interbank markets all over the world, causing insurmountable liquidity problems. The changes that occurred in recent decades in the operation of the international economy and the impact of globalization were the major factors of the great extent of this crisis.
In a very early phase, Europe had tried to found ways of institutional and legislative treatment of crisis’ negative consequences. It is considerable that common denominator of these tries was the fact that Europe had understand that previous rules of supervision and control of banks and financial markets were insufficient. Moreover, the strong influence of bank insolvency across the economy required the establishment of a regulatory framework that could intervene directly in the functions of each insolvent credit institution in order to avoid reflecting negative influences on public interest immediately.
In this context, the Euro summit on 29th June 2012, the Government of the EU Member States and Eurozone governments commend to the European Commission to submit specific legislative proposals, concerning the immediate operation of a monitoring mechanism for credit institutions as part of a wider policy for a future «European Banking Union». The institutional and regulatory developments that came after the decisions that had been made at a political level in 2012, were particularly important, culminating in the amendment of Directive 2001/24/EE about the reorganization and liquidation of credit institutions by setting a single and common framework. Specifically, as a result, it established the Directive 2014/59/2014 about the recovery and resolution of credit institutions and investment firms, known as «BRRD». The relevant provisions of this Directive were implemented in Greek juridical order, just until August 2015 with N. 4335/2015, despite the fact that the Greek banking crisis was the result of the financial crisis that affected the country and not the opposite.
The main feature of this legislative framework is the fast recovery of the insolvent credit institution, without the intervention of the judicial process and the contribution of the community. The purpose of this legislative effort is to preserve or even to restore the current financial situation of the credit institution, by adopting a whole raft of resolution measures but with a strong interventionist character on the acquired property rights of the institution's creditors. In this way, the compatibility of these measures with the relevant Constitution and the ECHR provisions becomes questionable. In response to this reservation, a part of theory indicates the necessity of these rules as a safeguard to the public interest, noting at the same time that this necessity complies fully with the basic principles of the Convention that are not other than the principle of proportionality and legality.
However, the public interest is not a superlative meaning able to overcome the questions about the marginal nature of these measures by itself. This is because the fundamental rights and especially private property rights, as a subject of international, European and national legal systems, do not have an exclusively individualistic orientation able to be overcome by this justification. Therefore, it is absolutely necessary to examine this legislative authority in the light of the contemporary social and economic conditions, out of respect to the core of the EU's institution, which is none other than the primary legislation.
Main subject category:
Social, Political and Economic sciences
Other subject categories:
Law and Legislation
Keywords:
Recovery, Public Interest, Resolution, Property Rights, Banking Institutions, Financial Crisis, Banking Crisis
Index:
No
Number of index pages:
0
Contains images:
Yes
Number of references:
52
Number of pages:
117
Π Ν ΖΑΧΑΡΟΠΟΥΛΟΥ_ΔΙΠΛΩΜΑΤΙΚΗ_BRRD_ΠΠΠ 1_17Σ.pdf (2 MB) Open in new window