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Palgrave Macmillan

The New Bail-In Legislation

An Analysis of European Banking Resolution

  • Book
  • © 2022

Overview

Authors:
  1. Angela Maria Maddaloni

    1. European Central Bank, Frankfurt, Germany

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  2. Giulia Scardozzi

    1. Roma Tre University, Rome, Italy

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  • Analyses the effects of the new resolution regime in European banking with the introduction of the bail-in tool
  • Contains analysis using unique central bank databases and of risk allocation
  • Offers a comprehensive analysis of the effects caused by funding, risk allocation and market reactions

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Table of contents (6 chapters)

  1. Front Matter

    Pages i-xiii
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  2. The New Bank Resolution Framework

    • Angela Maria Maddaloni, Giulia Scardozzi
    Pages 1-15

  3. Bank Funding Strategies After Bail-in Announcement

    • Angela Maria Maddaloni, Giulia Scardozzi
    Pages 17-32

  4. Risk Allocation and Bond Mis-selling After the Bail-in Directive

    • Angela Maria Maddaloni, Giulia Scardozzi
    Pages 33-48

  5. Bond Allocation After Bank Resolution Cases

    • Angela Maria Maddaloni, Giulia Scardozzi
    Pages 49-62

  6. Market Reactions to Resolution Events

    • Angela Maria Maddaloni, Giulia Scardozzi
    Pages 63-78

  7. Conclusion

    • Angela Maria Maddaloni, Giulia Scardozzi
    Pages 79-82

  8. Back Matter

    Pages 83-85
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Keywords

About this book

Financial stability is a pillar of well-functioning financial markets. After the last financial crisis, European policymakers harmonised banking regulation and revised the framework of banking resolution. The introduction of the bail-in legislation is a natural experiment to improve the understanding of banking resolution and how it affected the funding strategies of banks. This book assesses whether financial stability has been strengthened by the change in banks’ resolution policy with a focus on the bail-in. The book shows how banks changed their funding strategies, shrank their balance-sheets and relied more on deposits. The book will discuss inter-alia the mis-selling of bonds, which happened during 2012-2013, analysing whether the bond allocation changed after the bail-in launch. It discusses how the bail-in mechanism was deemed credible by equity holders and argues that the European case would have useful implications for third countries. Finally, the book relates this discussion to the possible collateral effects generated by the new resolution policy during and after the COVID-19 crisis, which will be of particular interest to researchers and policymakers in banking and financial institutions. ​

Authors and Affiliations

  • European Central Bank, Frankfurt, Germany

    Angela Maria Maddaloni

  • Roma Tre University, Rome, Italy

    Giulia Scardozzi

About the authors

Angela Maddaloni is Head of the Financial Intermediation Research Section in the Directorate General Research of the European Central Bank, where she has worked since 2001. Her research and policy interest cover a wide range of topics related to financial intermediation, macro-financial linkages, the transmission of monetary policy, credit and business cycles and the impact of financial regulation.

Giulia Scardozzi is a temporary research fellow at University of Roma TRE, Italy. She received her PhD in December 2020 at University of Roma TorVergta, Italy. 

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