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PART Ⅰ COUNTRY REPORTS3

Questionnaire for National Reports3

Australia&Terence Grady5

A.Introduction5

B.Management of International Bank Insolvencies5

C.The Liquidation of a Bank in an International Context8

D.Aftermath of an International Bank Insolvency10

E.Practical Experience13

Appendix14

Austria&Thomas Wagner and Birgit Sauerzopf15

A.Introduction15

B.Management of International Bank Insolvencies15

C.Supervisory Authorities16

D.The Liquidation of a Bank in an International Context22

E.Aftermath of an International Bank Insolvency24

F.Future Legislative Developments24

G.Any Outstanding Issues24

Brazil&Carlos Alberto Hagstrom27

A.Introduction27

B.Management of International Bank Insolvencies27

C.The Liquidation of a Bank in an International Context31

D.Aftermath of an International Bank Insolvency34

Canada&Deborah M.Duffy35

A.Introduction35

B.Management of International Bank Insolvencies36

C.The Liquidation of a Bank in an International Context45

D.Aftermath of an International Bank Insolvency48

E.Future Legislative Developments49

F.Efforts to Reduce the Risk of Insolvency in the Clearing and Settlement of Transactions51

Appendix: Further Reading53

France&Sophie Grenouilloux and Edouard Fernandez-Bollo55

A.Management of International Bank Insolvencies55

B.The Liquidation of a Bank in an International Context62

C.Aftermath of an International Bank Insolvency64

D.Future Legislative Developments65

E.Other Issues66

Hong Kong&Stefan Gannon and Karen Kemp67

A.Management of International Bank Insolvencies67

B.The Liquidation of a Bank in an International Context80

C.Aftermath of an International Bank Insolvency88

D.Future Legislative Developments91

E.Outstanding Issues92

India&S.C.Gupta and M.A.Batki95

A.Introduction95

B.Management of International Bank Insolvencies96

C.The Liquidation of a Bank in an International Context97

D.Aftermath of an International Bank Insolvency99

E.Future Legislative Developments: Electronic Funds Transfer100

F.Outstanding Issues100

Appendix 1: Selected Legislation101

Appendix 2: Issues for Consideration in International Insolvencies103

Italy&L.Cerenza and E.Galanti105

A.Management of International Bank Insolvencies105

B.The Liquidation of a Bank in an International Context112

C.Aftermath of an International Bank Insolvency116

Japan&Takashi Hamano117

A.Management of International Bank Insolvencies117

B.The Liquidation of a Bank in an International Context124

C.Aftermath of an International Bank Insolvency127

D.Future Legislative Developments128

E.Outstanding Issues129

Appendix 1: Overview of Existing Insolvency Procedures130

Appendix 2: Outline of the Prompt Corrective Action Program132

Appendix 3: Bibliography134

Appendix 4: Selected Legislation135

Korea&Legal Office, the Bank of Korea141

A.Management of International Bank Insolvencies141

B.The Liquidation of a Bank in an International Context147

C.Aftermath of an International Bank Insolvency147

D.Future Legislative Developments148

E.Outstanding Issues: Risk Reduction Policies in Payment Systems148

Appendix: Further Reading149

Mexico&Hector Tinoco Jaramillo151

A.Management of International Bank Insolvencies151

B.The Liquidation of a Bank in a International Context156

C.Aftermath of an International Bank Insolvency158

D.Future Legislative Developments160

E.Outstanding Issues162

Norway&Andreas Sand163

A.Introduction163

B.Management of International Bank Insolvencies163

C.The Liquidation of a Bank in an International Context167

D.Aftermath of an International Bank Insolvency170

E.Future Legislative Developments171

F.Outstanding Issues171

Appendix 1: Bibliography173

Appendix 2: Act on Guarantee Schemes for Banks and Public Administration, etc.of Financial Institutions, 6 December 1996, No.75174

Russia&K.Loubenchenko and S.Golubev189

A.Management of International Bank Insolvencies189

B.Future Legislative Developments194

Saudi Arabia&Mohammed Al-Sheaibi197

Spain&Francisco Javier Priego199

A.Management of International Bank Insolvencies199

B.The Liquidation of a Bank in an International Context201

C.Aftermath of an International Bank Insolvency203

D.Future Legislative Developments204

E.Outstanding Issues204

Appendix: Further Reading206

Sweden&Robert Sparve207

A.Introduction207

B.Management of International Bank Insolvencies207

C.The Liquidation of a Bank in an International Context210

D.Aftermath of an International Bank Insolvency212

E.Future Legislative Developments212

F.Outstanding Issues212

Switzerland&>Peter Merz and Marc Raggenbass213

A.Insolvency of Internationally Active Banks213

B.The Liquidation of a Bank in an International Context223

C.Aftermath of an International Bank Insolvency232

D.Future Legislative Developments234

United Kingdom&Antony W Beaves237

A.Introduction237

B.Management of International Bank Insolvencies237

C.The Liquidation of a Bank in an International Context243

D.Aftermath of an International Bank Insolvency252

E.Future Legislative Developments255

F.Outstanding Issues255

United States&J.Virgil Mattingly, Ann Misback, Melinda Milenkovich,Joyce M.Hansen and Joseph H.Sommer259

A.Management of International Bank Insolvencies259

B.The Liquidation of a Bank in an International Context270

C.Aftermath of an International Bank Insolvency274

PART Ⅱ CONFERENCE PAPERS281

Welcome Address&Andre Icard281

A.Globalization: will it create crises or offer a chance to prevent crises?281

B.Contribution of lawyers281

Role and Functions of Authorities: Supervision, Insolvency Prevention and Liquidation&Ernest T.Patrikis283

A.The Challenge: Systemic Risk283

B.Institutional Constraints: The Players284

C.Domestic Bank Insolvency: Goals285

D.Domestic Insolvency: Special Rules286

E.International Bank Insolvency: Some Questions287

F.Conclusion: The Need for International Supervisory Cooperation291

Central Banks with Supervisory Functions: The Example of Spain&Francisco Javier Priego293

Management Intervention as a Tool for Crisis Prevention: The Norwegian Act of 6 December 1996 on Guarantee Schemes for Banks and Public Administration&Bernt Nyhagen295

A.Introduction295

B.Clarifying the Issue295

C.Background and Reasons for the New Legislation296

D.The Relevant Authorities296

E.Notice of Payment Difficulties etc., ‘Crisis’ Criteria297

F.Management Intervention: Operational Restructuring298

G.International Scope of the Act299

H.Conclusion299

The Use of Securitization to Mobilize Liquidity and in Particular the Use of Specialized Mortgage Corporations&Stefan Gannon301

A.Introduction301

B.Liquidity Management301

C.Securitization as a Liquidity Management Tool303

D.The Hong Kong Experience304

E.Other Jurisdictions307

F.Securitization with Lender of Last Resort309

G.Conclusion310

Specific Cross-Border Problems Regarding Bank Insolvencies and European Harmonization Efforts&Diego Devos311

A.Introduction: Scope of the Presentation311

B.Cross-Border Insolvency Issues in Connection with Financial Transactions312

C.Cross-Border Insolvency Issues in Connection with Payment and Securities Settlement Systems: The New EU Directive on Settlement Finality314

D.Other European Harmonization Efforts in the Field of Cross-Border Bank Insolvencies321

Recent Polish Legislative Steps to Achieve Certainty with Regard to International Financial Contracts&Anna Jaszczynska327

Cooperation of Supervisory Authorities and Possible Harmonization of Applicable Rules&Daniele Nouy331

The UNCITRAL Model Law on Cross-Border Insolvency&Jernej Sekolec337

A.General Remarks337

B.Model Legislation （Not an International Treaty）339

C.Main Features of the Model Law340

D.Conclusion345

The Aftermath of an International Bank Insolvency:Introductory Remarks&Hector Tinoco Jaramillo347

Cushioning the Effects of Bank Insolvencies:Lessons from the Japanese Experience&Hideki Kanda349

A.Introduction349

B.The Japanese Experience350

C.Legal Aspects of Bank Failures352

D.International Issues: Cross-Border Insolvencies353

E.Conclusion354

Collateral in European System of Central Banks Credit Operations&Erwin Nierop355

A.Introduction355

B.Tier One and Tier Two Collateral357

C.Settlement Finality Directive357

D.Standards for the Use of EU Securities Settlement Systems in ESCB Credit Operations359

E.Correspondent Central Bank Model362

F.Conclusion362

Supervisory Liability: An Introduction to Several Legal Systems and a Case Study&Rene Smits and Ron Luberti363

A.Introduction363

B.Legislation in Several Other EU States365

C.Netherlands Law367

D.Influence of Community Law368

E.A Case Study370

Appendix: Selected Legislation381

PART Ⅲ ANNEXES387

Annex 1:UNCITRAL Model Law on Cross-Border Insolvency387

Annex 2:Directive 98/26/EC of the European Parliament and of the Council on Settlement Finality in Payment and Securities Settlement Systems397

Annex 3:List of Contributors405

Annex 4:Participants in the Workshop411

Index413