2016年-FSB全球金融稳定委员会_Guiding_principles_on_the_temporary_funding_needed_to_support_the_orderly_resolution_of_a_global_systemically_important_bank_G_18页_386kb

Summary of Guiding Principles on Temporary Funding for G-SIB Resolution

Introduction

The Financial Stability Board (FSB) identified temporary funding as a critical issue in the resolution of global systemically important banks (G-SIBs) in its 2014 report. This issue remains unresolved and is essential for completing the SIFI reform agenda. Temporary funding is necessary to address liquidity shortfalls that may arise during the resolution process, particularly due to the inability of G-SIBs to roll over short-term liabilities or access alternative credit sources. The FSB has developed guiding principles to ensure that temporary funding supports orderly resolution while minimizing adverse effects on financial stability and reducing moral hazard risks.

Objectives and Principles

The guiding principles aim to:

• Encourage and maintain private sector funding in resolution.
• Establish credible public sector backstop mechanisms when private funding is insufficient.
• Minimize moral hazard by imposing strict conditions on public funding.
• Ensure mechanisms for recovering losses incurred during resolution.
• Promote the soundness and feasibility of resolution plans.
• Facilitate cross-border cooperation for G-SIBs.

These principles align with the FSB Key Attributes (KA 6) and are intended for use by Crisis Management Groups (CMGs) and relevant authorities in developing resolution plans.

1. Private Sources of Funding

Private funding should be the preferred source to reduce reliance on public support and minimize moral hazard. Authorities should:

• Consider the timing of resolution entry and its impact on collateral availability.
• Ensure G-SIBs have the operational capacity to identify and mobilize assets as collateral.
• Develop a communication strategy to inform market participants about the resolution and restructuring plan.
• Implement a disclosure policy for timely and adequate public disclosure.
• Provide regular updates on resolution progress.

Private funding formats may include:

• Private consortiums: Financial sector groups may pool resources to provide funding, though this is limited under stress.
• Privileged "super-priority" funding: Such as debtor-in-possession financing, which can provide immediate liquidity but is unlikely to meet large funding needs for G-SIBs.

Public sector guarantees may be used to incentivize private funding, provided they are appropriately priced and time-limited.

2. Public Sector Backstop Funding Mechanism

An effective public sector backstop mechanism is essential to support orderly resolution and maintain market confidence. Key characteristics include:

• Size: Sufficient to support multiple G-SIBs and critical functions.
• Timing: Ability to provide rapid liquidity, including intra-day facilities.
• Term: Should be as long as needed to maintain critical functions but allow for a return to private funding.

The mechanism should be available when necessary and subject to conditions that reinforce market discipline and reduce moral hazard.

3. Strict Conditions to Minimise Moral Hazard Risk (KA 6.4)

Public sector backstop funding should only be used when:

• Private funding is insufficient.
• Funding is necessary to maintain financial stability and implement the preferred resolution strategy.
• Conditions are in place to minimize moral hazard.

These conditions may include:

• Preconditions for access: Recapitalization and regulatory solvency compliance.
• Intensified supervision: Enhanced oversight during the provision of temporary funding.
• Collateral haircuts: Prudently set to ensure repayment from the firm's assets.
• Pricing: Rates should be set to encourage a return to private markets.
• Exit incentives: Conditions to promote timely withdrawal from public funding.

Balancing market confidence and moral hazard is crucial when setting these conditions.

4. Provisions to Recover Any Losses Incurred (KA 6.2)

Losses from temporary public funding should be recoverable from:

• Shareholders and unsecured creditors under the "no creditor worse off than in liquidation" safeguard.
• The financial system more broadly if necessary.

Recovery mechanisms may include:

• Privately financed mechanisms or ex post recoupment.
• Risk-based premiums levied on deposit insurance or resolution funds.

These provisions ensure that public funding does not expose taxpayers to loss.

5. Establishing the Soundness and Feasibility of the Resolution Plan

Resolution plans must include a section on temporary funding that:

• Describes contingency measures for liquidity stress.
• Identifies and outlines the use of collateralized assets.
• Details private and public funding sources.
• Outlines how the firm will maintain access to central bank facilities.
• Specifies the preferred funding sources and potential obstacles.
• Describes relationships between private and public funding.
• Addresses liquidity needs in different currencies.
• Defines conditions for accessing payment and settlement systems.
• Includes potential exit strategies from public funding.

The plan should be flexible to accommodate various resolution scenarios.

6. Cross-Border Cooperation

For cross-border G-SIBs, cooperation between home and host authorities is essential. Key aspects include:

• Clear division of responsibilities based on national law and policy.
• Effective information-sharing to assess group and subsidiary risks.
• Coordination to ensure consistent and effective implementation of resolution plans.

This cooperation is vital to understanding the liquidity profile of the G-SIB group and its impact on the financial system.