2011年-IMF国际货币组织全球_Germany_Technical_Note_on_Crisis_Management_Arrangements_25页_741kb

Germany: Technical Note on Crisis Management Arrangements (July 2011)

Core Content Overview

This document provides an analysis of Germany's crisis management arrangements in the context of the global financial crisis. It outlines the framework and measures taken by the German authorities to ensure financial stability, including the establishment of new institutions and the enhancement of existing mechanisms. The document also highlights the need for further improvements in coordination, transparency, and the development of more robust legal and procedural tools.

Key Recommendations

• Restructuring Fund: Ensure the financial strength of the new bank restructuring fund and clarify the interaction between the restructuring fund and various deposit insurance and mutual protection schemes.
• Crisis Management Framework/Bank Resolution: Strengthen the crisis management framework by:
  • Including provisions on resolution plans.
  • Clarifying the coordination process between BaFin and the FMSA.
• Introduce a complementary tool for the transfer of assets and liabilities suitable for all banks (not systemically relevant) to facilitate efficient resolution in corporate insolvency.
• Finalize exit strategies for government support to banks and require affected banks to develop strategic plans to reduce future need for assistance.
• Deposit Insurance Reform: Reform the deposit insurance regime by:
  • Extending the legal claim for the reimbursement of €100,000 to savings banks and cooperative banks' mutual protection schemes.
  • Introducing a harmonized and appropriate coverage limit for private deposit insurance schemes.
  • Ensuring adequate pre-funding for both statutory and private schemes.
  • Publicly disclosing key information on the financial strength of the schemes.
• Cross-Border Coordination: Develop further concrete procedures and tools ex ante for handling financial distress of German global banks, including burden sharing arrangements and conflict of laws in resolution plans.

Main Points and Key Information

Crisis Management Process and Coordination

• A new financial stability framework was introduced in October 2008, including the establishment of the Special Fund for Financial Market Stabilization (SoFFin) and the Federal Agency for Financial Market Stabilization (FMSA).
• Multiple agencies are involved in crisis management, including the BMF, BaFin, Bundesbank, and FMSA.
• The Standing Committee for Financial Market Stability (Ständiger Ausschuss) under the BMF coordinates interagency efforts on a high level.
• The FMSA steering committee includes representatives from the Chancellery, BMF, Ministry of Justice, Ministry of Economics and Technology, federal states, and the Bundesbank (in consultative capacity).
• A working group on bank resolution was formed in late 2010 to address specific bank resolution issues.
• The banking associations play a key role in administering private deposit insurance schemes and mutual protection schemes.

Financial Stability Measures

• Financial support measures included guarantees, recapitalizations, asset purchases, and the establishment of winding-up institutions.
• The volume of guarantees peaked at €174 billion, with only €64 billion remaining at end-2010.
• Recapitalizations amounted to €29.4 billion, of which €150 million was repaid by end-April 2011.
• The SoFFin fund was capped at €400 billion for guarantees and €80 billion for capital support/asset purchases.
• The winding-up institutions (EAA and FMS) were created to manage the assets and liabilities of failing banks such as WestLB and Hypo Real Estate Group (HRE).
• The "Bad-Bank" Act was passed in July 2011, allowing the establishment of winding-up institutions.

Bank Resolution

• The new bank restructuring law (2011) strengthens the crisis management framework by granting broad powers to the authorities.
• It includes the ability to transfer the banking business to another institution, including bridge banks.
• The transfer order is a key administrative tool, used when a bank's capital adequacy or liquidity falls below regulatory thresholds and poses systemic risk.
• BaFin must consult with the Bundesbank before exercising this power and document the joint assessment.

Deposit Insurance

• The deposit insurance regime is fragmented, with limited pre-funding and lack of transparency.
• The current coverage level of €100,000 is considered appropriate as it covers more than 90% of retail deposit accounts.
• Private deposit insurance schemes and mutual protection schemes are important, but their interaction with the restructuring fund needs clarification.
• The statutory schemes have a mandate to protect household deposits, which helped maintain depositor confidence during the crisis.

Liquidity Support and Cross-Border Issues

• The Bundesbank provides emergency liquidity assistance (ELA) in line with Eurosystem provisions.
• The Eurosystem has a range of monetary policy instruments to ensure liquidity in the financial sector.
• Cross-border coordination is in place, with a standing committee established to coordinate and facilitate discussions with foreign authorities.
• The German authorities are actively involved in international fora to develop procedures and tools for cross-border crisis management, especially for global banks.

Summary of Financial Support by SoFFin (End-April 2011)

Conclusion

The German authorities have implemented a comprehensive crisis management framework in response to the financial crisis. This includes the creation of new institutions, such as the FMSA and the winding-up institutions, and the introduction of a new bank restructuring law. However, challenges remain in terms of interagency coordination, transparency, and pre-funding of deposit insurance schemes. A more detailed exit strategy is required to phase out government support and ensure the long-term viability of the financial sector.