On 9 October 2009, a three-judge panel of the Supreme Court issued a judgment (file no. IV CSK 145/09), in which it ruled that the Polish legal system provides for the possibility to secure claims under a parallel debt (created under foreign law).
Facts of the case
HM Treasury has issued a press release stating that the Government welcomes the European Commission's approval of the restructuring of the Royal Bank of Scotland and State Aid approval for the Asset Protection Scheme.
View Government welcomes approval of RBS restructuring, 14 December 2009
The British Bankers’ Association has released the following statement on bank restructuring:
DSB Bank (DSB), a small Dutch lender, has been declared bankrupt on 19 October 2009. Other Dutch banks will now have to guarantee DSB's deposits. The Dutch central bank said on 19 October 2009 that it had activated the national deposit guarantee system to deal with the bankruptcy, and that it expects eligible depositors to be reimbursed by Christmas. The banks will have to pay into the guarantee system in proportion to their market share.
The Treasury has published the Financial Markets and Insolvency (Settlement Finality) (Amendment) Regulations 2009, which will come into force on 1 October 2009. They will amend the Financial Markets and Insolvency (Settlement Finality) Regulations 1999, following changes in insolvency law.
Generally, financial services firms in Germany (Finanzdienstleistungsinstitute) are mandatory members of a protection scheme (Entschädigungseinrichtung der Wertpapierhandelsunternehmen - EdW). Members of this protection scheme are obliged to make regular financial contributions.
In 2005 Phoenix Kapitaldienst GmbH became insolvent and the EdW is due to pay out to Phoenix investors compensation which totals more than 100 million Euros. However, the EdW has insufficient funds to cover the entire amount due.
Introduction
In this Banking Reform updater we examine the single resolution mechanism (SRM), which together with the single supervisory mechanism (SSM) (Banking Reform updater 10) forms the key pillars of the EU Banking Union.
What is the SRM?