Interaction national - European private law and bank insolvency law (Recovery and Resolution Directive)
PhD student: Mrs L.G.A. Janssen
Promotors: Prof W.A.K. Rank, Prof M.N. Haentjens
Duration: 15/10/2013 - 14/10/2017
In several member states of the European Union tools and powers have been granted to national authorities to intervene in weak or failing financial institutions. The European recovery and resolution directive (hereinafter Directive ) aims to harmonize this bank insolvency law and establishes a framework for the recovery and resolution of banks and investment firms. Competent authorities will have powers to transfer assets, liabilities and shares of an institution to another party. However, differences between the private law systems in the member states of the European Union exist. This is likely to cause national differences in the elaboration of the recovery and resolution regimes, especially since the Directive is described as minimum harmonization. The central theme in this study will be the relationship and interaction between national contract law, law of obligations and property law and European bank insolvency law. The aim of the study is to investigate how Dutch, German, English and French contract law, law of obligations and property law relate to European bank insolvency law, especially with regard to the powers of authorities to transfer assets, liabilities and shares of a bank to another party. The study examines the similarities and differences in principles and formalities that exist in the national private law systems with regard to these powers. In addition, the study also addresses the question what should be the effects of any differences. Does the Directive have a harmonizing effect on private law in Europe? To what extent a harmonization of bank insolvency law requires harmonization of private law? Which recommendations can be made to the Dutch legislator to ensure that Dutch private law and Dutch bank insolvency law are optimally coordinated with the objectives of the Directive? Which recommendations can be made to the European legislator to ensure that European bank insolvency law is coherent with national private law?