ZBB 2024, 70

RWS Verlag Kommunikationsforum GmbH & Co. KG, Köln RWS Verlag Kommunikationsforum GmbH & Co. KG, Köln 2199-1715 Zeitschrift für Bankrecht und Bankwirtschaft ZBB 2024 ArticlesLuis Domingos Silva Morais*

Cross-Border Bank Resolutions and its Challenges

This article comprehends a very selective analysis of some aspects deemed of extreme relevance to ensure effective cross-border resolution strategies, dealing with global systemically important banks G-SIBS, and also involving financial institutions with no systemic dimension but which operate in multiple jurisdictions. It is discussed, namely, the fact that G-SIBS, as Credit Suisse, and other multi-jurisdictional groups, highlight critical issues of resolution planning when dealing with several jurisdictions. Secondly, this analysis also highlights particular problems in implementing cross-border resolution strategies to be applied to some banking sub-sectors, namely as regards the case study of cooperative banks, which are an important part of the European financial landscape. Thirdly, the article briefly addresses some critical issues of bail-in when dealing with private actors from different jurisdictions.
This overall analysis starts from a critical discussion of the financial turmoil of March 2023, debating if this might have affected the relevance and credibility of resolution regimes.


  • I. Introductory Remarks
    • 1. Resolution regimes and the recent financial turmoil
    • 2. Key factors underlying the recent financial turmoil
    • 3. Analytical roadmap on cross-border resolution issues
    • 4. The EU resolution regime and the CMDI Proposal
    • 5. Foreseable outcome of the CMDI Proposal
  • II. G-SIBS – Multi-Jurisdictional Groups and Critical Issues of Resolution Planning
    • 1. Scope of intervention of the SRB and cross-border resolution issues
    • 2. Cross-border issues pertaining to resolution planning
    • 3. Coordination between different jurisdictions
    • 4. Resolution planning and bilateral agreements involving different jurisdictions
  • III. A Particular Case Study – Cooperative Banks
    • 1. Diversity of the European banking system – the case of cooperative banks
    • 2. Particularities of cooperative banking groups and cross-border resolution issues
    • 3. Supranational networks of cooperative banks
  • IV. Critical issues of bail in in scenarios involving different jurisdictions
    • 1. Preliminary considerations
    • 2. Bail-in and suspension of dealings of securities
      • 2.1 Bail-in of debt issued under the law of another jurisdiction
      • 2.2 Write-down of equity and CSDs
      • 2.3 Resolution funding
  • V. Concluding remarks
Professor of Lisbon Law University (FDUL); Jean Monnet Chair (Economic Regulation in the EU); Chairman CIRSF (Research Centre on Supervision and Regulation of the Financial Sector); Vice Chair of Appeal Panel of the Single Resolution Board/SRB; Chair of the Supervisory Council of the Portuguese Insurance and Pension Funds Supervisory Authority (ASF). Attorney-at-law (Founder and managing partner of LSM Advogados, Law Firm, based in Lisbon).

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