PREDLOG DIREKTIVE ZA OPORAVAK I REORGANIZACIJU BANAKA I INVESTICIONIH FIRMI

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1 pregledni naučni članak UDK : ; :336 Aleksandra Pajić University of Luxembourg, Faculty of Law, Economics and Finance sashkah@gmail.com PREDLOG DIREKTIVE ZA OPORAVAK I REORGANIZACIJU BANAKA I INVESTICIONIH FIRMI Rezime Predlog Direktive za oporavak i reorganizaciju banaka i investicionih firmi (engl. Proposal for a Directive establishing framework for the recovery and resolution of credit instituions and investment firms) je legislativni predlog Evropskog Parlamenta i Saveta sa osnovnom namenom rešavanja problema banaka koje su u finansijskim problemima i kojima preti bankrot. Odsustvo ove Direktive bilo je više nego primetno tokom poslednje finansijske krize, a kroz ovaj rad se sagledavaju očigledne prednosti njenog usvajanja, ali i neki manje očigledni nedostaci. Rad primljen: Odobren za štampu: Ključne reči: upravljanje finansijskim krizama, reorganizacija banaka, rana intervencija, sredstva reorganizacije JEL: G21, G28, G32, G33, K23 118

2 UDC : ; :336 scientific review article PROPOSAL FOR A DIRECTIVE ESTABLISHING FRAMEWORK FOR THE RECOVERY AND RESOLUTION OF CREDIT INSTITUTIONS AND INVESTMENT FIRMS Aleksandra Pajić University of Luxembourg, Faculty of Law, Economics and Finance sashkah@gmail.com Summary The Proposal for a Directive establishing a framework for the recovery and resolution of credit institutions and investment firms is a legislative proposal of the European Parliament and of the Council with the main objective of resolving problems of banks which are in financial distress and faced with bankruptcy. The absence of this Directive was more than evident during the latest financial crisis, and this paper offers an assessment of the obvious advantages for its adoption, but also some of its less apparent downsides. Key words: financial crisis management, bank resolution, early intervention, resolution tools JEL: G21, G28, G32, G33, K23 Paper received: Approved for publishing:

3 Uvod - Finansijska kriza kao pokretač legislativnih promena Usled globalne finansijske krize veliki broj banaka bio je suočen sa ozbiljnim finansijskim neprilikama. Broj likvidiranih banaka bio bi sigurno još veći da vlade širom sveta nisu preduzele vanredne mere u cilju očuvanja stabilinosti u bankarskom sektoru. Međutim, vlade su postupale u okvirima svojih nacionalnih zakona. Nedostatak međunarodnih pravila u ovoj oblasti, čak i unutar Evropske Unije koja je odmakla daleko u uspostavljanju zajedničkog finansijskog tržišta, bio je osnovni motiv za razmatranje EU okvira za upravljanje finansijskim krizama, čiji važan deo čine pravila i procedure namenjene za oporavak i reorganizaciju banaka. Postojeća pravila koja se odnose na stečaj i likvidaciju banaka koje su aktivne unutar Evropske Unije mogu se naći u Direktivi 2001/24 (engl. Directive on the reorganisation and winding up of credit institutions). 1 Direktiva se bavi pitanjem stečaja i likvidacije banaka koje su prisutne u više zemalja članica i to isključivo bankama koje imaju filijale u drugim zemljama. Nadležnost za postupak stečaja i likvidacije data je zemlji u kojoj banka ima pravno sedište, sa određenim izuzetcima koji se odnose na ugovore o radu, nepokretnosti i određene finansijske ugovore. 2 Pitanje stečaja i likvidacije podružnica EU banaka nije harmonizovano, odnosno uređeno je pravom zemlje domaćina. Pored toga, finansijska kriza je dokazala da mnoge zemlje članice, iako im je data nadležnost u slučaju banaka koje imaju sedište u njima, nemaju odgovarajuće materijalno pravo koje se odnosi na stečaj i likvidaciju banaka, što znači da nisu imale načina da se efektivno izbore sa bankama kojima je pretio najgori scenario. Posle obimnih javnih intervencija u bankarskom sektoru brojnih zemalja članica, kao i u slučajevima nekontrolisane propasti banaka, između ostalih, britanske Northern Rock, holandsko-belgijske Fortis i tri islandske banke (Glitnir, Kaupthing i Landsbanki), postalo je jasno da je neophodno uspostaviti EU režim koji bi se mogao primeniti na reorganizaciju svih prekograničnih banaka, kao i onih aktivnih samo u okviru granica jedne zemlje članice. Neke od zemalja članica, između ostalih Velika Britanija, Nemačka i Danska, su se odlučile na promenu ili donošenje potpuno novih nacionalnih zakona kako bi što bolje mogle da se izbore sa velikim brojem banaka kojima je pretila propast. 3 Reforme nacionalnih zakona bile su apsolutno neophodne i odmah su se pokazale više nego korisnim, međutim i dalje je postojala potreba za uvođenjem efektivnog rešenja za obnovu, reorganizaciju, uključujući i likvidaciju banaka na nivou Evropske Unije. S tim u vezi Komisija je započela sveobuhvatan proces konsultacija sa zainteresovanim stranama još i izdala brojne komunikacije, između ostalog o državnoj pomoći, prekograničnom upravljanu krizom u bankarskom sektoru, o fondu za finansiranje reorganizacije banaka. Konsultacije i komunikacije bile su priprema za usvajanje predloga Direktive za uspostavljanje okvira za oporavak i reorganizaciju banaka i investicionih firmi. 4 Predlog direktive: ciljevi, područje primene i osnovni principi Predlog Direktive usvojen je u junu sa ciljem uspostavljanja pravila koja će omogućiti nadležnim organima da intervenišu u bankama dovoljno rano, pri prvim naznakama finansijskih problema, ali i da sačuvaju osnovne bankarske funkcije u slučaju da finansijska situcija u banci nastavi da se pogoršava. Prvi cilj Direktive prema tome bio bi očuvanje ključnih bankarskih funkcija, a ne samih banaka 1 Direktiva 2001/24/EC Evropskog Parlamenta i Saveta od 4 Aprila 2001 o reorganizaciji i likvidaciji kreditnih institucija (OJ L 125, ). 2 Član 10 Direktive 2001/24/EC. 3 Velika Britanija je još započela ovaj proces, čiji konačni rezultat se nalazi u Banking Act Nemačka je usvojila Gesetz zur Reorganisation von Kreditinstituten or Kreditinstitute-Reorganisationsgesetz - KredReorgG, koji je stupio na snagu 1 januara dok je Danska koja je usvojila sveobuhvatan paket zakona u ovoj oblasti otišla najdalje u njihovoj primeni. 4 U punom nazivu Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directives 77/91/EEC and 82/891/EC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EC and Regulation (EU) No 1093/

4 Introduction: Financial crisis as a driver of legislative changes Due to the global financial crisis a large number of banks were faced with a serious financial distress. The number of liquidated banks would have certainly been much higher had the governments around the world abstained from undertaking urgent measures in order to preserve stability of the banking sector. However, governments were able to act only within the scope of their national regulatory framework. The absence of international rules in this field, even within the European Union itself, which had advanced very far in establishing the common financial market, served as the basic incentive for consultations on the EU framework for financial crisis management, with an important part covering rules and procedures for the recovery and resolution of banks. The current rules pertaining to the bankruptcy and winding up of banks which are active within the European Union may be found in the Directive 2001/24 (Directive on the reorganisation and winding up of credit institutions). 1 The Directive deals with the matter of bankruptcy and winding up of banks which are present in a number of member-countries, and this exclusively with banks having their affiliates in other countries. Competence for the bankruptcy procedure and winding up is granted to the country in which the bank has its legal headquarters, with certain exceptions pertaining to the labour contracts, immovables and certain financial agreements. 2 The matter of bankruptcy and winding up of the EU banks affiliates is not harmonised, i.e. it is regulated under the jurisdiction of the host country. In addition, financial crisis proved that many member-countries, although empowered in cases of banks having the registered headquarters therein, lack the adequate material law covering bankruptcy and winding up of banks, which means that did not have in place the ways to confront effectively those banks that were threatened by the worst-case scenario. After extensive public interventions in the banking sectors of many member-countries, and also in cases on uncontrolled bank failures, among them the British Northern Rock bank, Dutch-Belgian Fortis, and three Island banks (Glitnir, Kaupthing, and Landersbanki), it became clear that it is necessary to set up an EU regime that would be applicable to the resolution of all the cross-border banks, and also those active only within the borders of one member-country. Some of the member-countries, among them United Kingdom, Germany, and Denmark, decided to amend the existing or adopt completely new national laws in order to fight better the large number of banks threatened with collapse. 3 Reforms of national legislature were an absolute necessity and have promptly proved themselves to be more than useful, yet the need still remained for an introduction of effective solution regarding recovery, resolution, including winding up of banks on the European Union level. To that end, the Commission ventured into a comprehensive process of public consultations with the interested stakeholders as early as 2009, and issued many communiqués, among them those on government assistance, cross-border crisis management in the banking sector, and on the banks resolution financing fund. Consultations and communications were preparation of the grounds for the adoption of proposals for the Directive establishing a framework for the recovery and resolution of credit institutions and investment firms. 4 1 Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the recovery and winding up of credit institutions (OJ L 125, ). 2 Article 10 of the Directive 2001/24/EC. 3 United Kingdom had even as early as the year 2008 started this process, which resulted in the Banking Act Germany adopted Gesetz zur Reorganisation von Kreditinstitute-Reorganisationsgesetz - KredReorgG, which came into force on 1 January 2011, while Denmark, which adopted a comprehensive packet of laws in this field in 2011, was the country that progressed the furthest in their implementation. 4 Full title: Directive of the European Parliament and of the Council establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directives 77/91/EEC and 82/891/EC and Directives 2001/24/EC, 2002/47/ EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EC and Regulation (EU) No 1093/

5 po svaku cenu. Drugi cilj jeste prebacivanje tereta oporavka ili propasti banaka sa poreskih obveznika na vlasnike i poverioce banaka. Troškovi reorganizacije banaka mogu biti veoma visoki, ali održavanje u životu banaka koje više ne ispunjavaju ni osnovne uslove za dobijanje bankarske licence se pokazalo još skuplje tokom poslednje finansijske krize. Predlog da vlasnici i povericoci banaka snose troškove reorganizacije ključno je ne samo zbog smanjenja javnih troškova, nego i zbog slanja jasne poruke tržištu i umanjenja rizika zloupotreba. Predlog Direktive uređuje pitanje oporavka i reorganizacije banaka, investicionih firmi, njihovih podružnica koje su finansijske institucije, kao i firmi koje potpadaju pod nadzor kompanije roditelja na konsolidovanoj osnovi. Finansijske holding kompanije, mešane finansijske holding kompanije, a pod određenim uslovima i filijale finansijskih institucija koje imaju svoje pravno sedište van Evropske Unije takođe su pokrivene ovom Direktivom. Reorganizacija je definisana kao restruktuiranje navedenih finansijskih institucija sa svrhom obezbeđenja kontinuiteta njihovih osnovnih funkcija, očuvanja finansijske stabilnosti i ponovnog uspostavljanja vijabiliteta u delu ili celoj instituciji. Razlike između stečaja i likvidacije kompanija i oporavka, reorganizacije, a i likvidacije banaka uočljiva je već u principima na kojima su ovi pravni procesi zasnovani. Dok su reorganizacija pa i likvidacija kompanija vođeni privatnim interesima poverilaca i donekle zaposlenih, reorganizacija banaka je većinom zasnovana na javnom interesu. Javni interes ogleda se pre svega u zaštiti finansijske stabilnost i javnih finansija. Prema predlogu Direktive osnovni principi koje nadležni organi moraju uzeti u obzir prilikom svake reorganizacije banke su: obezbeđenje kontinuiteta osnovnih funkcija, izbegavanje značajnijih štetnih delovanja na finansijsku stabilinost, uključujući i prevenciju finansijske zaraze i održavanje tržišne discipline, zatim zaštita javnih finansija i to kroz minimalno oslanjanje na vanredne mere finansijske podrške, izbegavanje nepotrebnog uništavanja vrednosti i smanjenje troškova reorganizacije, kao i zaštita deponenata obuhvaćenih Direktivom 94/19 (engl. Directive on deposit-guarantee schemes) i investitora pokrivenih Direktivom 97/7 (engl. Directive on the protection of consumers in respect of distance contracts) i konačno, zaštita fondova i sredstava klijenata. Svi principi su načelno istog značaja, s tim da će nadležni organ odmeriti njihov značaj spram okolnosti svakog pojedinačnog slučaja. Predlog Direktive zapravo uzima u obzir javni interes, ali i privatne interese u bankarskom tj. finansijskom sektoru, pa su tako interesi pojedinih vrsta poverilaca uzdignuti na nivo principa. U svakom slučaju postojanje principa koji određuju svaku pojedinačnu preduzetu meru, kao i čitav proces reorganizacije, doprinosi pravnoj sigurnosti i transparentnosti u oblasti u kojoj je to u velikoj meri nedostajalo. Planiranje za slučaj nužde i rana intervencija Autori predloga Direktive nude novu strategiju za rešavanje problema u bankama u EU, a to je planiranje za slučaj nužde i rana intervancija. Planiranje za slučaj nužde podrazumeva nekoliko aktivnosti banaka, ali i organa nadležnih za bankarski sektor. Svaka banka (i investiciona firma) je dužna da sastavi i redovno ažurira plan oporavka za različite scenarije finansijski problematičnih situacija sa merama koje bi menadžment trebalo da preduzme u cilju poboljšanja likvidnosti, prikupljnja kapitala ili smanjenja rizika. Institucija zadužena za nadzor bankarskog sektora mora dati odobrenje na planove oporavka banaka. Planiranje za slučaj nužde uključuje i aktivnosti nadležnih organa za nadzor finansijskog sektora u svakoj zemlji članici u vidu redovnog izvođenja takozvanih stres testova. Organ zadužen za reorganizaciju u saradnji sa organom zaduženim za nadzor finansijskog sektora u svakoj zemlji članici dužan je da izradi plan reorganizacije za svaku finansijsku instituciju, odnosno finansijsku grupu u toj zemlji. Predlog Direktive zahteva od svake zemlje članice da odredi postojeći administrativni organ (npr. centralnu banku, ministarstvo finansija, organ nadležan za osiguranje depozita), ili pak da formira novi organ, koji će biti nadležan za reorganizaciju 122

6 Proposal for the directive: objectives, area of application, and basic principles Proposal for the Directive was adopted in June 2012 with the objective of establishing rules that will allow competent authorities to intervene in banks in a sufficiently timely and early fashion, at the emergence of the earliest signs of financial distress, but also in order to preserve and maintain the core banking functions running in case financial distress in a bank continues to escalate. The first objective of the Directive, therefore, was to preserve key banking functions, not preservation of banks themselves at any cost. The second objective is to transfer burden of recovery or collapse of banks from the taxpayers on to the owners and creditors of banks. Cost of banks resolution may be extremely high, but keeping banks alive, those that no longer fulfil even the basic requirements for banking licensing, has proved to be even more costly during the latest financial crisis. Proposal for the owners and creditors of banks to cover banks resolution costs is a key question, not only from the aspect of reducing public costs, but also from the view of sending a clear message to the market and mitigation of misappropriation risks. Proposal for the Directive regulates matters of recovery and resolution of banks (credit institutions), investment firms, their affiliates that are financial institutions, and also firms subject to the supervision of the parent company on consolidated basis. Financial holding companies, mixed financial holding companies, and under certain conditions also affiliations of financial institutions that are having their registered headquarters outside of the European Union, are also covered under this Directive. Resolution is defined as restructuring of the stated financial institutions with the objective of securing continuity of their core functions, preservation of financial stability and reestablishment of viability in one part or in the entire institution. The difference between bankruptcy and winding up of a company, and recovery and resolution, but also winding up of banks is perceptible already in the principles on which these legal processes are based. While resolution and even the winding up of a company are led by private interests of creditors and, up to a point, of employees themselves, resolution of banks is mainly based on public interest. Public interest is reflected primarily in the protection of financial stability of public finances. According to the Proposal for the Directive, the basic principles that the competent authorities must take into consideration in all cases of a bank resolution are the following: securing continuity of the core functions, avoidance of significant detrimental effects on financial stability, including prevention of financial contamination and keeping up market discipline, to be followed by the protection of public finances and this through a minimal reliance on extraordinary measures of financial assistance, avoidance of any unnecessary destruction of value and reduction of resolution costs, as well as protection of depositors as covered by the Directive 94/19 (Directive on deposit-guarantee schemes), and investors covered by the Directive 97/7 (Directive on the protection of consumers in respect of distance contracts), and finally, protection of funds and assets of clients. All the principles are as a rule of the same significance, provided competent authorities will ponder their significance in respect to the circumstances particular to each individual case. Proposal for the Directive actually takes into consideration the public interest, but also private interests in the banking and financial sector, so that the interests of individual types of creditors are elevated to the level of principle. In any case, the presence of principles determining each particular measure that is undertaken, but also the entire resolution process, contributes towards legal security and transparency in the field in which this was missing to a great extent. Planning for emergencies and early intervention The authors of the Proposal for the Directive are offering a new strategy for the solution of problems in banks in the EU, which is the planning for emergencies and early intervention. Planning for emergencies implies several bank activities, but also those of the authorities competent for the banking 123

7 banaka u skladu sa postavljenim ciljevima. Plan reorganizacije sadrži konkretne mere i tehnike koje će obezbediti kontinuitet ključnih funkcija banke. Organ zadužen za reorganizaciju u svakoj zemlji članici sprovešće i procenu spremnosti za reorganizaciju bez oslanjanja na javne finansije za sve banke, investicione firme, i finansijske grupe u okviru svoje nadležnosti. U slučaju da postoje neke smetnje za reorganizaciju u nekoj od banaka, organ zadužen za reorganizaciju zahtevaće da se one otklone u cilju lakšeg oporavka u slučaju finansijskih neprilika, na primer kroz promenu pravne ili organizacione strukture banke. Predlog Direktive takođe predviđa veće nadležnosti organa zaduženog za nadzor banaka, kao dopunu nadležnosti već datih u članu 136 Direktive 2006/48 (koja se odnosi na osnivanje i poslovanje banaka; engl. Directive relating to the taking up and pursuit of the business of credit institutions) dajući mu mogućnost da interveniše u banci u ranijoj fazi njenih finansijskih neprilika. Veće nadležnosti uključuju i zahtevanje da banka primeni mere iz svog plana oporavka, da sastavi program i raspored njegove implementacije, zatim sazivanje skupštine akcionara, davanje predloga za usvajanje određenih odluka na sazvanoj skupstini, zahtev da se zameni jedan ili više članova upravnog odbora, odnosno direktora, pa čak i postavljanje specijalnog menadžera koji bi u potpunosti zamenio upravu na određeni period, zatim zahtevanje plana restruktuiranja duga banke, zahtevanje svih informacija neophodnih za pripremu reorganizacije, kao i kontaktiranje potencijalnih kupaca. Rana intervencija, koja podrazumeva ulazak organa nadležnog za reorganizaciju u banku mnogo pre nego što ona postane insolventna, jeste mera u cilju zaštite finansijske stabilnosti. Pored toga, time se smanjuju i troškovi postupka, kao i gubici poverilaca, a što je najvažnije otvara se više mogućnosti od dosadašnjeg izbora između likvidacije i izbavljenja uz pomoć velike količine javnih finansija. Ipak, rana intervencija znači i da sav kapital banke još uvek nije iscrpljen pa postoji realna mogućnost da prava akcionara, ili druga vlasnička prava, budu ugrožena. Takva intervencija može biti opravdana samo širim javnim interesom i zahteva precizan izbor momenta aktiviranja ovih mera. Predlog Direktive navodi nekoliko potencijalnih momenata za početak intervencije, i to momenat kada je banka pretrpela, ili je vidljivo da će pretrpeti, gubitke koji će iscrpeti sav ili gotovo sav kapital banke, zatim kada aktiva postane, ili je jasno da će postati, veća od bančine pasive, ili kada je banka u nemogućnosti da plati dospele obaveze, odnosno vidljivo je da će to uskoro postati, kao i momenat kada solventna banka zahteva vanredne mere javne finansijske podrške u oblike privremene državne garancije. Mehanizmi reorganizacije i nadležnosti reorganizacionog organa U predlogu Direktive nalazi se nekoliko mehanizama reorganizacije banaka koje će nadležni organi biti u mogućnosti da primene. Svi mehanizmi počivaju na određenim principima, kao što su snošenje troškova reorganizacije od strane akcionara i poverilaca, obavezna zamena uprave banke, jednak tretman svih poverilaca u istoj klasi, kao i princip da nijedan poverilac ne sme biti u lošijem položaju zbog reorganizacije od onog u kom bi bio da je banka odmah likvidirana. Predlog Direktive navodi minimum mehanizama koji je svaka zemlja članica dužna da usvoji, uz mogućnost da nacionalne vlasti upotrebe i druge mehanizme dokle god su oni u skadu sa ciljevima i principima EU pravnog okvira za reorganizaciju banaka, kao i pravilima o javnoj pomoći. Minimum za svaku zemlju članicu predstavljaju četiri mehanizma i to prodaja dela ili cele banke, zatim formiranje privremene banke sa posebnom namenom, mehanizam razdvajanja sredstava banke i takozvani bail-in mehanizam. Ovi mehanizmi mogu biti upotrebljeni pojedinačno ili kumulativno, sa izuzetkom razdvajanja sredstava banke koji mora biti upotrebljen zajedno sa još nekim mehanizmom. Mehanizam prodaje omogućava organu nadležnom za reorganizaciju da proda celu banku ili deo banke bez prethodnog odobrenja akcionara ili drugih proceduralnih zahteva koji inače moraju biti zadovoljeni. S tim u vezi objavljivanje informacija o banci koja je u finansijskim neprilikama ili o pregovorima sa potencijanim kupcima može biti odloženo u 124

8 sector. Every bank (and investment firm) is obliged to set up and update on regular basis recovery plan for different scenarios of financial distressing situations, with measures that the management should undertake for purpose of improving liquidity, providing capital, or risk mitigation. Institution in charge of banking sector supervision must give its approval to the banks recovery plans. Planning for emergency cases includes also activities of the authorities in charge of supervision of the financial sector in every EU member-country. The body in charge of resolution, in cooperation with the body in charge of financial sector supervision, in every member-country must draw up a resolution plan for every financial institution, i.e. financial group in that country. The Proposal for the Directive requires every membercountry to appoint one of its already operating administration authorities (for example, central bank, ministry of finance, deposit-guarantee agency), or to form a new body that will be in charge of banks resolution, in accordance with the set up targets. Resolution plan contains concrete measures and techniques that will provide for the continuity of the core functions of a bank. The body in charge of resolution, in every EU member-country, will conduct an assessment of the readiness for resolution, without reliance on public finances for all banks, investment firms and financial groups, within its field of competence. In case of certain obstacles in resolution in one of the banks, the body in charge of resolution will demand for them to be removed for purpose of an easier recovery in case of financial distress, for example through the changes of the legal or organisational structure of the bank. Proposal for the Directive also offers higher competences for the body in charge of banking supervision, and supplement made to the competences already stipulated under Article 136 of the Directive 2006/48 (Directive relating to the taking up and pursuit of the business of credit institutions) giving an opportunity to the relevant body to intervene in the bank in an earlier phase of its financial distress. Higher competences include also the power to require a bank to apply measures from its recovery plan, to draw up a programme and schedule of its implementation, to convene shareholders meeting, give proposals for the adoption of certain decisions at the shareholders meeting so convened, to request replacement of either one or more members of the board of directors, i.e. CEO, and even appointment of a special manager who would fully replace the management for a certain period of time, and also request debt restructuring plan of the bank to be made, demand all information necessary for resolution preparation to be made available, but also contacting of potential buyers. Early intervention, which designates entry of the body in charge of resolution into a bank much earlier than the moment it becomes insolvent, is the measure aimed at protecting financial stability. In addition, this also lowers costs of the procedure, but also losses of creditors, and most importantly it opens more opportunities than the currently available choice between winding up and bailing out by means of a large quantity of public finances. Nevertheless, early intervention means also that the entire bank capital is still not exhausted, so there is a real possibility for the rights of shareholders, or other equity rights, to be jeopardised. Such an intervention may be justified only through a broader public interest and requires a precise choice of the moment when these measures may be activated. The Proposal for the Directive lists several of such potential moments for the start of intervention, and they are the moments when the bank had suffered, or it is obvious that it will suffer, losses that with exhaust all or almost all of the bank capital, then the moment when the assets become, or it is evident that they will become, higher than the bank s liabilities, or when the bank is unable to service its liabilities, i.e. when it becomes obvious that it will soon become unable to so proceed, and also the moment when a solvent bank requires extraordinary measures of public financial support in the form of a temporary state guarantee. Mechanisms for resolution and competences of the resolution authority The Proposal for the Directive contains several mechanisms for banks resolution that the 125

9 cilju zaštite stabilnosti finansijskog tržišta. Ovaj mehanizam omogućava organu nadležnom za reorganizaciju da prebaci na kupca (koji nije banka formirana sa posebnom namenom) akcije ili druge vlasničke instrumente, ili sve ili deo sredstava, prava ili obaveza banke koja je pod reorganizacijom, i to u jednom ili više sukcesivnih transfera. Prodaja mora biti izvršena u skladu sa određenim proceduralnim pravilima, odnosno mora biti transparenta koliko je moguće, finansijska stabilnost mora biti uzeta u obzir, a diskriminacija ili favorizovanje nekog od potencijalnih kupaca je zabranjeno. Cilj je maksimalna vrednost prodatih sredstava, ali to ne isključuje mogućnost da organ nadležan za reorganizaciju banaka kontaktira potencijalne kupce. Organ nadležan za reorganizaciju formiraće banku sa posebnom namenom i na nju prebaciti deo poslova, sredstava ili obaveza banke koja je u postupku reorganizacije i to bez prethodnog odobrenja akcionara, trećih lica ili ispunjenja proceduralnih zahteva koji inače važe u privrednom pravu. Banka sa posebnom namenom biće formirana radi kontinuiranog obezbeđivanja osnovnih funkcija i usluga klijentima, i biće rasformirana, ili pak vraćena na tržište, kada to uslovi na tržištu dozvole. Ova banka biće u vlasništvu jednog ili više javnih organa, od kojih jedan može biti i organ nadležan za reorganizaciju banaka, koji inače postavlja upravu takve banke i određuje sadržaj njenih osnivačkih akata. Organ nadležan za reorganizaciju banaka može prebaciti sredstva, prava ili obaveze na banku sa posebnom namenom u jednom ili više transfera, a zatim može iz banke sa posebnom namenom prebaciti ista na treća lica. Ova banka će prestati da postoji u slučaju pripajanja drugoj banci ili drugoj finansijskoj instituciji, u slučaju da treće lice kupi većinu kapitala, zatim ukoliko treće lice preuzme sva njena sredstava, prava i obaveze, kao i istekom vremenskog roka na koji je formirana. Taj rok iznosi najviše dve godine od momenta poslednjeg transfera sa banke u reorganizaciji na banku sa posebnom namenom. Ovaj rok može biti produžen još tri puta na period od po godinu dana ukoliko je izvesno da bi to dovelo do prodaje ili preuzimanja banke, ili je pak to nužno radi obezbeđivanja kontinuiteta osnovnih bankarskih funkcija ili usluga. Mehanizam razdvajanja sredstava banke praktično omogućava da organ nadležan za reorganizaciju podeli banku na dobar i loš deo, odnosno da loša i problematična sredstva prebaci u takozvanu lošu banku i postepeno ih se rešava. Ovaj mehanizam ne može biti samostalno upotrebljen kako ne bi uticao previše na konkurenciju i povećanje moralnog hazarda. Loša banka će biti u vlasništvu jednog ili više javnih organa, od kojih jedan može biti organ nadležan za reorganizaciju banaka, a koji će u svakom slučaju postaviti menadžere za upravljanje sredstima u lošoj banci. Kada su neki od ova tri mehanizma upotrebljeni samo na jednom delu banke ili njenih sredstava, ostatak banke će biti likvidiran, ali u periodu koji će omogućiti kontinuitet funkcija i usluga, posebno u onoj banci koja je preuzela zdrav deo banke ili koja je prošla kroz reorganizaciju, a sve u skladu sa pravilima za zaštitu akcionara i trećih lica. Bail-in mehanizam je jedna od novina koju je donela poslednja globalna finansijska kriza. Pruža određenu fleksibilnost nadležnim organima jer omogućava pretvarenje duga banke u kapital. U osnovnoj zamisli predstavlja izdavanje posebih dužničkih hartija od vrednosti ili drugih oblika potraživanja koje bi pod određenim okolnostima, kao što je recimo smanjenje kapitala ispod minimalne regulatorne vrednosti, bile pretvorene u kapital. Prema predlogu Direktive pak, predstavlja mogućnost pretvaranja svih oblika bančinih dugovanja u kapital, sem neophodnih izuzetaka kao što su na primer dugovanja sa sredstvima obezbeđenja ili depoziti obuhvaćeni obaveznim osiguranjem. Ovaj mehanizam obezbeđuje refinansiranje banke i time omogućava njeno restruktuiranje i povratak vitalnosti. Znači, koristi se sa ciljem dokapitalizacije banke kako bi ista ponovo imala dovoljno regulatornog kapitala, ili sa ciljem umanjenja duga koji je prebačen na banku sa posebnom namenom. Zemlje članice dužne su da obezbede da banke imaju dovoljno sopstvenih sredstava, kao i odgovarajućih obaveza, izražene u određenom procentu ukupnih obaveza, koje će omogućiti upotrebu ovog mehanizma. Procenat će između ostalog zavisiti od veličine, modela poslovanja i profila rizika banke, zatim od potrebe da određena banka bude spremna za reorganizaciju u 126

10 competent authorities would be able to apply. All of these mechanisms are based on particular principles, such as resolution costs covered by shareholders and creditors, mandatory replacement of the bank s management, equitable treatment of all the creditors in the same category, and the principle that no creditor will suffer a less favourable position due to the resolution than the one he would enjoy if the bank was promptly liquidated. The Proposal for the Directive specifies the minimum of mechanisms that every member-country must adopt, with the option for the national authorities to use some other mechanisms as well for as long as they are compliant with the objectives and principles of the EU legal framework for banks resolution, and the rules on public assistance. The minimum for every member-country are the four mechanisms as follows: the sale of one part or of the entire bank, then the formation of an interim special purpose vehicle bank, mechanism for division of bank assets, and the so-called bail-in mechanism. These mechanisms may be used individually or cumulatively, with the exception of division of the bank assets that must be deployed together with some other mechanism. Mechanism of sale allows resolution authority to sell the entire bank or a part thereof, without previous approval of the shareholders or any other procedural requirements that, otherwise, must be satisfied. In this respect, disclosure of information about the bank which is in financial distress, or on negotiations with potential buyers, may be postponed for purpose of protection of the financial market stability. This mechanism allows the resolution authority to transfer on to the buyer (which must not be the bank formed as a special purpose vehicle) shares and other equity instruments, or all or one part of assets, rights or liabilities of the bank in resolution, and this in one or several successive transfers. The sale must be conducted in accordance with the particular rules of procedure, i.e. it must be as transparent as possible, financial stability must be taken into consideration, while discrimination or favouring of any potential buyer is prohibited. The objective is to reach the maximum value of assets sold, but this does not exclude the option for the resolution authority of banks to contact potential buyers. Resolution authority will form the special purpose vehicle bank and transfer on to it one part of business operations, assets or liabilities of the bank which is in the process of resolution, and this without previous approval of the shareholders, third persons, or compliance with procedural requests, which are otherwise applicable in commercial law. The special purpose vehicle bank will be formed in ordered to provide for continuous execution of core functions and servicing of its clients, and will be closed, or returned to the market, when the market condition would so allow. This bank will be in the ownership of one or several public authorities, one of which may be the authority in charge of banks resolution, which would represent the management of such a bank and would decide on its articles of incorporation. The authority in charge of banks resolution may transfer funds, rights or liabilities on to the special purpose vehicle bank, in one or more transfers, and then may transfer such funds from the special purpose vehicle bank on to the third persons. This bank will cease to exist in case it is merged with another bank or another financial institution, in case the third person is to buy majority of capital, also in case a third person is to take over all of its assets, rights and liabilities, and when the time period for which it was establish shall expire. This time period may not exceed two years from the moment the last transfer from the bank in resolution is made to the special purpose vehicle bank. This period may be extended another three times, for a period of one year successively if it is ascertained that this would not cause a sale or acquisition of the bank, or in case this is necessary for purpose of securing continuity of the core banking functions or services. The mechanism for division of bank assets allows the resolution authority to divide the bank into its good and its distressed part, i.e. to transfer the bad or problematic funds into the so-called bad bank and gradually proceed with resolution. This mechanism can not be independently used in order to prevent its excessive influence on the competition and boosting of moral hazard. The bad bank will be in the ownership of one or more public 127

11 skladu sa ciljevima reorganizacije, od pozicije banke na tržištu, odnosno njene povezanosti sa drugim institucijama, kao i potencijanom uticaju na stabilnost tržišta koji bi njena propast izazvala. Ovaj mehanizam očigledno ima veliki uticaj na postojeće akcionare i organ nadležan za reorganizaciju banaka kada odluči da ga primeni moraće da otkaže postojeće akcije ili da značajno umanji njihovu vrednost prema propisanoj hijerarhiji potraživanja. Ukoliko je ovaj mehanizam upotrebljen, neophodno je doneti i plan sa merama za dugoročni oporavak banke koje moraju biti primenjene u roku od dve godine. Finansiranje reorganizacije Jedno od ključnih pitanja novog pravnog okvira za rešavanje problema u bankama jeste kako finansirati reorganizacije. Čini se da raste podrška ideji da banke same plaćaju za rešavanje sopstvenih problema po principu zagađivač plaća kao u pravu zaštite životne sredine. Primenjen na banke ovaj princip bi značio da teret snose vlasnici i poverioci banaka. Nekolicina zemalja članica već ima fondove za reorganizaciju banaka (npr. Nemačka, Švedska) ili je na putu da ih formira (npr. Luksemburg, gde ce ovaj fond biti pripojen već postojećoj šemi za osiguranje depozita), a prema predlogu Direktive uskoro će sve zemlje članice biti obavezne da formiraju nacionalne fondove za reorganizaciju banaka. Formiranje posebnih fondova za reorganizaciju banaka pokazalo se kao optimalno rešenje posle poslednje finansijske krize i prekomerne upotrebe nacionalnih budžeta za potrebe sanacije bankarskih sektora. Sve banke aktivne na prostoru EU ce biti dužne da finansiraju ove fondove koji će biti upotrebljivani samo za potrebe reorganizacije i pratećih administrativnih, pravnih i drugih troškova, ali ne i za izbavljanje banaka iz stečaja. Preciznije, sredstva iz fonda mogu biti upotrebljena za davanje garancija ili zajmova bankama u reorganizacii, podružnicama, bankama sa posebnom namenom ili lošim bankama, zatim za kupovinu sredstava u institucijama pod reorganizacijom, za doprinose bankama sa posebom namenom, za kombinaciju ovih aktivnosti, ili pak za podršku kupcu u slučaju upotrebe mehanizma prodaje cele ili dela banke. Sredstva iz fonda biće upotrebljena tek pošto su sva dostupna sredstva vlasnika i poverilaca banke iscrpljena. Fondovi će se formirati u zemljma članicama u toku od deset godina od stupanja Direktive na snagu, a ciljani iznos jeste jedan procenat od depozita pokrivenih Direktivom 94/19 u bankama na njihovoj teritoriji. Priloge za fond banke će morati da daju najmanje jednom godišnje dok se ne dostigne željena suma, i to spram količine obaveze banke i rizičnosti poslovanja. U principu banke će priloge davati ex ante, pre nego što se javi potreba za reorganizacijom. Jednako važno je obezbediti i neku vrstu ex post finansiranja ukoliko se pokaže da su troškovi reorganizacije veći od obezbeđenog iznosa, kao što su dodatni prilozi banaka na teritoriji zemlje članice, kao i pozamljivanje od svih drugih postojećih finansijskih aranžmana i fondova u drugim zemljama u okviru EU, kao i šema za osiguranje depozita. Zaštita akcionara i trećih lica Reorganizacija podrazumeva i značajno zadiranje u prava vlasnika, poverilaca i drugih strana u ostalim bančinim ugovorima. Iako je to zadiranje u velikoj meri opravdano interesima koji su predstavljeni kao ciljevi reorganizacije, određena zaštita ovih prava je ipak nužna radi pravne sigurnosti. Poseban obzir prema pravima vlasnika, poverilaca i drugih ugovornih strana mora biti uzet u slučaju parcijalnog transfera, odnosno prenosa samo dela banke, dela njenih sredstava ili obaveza na treće lice, bilo u slučaju prodaje, formiranja banke sa posebom namenom ili tzv. loše banke. U slučaju parcijalnog transfera oni akcionari i poverioci čija potraživanja nisu prebačena imaju pravo na nadoknadu u iznosu koji bi primili da je banka odmah likvidirana, odnosno da nije prošla kroz reorganizaciju. To je princip po kome nijedan poverilac banke ne sme da prođe gore, odnosno dobije manje, u postupku reorganizacije nego što bi mu sledovalo u slučaju likvidacije banke. Isti princip važi i ukoliko je primenjen bail-in mehanizam. Određivanje tog iznosa izvršiće nezavisni procenitelj u skladu sa propisanom metodologijom. 128

12 authorities, one of which may be the banks resolution authority, which will in every case, appoint managers to manage assets in the bad bank. When some of these three mechanisms is applied on only one part of the bank or its assets, the rest of the bank will be liquidated, but this in the period which will allow for the continuity of functions and services to be maintained, especially in the bank which had taken over the sound part of the bank, or which had passed through the resolution, all in accordance with the rules for protection of shareholders and third persons. The bail-in mechanism is one of the novelties brought about by the latest global financial crisis. It offers a certain flexibility to the competent authorities as it allows for conversion of the bank s debt into capital. Its basic idea is that it is a form of issuance of special debt securities or other forms of claim, which in certain circumstances, such as say lowering of capital below the minim regulatory value, would be converted into capital. According to the Proposal for the Directive, nevertheless, it represents an option for conversion of all forms of bank debts into capital, save the necessary exceptions such as, for example, debts in securitisation funds or deposits covered by mandatory insurance. This mechanism secures refinancing of the banks and thus enables its resolution and restored vitality. Therefore, it is used for purpose of bank recapitalisation in order to allow the bank to have again sufficient regulatory capital required, or for purpose of reducing debt which is transferred on the special purpose vehicle bank. Member-countries must assure that the banks are having sufficient amount of their own assets, and corresponding liabilities, expressed in a certain percentage of the total liabilities, which will allow for the use of this mechanism. This percentage will depend, among other, on the size, business model and the risk profile of the bank, but also on the requirement for the given bank to be ready for the resolution in accordance with the objectives of such a resolution, on the position that the bank has on the market, i.e. its connections with other institutions, and also on the potential impact on the market stability that its failure would produce. This mechanism obviously had a great impact on the actual shareholders and the bank resolution authority, as in the case it should decide to apply the mechanism, it would have to cancel the current shares or significantly reduce their value according to the prescribed hierarchy of claims. In case this mechanism is applied, it is necessary to prepare a plan with measures for a long-term recovery of the bank which must be applied within a period of two years. Resolution financing One of the key issues in the new legal framework for the solution of problems in banks is how to finance resolution. It would appear that there is a growing support for the idea of the banks themselves funding their own problems resolution along the principle polluter pays, as stipulated in the legislation on environment protection. When applied on banks, this principle would mean that the burden is borne by owners and creditors of banks. Several member-countries have already set up funds for banks resolution (for example, Germany and Sweden), or are on the way to forming them (for example, Luxembourg, where this fund will be joined to an already present deposits-guarantee scheme), and according to the Proposal for the Directive, all of the member-countries will be soon obliged to form their national funds for banks resolution. Establishment of special banks resolution funds proved to be an optimum solution in the aftermath of the latest financial crisis and the excessive use of national budgets for the needs of recovery in the banking sectors. All the banks active in the EU will be obliged to finance such funds that will be used only for the recovery needs and financing the accompanying administrative, legal and other costs, but not for the bailing out of banks from bankruptcy. More precisely, money from the fund may be used for giving guarantees or loans to banks in the resolution procedure, to its affiliates, to special purpose vehicle banks, or to the bad banks, but also may be used for purchase of assets in the institutions that are in the resolution process, for contributions to special purpose vehicle banks, for combination of these activities, or for support to the buyer in case the mechanism of sale of an entire bank or 129

13 Efektivna primena mehanizama reorganizacije zahteva i da organ nadležan za reorganizaciju banaka ima mogućnost da privremeno zabrani poveriocima i drugim ugovornim stranama da izvrše, ubrzaju ili okončaju svoje ugovore sa bankom. Takva zabrana prema predlogu Direktive trebalo bi da traje najduže do kraja narednog radnog dana u odnosu na dan u kome je započela reorganizacija, što daje dovoljno vremena za utvrđivanje i procenu ugovora pre prenosa istih na neko treće solventno lice. Prenos ugovora sa banke na treće lice neće se tretirati kao neispunjenje ugovorne obaveze koje daje pravo na raskid ugovora. Ovakva ograničenja ugovorih prava su neophodna za efikasno sprovođenje reorganizacije, ali je isto tako potrebno obezbediti i određenu zaštitu drugih ugovornih strana u bančinim ugovorima, kao što su zabrana razdvajanja povezanih obaveza, sredstava i prava u slučaju parcijalnog transfera. Povezani finansijski aranžmani, kao što su netiranje, prebijanje, sredstva obezbeđenja, strukuirani finansijski aranžmani, kliring sistemi, moraju biti svi ili prebačeni ili zadržani u banci pod reorganizacijom, ali ne smeju biti razdvojeni. Zaštita prava akcionara i poverilaca omogućena je i kroz eventualnu sudsku proceduru po završetku administrativnog postupka reorganizacije. Međutim sud će moći da procenjuje samo legalnost odluke ili postupka, dok je procena valjanosti dozvoljena samo ukoliko postoji jasan dokaz o grešci ili zloupotrebi ovlašćenja organa nadležnog za reorganizaciju banaka. Zaključak Predlog Direktive o oporavku i reorganizaciji banaka i investicionih firmi predstavlja značajan pomak u rešavanju finansijskih problema u bankama, nudeći alternative stečaju i likvidaciji. Takođe, Predlog nudi nadu da će naredna finansijska kriza biti lakše i brže rešena, barem u okviru Evropske Unije, pošto će pravila o opravku i reorganizaciji banaka uskoro činiti sastavni deo finansijske zaštitne mreže svih zemalja članica. Ipak, Direktiva neće rešiti sve potencijalne probleme u ovoj oblasti. Stadardni postupci reorganizacije i likvidacije kompanija pokazali su se neprimerenim za rešavanje sličnih problema u bankama, jer su spori, glomazni i ne uzimaju u obzir javni interes, izražen posebno u potrebi za očuvanjem finansijske stabilnosti. Postupci ponuđeni u predlogu Direktive zato predstavljaju brza rešenja prilagođena potrebama i osobenostima banaka i finansijskog sektora. Dobro osmišljen režim oporavka i reorganizacije banaka neophodan je ne samo tokom finansijske krize, već i u normalnim ekonomskim uslovima kao podsticaj za formiranje odgovarajućih struktura i načina poslovanja banaka. Takođe, postojanje ovakvog režima znači i da troškovi izbavljanja pojedinačnih banaka više neće biti finansirani iz fiskalnih sredstava zemalja članica, ili barem ne u istoj meri kao tokom poslednje krize, čime će se izbeći i pretpostavka nužnog izbavljenja svake banke i smanjiti moralni hazard. Ostaje pitanje koliko uspešno će troškovi oporavka i reorganizacije banke koja je aktivna u više zemalja biti podeljeni među pogođenim zemljama, jer fondovi koji će biti formirani sa ciljem pokrivanja tih troškova ostaće u rukama nacionalnih vlasti. Usvajanje ove Direktive zahteva i određene izmene važećih pravila kompanijskog prava, posebno onih koje se odnose na prava poverilaca i akcionara. Predlog Direktive dozvoljava odstupanja od određenih pravila, recimo onih u kojima se zahteva odobrenje poverilaca ili akcionara za određene postupke, a sve u cilju efikasnosti i brzine reorganizacije banaka, što svakako nije bez uticaja na pravnu sigurnost. Minimalna harmonizacija pravila koja se odnose na oporavak i reorganizaciju banaka (i drugih finansijskih institucija obuhvaćenih predlogom Direktive) će sigurno doprineti koordininiranju akcija u slučaju banaka koje su aktivne u više zemalja članica, ali biće potrebno više raditi na pravilima koja se odnose na EU banke koje posluju i van granica Evropske Unije. Međutim, to nije pitanje koje se tiče samo Evropske Unije. Rešenje za banke koje su istovremeno aktivne u zemljama EU i van EU ponuđeno u predlogu Direktive je formiranje tzv. reorganizacionih kolegijuma. Reorganizacioni kolegijumi biće sastavljeni od nacionalih vlasti pogođenih zemalja, ali ostaje sumnja u efikasnost ovakvog rešenja, jer su slični pokušaji kooperacije i koordinacije 130

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