Research On Recovery And Resolution Plans Of Systemically Important Bank

In 2008,the financial crisis caused by the subprimemortgage crisis swept across the world.The huge destructive power,the ambiguous regulatory attitude of regulators,and the vacillating regulatory strategy broke people’s worship of large financial institutions and trust in regulators.Many countries with advanced financial supervision systems,including the United States,the United Kingdom,the European Union and Japan,seek to establish more advanced supervision methods to solve the current common problem of "moral hazard" caused by "sophomore can not fail".The International Monetary Fund,Basel Committee on banking supervision,financial stability Council and other international financial organizations work together to call for the establishment of a new system to solve the moral hazard problem of "sophomore can not fail",that is,the bank recovery and disposal plan system.This system has the ability to identify the banks with systemic importance first,secondly,it is necessary to strengthen the prudential supervision of macro financial system to ensure the stable development of financial industry,and then to improve the orderly,efficient and rapid exit ability of banks with systemic importance function.The basic principle of the system is that banks should use up market resources,and the loss of banks should be based on the principle of who gains and who loses,so that shareholders and investors bear corresponding risks,and focus on the protection of financial security of financial consumers,depositors and taxpayers.Through legislation,the system framework of recovery and disposal plan of systemically important banks is constructed.By allocating supervision authority and responsibilities,and combining various standards,it is used to ensure the enforceability of recovery and disposal plan,and solve the core problems such as timing,efficiency and starting subject in the commencement standard of recovery and disposal plan system through legislation.By determining the starting standard The qualitative and quantitative standards of the regulatory body can improve the efficiency,accuracy and appropriateness of the regulatory authorities when initiating the recovery and disposal plan.Compared with the traditional systemically important banks in China,when they are in crisis,the government will provide all kinds of help,providing implicit guarantee and sometimes explicit guarantee.Many financial institutions,especially banks,have found out the central bank’s core characteristics of stabilizing the macro market economy.Such rescue principles are not conducive to reducing the moral hazard of banks,increasing the uncertain burden of public finance,breaking the environment of fair competition in the financial market,and disturbing the regulatory order.Especially in the post crisis era,China’s traditional disposal mode no longer has the legitimacy of using taxpayers’ public funds to solve the problems of banks in crisis.Referring to international standards and the experience of countries and regions with more perfect financial regulatory systems,combined with the legislative basis and judicial environment related to bank crisis disposal in China,the institutional framework of recovery and disposal plan of systemically important banks is constructed on the premise of ensuring that the disposal objectives and disposal purposes have laws to abide by.Through the allocation of regulatory powers and responsibilities,combined with various practices and standards,to ensure the enforceability of the recovery and disposal plan,through the way of legislation to solve the core problems of the recovery and disposal plan system startup standard,such as the timing,efficiency,startup subject,etc.,through the determination of the qualitative and quantitative standards of the startup standard,to improve the regulatory authority’s ability to start the recovery and disposal plan Appropriate,accurate and efficient.The conclusion of this paper is: through the reform of China’s traditional disposal mode,build and improve the legal system of recovery and disposal plan of systemically important banks in China,and provide a rational expectation for the market by ensuring that the market plays a decisive role in resource allocation.At the same time,compared with China’s traditional disposal mode,this paper designs and improves the legal system of recovery and disposal plan of systemically important banks,including: through the legislative mode,constructing the framework of the recovery and disposal plan system,including the main body of the recovery and disposal plan,the renewal procedure of the plan,the disposal institution of the system,the disposal right,the disposal procedure,and the recovery and disposal mechanism It is the necessary measures of disposal plan system,and the relief way of shareholders and creditors who transfer part of their rights and interests.First,we should change the characteristics of the traditional large-scale financial institutions,such as the uncertainty,instability,over reliance on the rule of man and illegal rule of law,prevent the abuse of public funds of the Ministry of finance by law,return those belonging to the market to the market,and determine the regulatory conditions of the state regulatory authorities.Through the institutional framework,we can redistribute the main body of responsibility in the banking crisis,return the risk of the financial market to the shareholders and creditors,encourage the management and shareholders to perform their duties more actively,operate prudently,adjust the investment strategy,control the risk preference,and reduce the moral risk.Not only in order to show the fairness and controversy of the law,but also in order to ensure the legitimate rights and interests of every market subject and maintain the order of fair competition in the financial market,we must determine the use mode and legitimacy of public resources through the way of law.This paper improves the recovery and disposal plan system of systemically important banks mainly through the following aspects.The first is the basis of construction.The research of this paper is based on the existing system,including the theoretical basis of the existing system for improving the legal system of recovery and disposal plan of systemically important banks,and what new rights and obligations the new system will bring to the existing regulatory agencies.The second is to improve the allocation of power organs in the recovery and disposal plan system of systemically important banks,including the power of overall coordination,the right to formulate the framework of the recovery and disposal plan,the right to start the recovery and disposal plan,the right to dispose of the recovery and disposal plan,and the right to relief of shareholders and creditors who have transferred part of their interests.The third is the design of disposal procedure.By referring to the establishment of the recovery and disposal plan system of systemically important banks and the latest international institutional arrangements of the relevant laws on the supervision and disposal.Following the market rules,in order to improve the implementation procedures of the recovery and disposal plan system of systemically important banks,the paper puts forward some suggestions,such as the legalization of disposal procedures,the combination of quantitative and qualitative standards,the establishment of a set of pre-disposal mechanism,the combination of deposit insurance and bankruptcy liquidation.The fourth is the arrangement of disposal measures.Through the establishment of the leading group of the bank’s internal recovery and disposal plan and the crisis management group including the financial stability and Development Commission,the Bank of China,the China Banking and Insurance Regulatory Commission,the China Securities Regulatory Commission and the deposit insurance fund management agency,we should adhere to the principle of "using up market resources" and take multi field,multi angle and efficient disposal measures.The recovery and disposal plan system is regarded as a financial safety net to ensure that the information can be quickly obtained among the regulatory agencies and ensure the macro stability and development of the financial field.