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Edited by Weijer VerLoren van Themaat and Berend Reuder

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Edited by Weijer VerLoren van Themaat and Berend Reuder

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Edited by Weijer VerLoren van Themaat and Berend Reuder

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REGULATION (EU) NO 330/2010 ON VERTICAL AGREEMENTS

A Case Commentary, Second Edition

Edited by Weijer VerLoren van Themaat and Berend Reuder

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Edited by Weijer VerLoren van Themaat and Berend Reuder

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Sahar Shamsi, Pantelis Solomon and Nicole Robins

In response to the financial and economic crisis, the European banking system received a significant amount of State funds, and allowed a wide range of rescue and restructuring measures to ensure financial stability. As State aid rules in the banking sector evolved to reflect the nature of the crisis, the policy towards compensatory measures, which are designed to limit any distortions to competition created as a result of the aid, has changed over time. This chapter considers the wide range of compensatory measures that have been introduced, how the approach to compensatory measures has changed over time and whether the measures have met their stated intentions.

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Joanna Gray and Francesco de Cecco

This chapter explores the challenges presented by the interplay between State aid control and financial regulation. While, during the financial crisis, State aid law and policy demonstrated remarkable openness towards the conceptual toolkit of financial regulation, the uncertain contours of concepts such as systemic risk and moral hazard affected the degree of congruence between theory, policy and practice. What is more, the presence of multiple regulatory objectives tended to present the European Commission with some difficult trade-offs in attempting to pursue stability, the prevention of moral hazard and the preservation of lending to the real economy simultaneously, while attempting to minimize distortions of competition.

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Sven Frisch

The financial crisis hit Germany’s banking industry early and severely. But closer analysis reveals that Germany’s banking crisis was peculiarly asymmetric due to the country’s highly segregated three-pillar banking model, and to the differentiated business models, degrees of exposure to international financial markets, and reliance on interbank borrowing, that it entailed. These idiosyncrasies played a major role in shaping the three phases of Germany’s response to that crisis, from the early ad hoc aid measures designed to rescue the banks most heavily exposed to the subprime crisis, through the implementation of a comprehensive scheme to stabilise banks faced with liquidity issues, to the creation of a bad bank to tackle the most severely and persistently affected banks.

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François-Charles Laprévote and Amélie Champsaur

This chapter looks at the relationship between the application of State aid rules under the new 2013 Commission Banking Communication and the resolution framework laid out under the Bank Recovery and Resolution Directive and the Single Resolution Mechanism Regulation. The parallel existence and implementation of these two legal frameworks (which often refer to each other) raises the issue of possible conflicts or inconsistencies, in particular with respect to preventative measures, burden-sharing or bail-in measures, and experts assessments of a bank’s viability or valuation. The chapter suggests a number of policy measures to ensure consistency in the implementation of the two legal frameworks.

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Dora Sif Tynes

Iceland was hit particularly hard by the global financial crisis in 2008. As a result, the Icelandic authorities enacted a series of measures to combat the effects of the crisis related to the rescue and restructuring of the banking system, resolution and insolvency regimes and fiscal policy. This entailed an unprecedented allocation of State aid, mainly in the banking sector. This chapter provides an overview of the State aid measures in question, as well as the different regulatory measures enacted by the Icelandic authorities.