Credit institution’s limited rights for appealing the recovery and resolution measures in the European Union laws
Date
2022-07-06
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Abstract
Pangandus võib tunduda elitaarse ärina ning piiratud ligipääsu ja aina rangema regulatsioonide koorma all see seda mõnes mõttes ongi. Kuid ka pangad vajavad ja väärivad kaitset avaliku võimu meelevaldsuse eest, et tagada põhiõiguste kaitse ja pangandussektori jätkusuutlikkus. Doktoritöös on uuritud pankade õiguste olulist piiramist pankade päästmiseks loodud üleeuroopalises raamistikus. Nimelt on Euroopa Liidu ja liikmesriikide asutuste kasutusse loodud individuaalsete pankade päästmiseks uudsete õiguslike vahenditega tööristakast, kuid pankade vastuvaidlemise õigust ei ole uutele menetlustele ja avaliku võimu õigustele samal tasemel kohandatud. Uute avaliku võimu meetmetega kaasnevad aga olulised probleemid kohalduvate menetlusreeglite tuvastamisel, mõnel juhul ei ole üldse võimalik äärmiselt riivavate meetmete rakendamisele vastu vaielda ning lõpuks, kui pangal ka õnnestub vastu vaielda, suunatakse selliseid vaidluseid aina rohkem kaugematesse ja kallimatesse Euroopa Kohtutesse. Doktoritöös uuritakse pankade õiguste piiramise probleemi finantsseisundi taastamise ja kriisilahenduse raamistikus eelkõige kolmest aspektist. Järeldub, et finantsseisundi taastamine on käsitletav eraldiseisva kontseptsioonina finantsjärelevalvest ja kriisilahendusest, sellel on oma tööriistakast, vastavate tööriistade rakendamise eeldused ning reeglistik. Samuti selgub alarmeerivalt, et mitmed loodud meetmed on adressaadist pangale, selle omanikele, klientidele ja võlausaldajatele äärmiselt koormavad, kuid samas omavad sellist efekti, et panga poolt võib neile vastu vaidlemine olla võimatu isegi oluliste ja ilmselgete riigipoolsete rikkumiste korral. Kolmandaks on doktoritöös tuvastatud reeglid ja välja töötatud test tuvastamaks pangandusvaldkonnas tehtud haldusotsuste kohtualluvus Euroopa Liidu ja liikmesriikide kohtute vahel, mis aitab vaidlemiseks leida õige kohtutee.
Banking sector may seem an elite business and restricted access as well as heavy regulatory burden truly make it such. However, even banks need and deserve protection from arbitrary conduct by the authorities to guarantee the protection of basic rights and sustainability of the sector. The dissertation tackles the problem of significant limitations to banks’ rights in the recovery and resolution framework. New powers have been created for European Union and national authorities for recovery and resolution proceedings, but the banks’ rights regarding appealing have not been modified on the same level. These new powers entail problems regarding the applicable procedural rules, in some cases it is impossible to appeal against extremely intensive measures, and even if a target bank manages to appeal, such judicial proceedings are pushed more and more to the more distant and costly European Courts. The thesis investigates the problem of limiting banks’ rights in bank recovery and resolution proceedings from three main aspects. It concludes that bank recovery is a distinguishable concept from supervision and resolution, it entails its own set of public powers, and conditions and rules for using them. The dissertation also discovers that although some of the public powers under investigation may have very intensive and wide impact on the bank, its shareholders, customers and creditors, it may alarmingly be impossible for a bank to appeal against some of these powers – even if such application has been clearly unlawful by the authorities. And thirdly, the dissertation establishes rules and a test for finding out the court jurisdiction between European Union and national courts for decisions in the banking sector.
Banking sector may seem an elite business and restricted access as well as heavy regulatory burden truly make it such. However, even banks need and deserve protection from arbitrary conduct by the authorities to guarantee the protection of basic rights and sustainability of the sector. The dissertation tackles the problem of significant limitations to banks’ rights in the recovery and resolution framework. New powers have been created for European Union and national authorities for recovery and resolution proceedings, but the banks’ rights regarding appealing have not been modified on the same level. These new powers entail problems regarding the applicable procedural rules, in some cases it is impossible to appeal against extremely intensive measures, and even if a target bank manages to appeal, such judicial proceedings are pushed more and more to the more distant and costly European Courts. The thesis investigates the problem of limiting banks’ rights in bank recovery and resolution proceedings from three main aspects. It concludes that bank recovery is a distinguishable concept from supervision and resolution, it entails its own set of public powers, and conditions and rules for using them. The dissertation also discovers that although some of the public powers under investigation may have very intensive and wide impact on the bank, its shareholders, customers and creditors, it may alarmingly be impossible for a bank to appeal against some of these powers – even if such application has been clearly unlawful by the authorities. And thirdly, the dissertation establishes rules and a test for finding out the court jurisdiction between European Union and national courts for decisions in the banking sector.
Description
Väitekirja elektrooniline versioon ei sisalda publikatsioone
Keywords
European Union law, financial law, credit institutions, credit solvency, financial supervision