Valuation reports in the context of banking resolution: What are the challenges?
The paper discusses the problem of valuation in bank resolution. In an overview over the most relevant principles of valuation theory, the paper notes the difficulties inherent in valuing risks and illiquidity in holding non-traded assets. Subsequently, the paper briefly reviews the resolution of Banco Popular Español, and then discusses the need for clarification of the no-investor-worse-off principle, the relation between the price in a sale of business and the presumed outcome in an insolvency procedure, and the difficulties attached to assessing the value of an illiquid asset that is held. The paper concludes with a discussion of the need for time, for valuation and in resolution, warns against a moratorium on withdrawals and payouts, and argues that time pressures would be much reduced if funding in resolution was provided for.
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- AFACERI ŞI CONCURENŢĂ
- ajutor financiar
- ajutor pentru restructurare economică
- Autoritatea bancară europeană
- COMERŢ
- DREPT
- drept civil
- ECONOMIE
- economie monetară
- FINANŢE
- instituţii financiare şi de credit
- instituții de credit
- Instituțiile Uniunii Europene și funcția publică europeană
- intervenție financiară
- libera circulaţie a capitalului
- lichiditate monetară
- organizarea afacerilor
- politici de cooperare
- politică bancară
- politică comercială
- politică economică
- RELAŢII INTERNAŢIONALE
- situație economică
- societate de investiții
- solvabilitate financiară
- stabilizare economică
- supravegherea pieței
- UNIUNEA EUROPEANĂ
- întreprindere în dificultate