2018年11月

預 金 保 険 研 究（第二十二号）

預 金 保 険 機 構

預金保険研究（第二十二号）

預金保険機構

!000_表紙_背25.indd すべてのページ 2018/11/21 18:29:20

預金保険研究

（第二十二号）

2018 年 11 月

目 次

イタリア・スペインにおける銀行処

理について

－ モンテ・デイ・パスキ・ディ・シ

エナ、バンカ・ポポラーレ・ビチェ

ンツァ、ベネト・バンカ、バンコ・

ポプラール － ……………………

原 和明

本誌に掲載されている論文等の内容や意見は、執筆者個人に属し、預金保険機

構の公式の見解等を示すものではありません。

1

EU 2014 (Bank

Recovery and Resolution Directive: BRRD)

2014

(Single Resolution Mechanism Regulation: SRMR) (Single

Resolution Mechanism: SRM)

2017 SRM

3

1.

2. EU

(1)

(2) BRRD

(3) SRM

3.

(1)

(2)

(3)

4.

(1)

(2) 1

1

5.

(1)

(2)

(3)

6.

( 1) EU

( 2)

2

3

EBA: European Banking Authority ( )

ECB: European Central Bank ( )

EU: European Union ( )

IMF: International Monetary Fund ( )

SRB: Single Resolution Board ( )

BCC: Banche di Credito Cooperativo ( )

FGDCC: Fondo di Garanzia dei Depositanti del Credito Cooperativo (

)

FITD: Fondo Interbancario di Tutela dei Depositi( )

FAAF: Fondo para la Adquisici n de Activos Financieros ( )

FR B: Fondo de Reestructuraci n rdenada Bancaria ( )

SAREB: Sociedad de Gesti n de Activos procedentes de la Reestructuraci n Bancaria (

)

BRRD: Bank Recovery and Resolution Directive ( )

DGSD: Deposit Guarantee Scheme Directive ( )

SRMR: Single Resolution Mechanism Regulation ( )

TFEU: Treaty on the Functioning of the European Union (EU )

F LTF: Failing or likely to fail ( )

NCW : No creditor worse off principle ( )

SRF: Single Resolution Fund ( )

SRM: Single Resolution Mechanism ( )

SSM: Single Supervisory Mechanism ( )

5.

(1)

(2)

(3)

6.

( 1) EU

( 2)

3

4

2017 6 7 (Monte

dei Paschi di Siena) (Banca Popolare di Vicenza)

(Veneto Banca) (Banco Popular Espa ol)

(Bank Recovery and Resolution Directive: BRRD)

2

3( 1)

( ) European Commission , “State aid: ow the EU rules apply to banks with a capital shortfall Factsheet”, 25

June 2017, Chart “If a bank has a capital shortfall in the banking union”

2 EU EU

EU 3 European Commission (2017_a) (http: europa.eu rapid press-release_MEM -17-1792_en.htm)

es No

No

es es

No

No

es

4

1.

EU

(Banking Union) 4

EU (Single Resolution

Mechanism: SRM)

4

EU 5

EU6

(public interest)

EU

(European Central Bank: ECB)

(Single Supervisory Mechanism: SSM)

(Single Resolution Board: SRB) SRM

4 ECB

3 ECB

(Failing or likely to fail: F LTF)

F LTF

( )

EU

4 EU EU

2017 5 (credit institution) (investment firm)

6 (Directive 2001 24 EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions, J L 125, 5.5. 2001, pp.15-23)

(2006)

4

2017 6 7 (Monte

dei Paschi di Siena) (Banca Popolare di Vicenza)

(Veneto Banca) (Banco Popular Espa ol)

(Bank Recovery and Resolution Directive: BRRD)

2

3( 1)

( ) European Commission , “State aid: ow the EU rules apply to banks with a capital shortfall Factsheet”, 25

June 2017, Chart “If a bank has a capital shortfall in the banking union”

2 EU EU

EU 3 European Commission (2017_a) (http: europa.eu rapid press-release_MEM -17-1792_en.htm)

es No

No

es es

No

No

es

5

2.

EU

EU (Treaty on the Functioning of the European Union: TFEU) 101

109 EU ( ) EU

8 9

10

11 2013 7

(2013 Banking Communication)(2013 8 1 )12 13

1)

2)

( )

3)

EU 2014 (BRRD14) EU

(resolution)

BRRD 15

7 (2014) (2011) (2014) 8 TEFU 108 1 9 TEFU 108 3 10 TEFU 108 2 11

EU 12 European Commission (2013_a) 13 (credit institution) (insurance company) European Commission (2013_a) pp.5-6 14 BRRD

(2014) World Bank(2016) 15 BRRD (1) (4)

6

(1)

(2)

(critical function)

(negative repercussion)

BRRD 16

17

18 19

20 21

22

( )

23

3

( ) 24

(a)

(b)

(c)

(a)

16 EU (European Banking Authority: EBA)

(http: www.eba.europa.eu about-us organisation resolution-committee resolution-authorities) 17 BRRD 63 1 (b) 18 BRRD 69 19 BRRD 63 1 ( ) 20 BRRD 65 21 BRRD 68 3 70 71 22 BRRD 71 (2014)pp.51-52 23 BRRD 38 9 24 BRRD 32 1 SRMR 18 1

EU

EU (Treaty on the Functioning of the European Union: TFEU) 101

109 EU ( ) EU

8 9

10

11 2013 7

(2013 Banking Communication)(2013 8 1 )12 13

1)

2)

( )

3)

EU 2014 (BRRD14) EU

(resolution)

BRRD 15

7 (2014) (2011) (2014) 8 TEFU 108 1 9 TEFU 108 3 10 TEFU 108 2 11

EU 12 European Commission (2013_a) 13 (credit institution) (insurance company) European Commission (2013_a) pp.5-6 14 BRRD

(2014) World Bank(2016) 15 BRRD (1) (4)

7

( )

25

(valuation)

(c) (

) 26

27

BRRD 4 28

(a)

29

30

31

(b)

32 33

25 BRRD 32 4 SRMR 18 4 26

27 BRRD 32 5 BRRD 31 28 BRRD 37 3 SRMR 22 2 BRRD (2016 11 23

) 29 BRRD 38 1 SRMR 24 1 30 BRRD 38 1 SRMR 24 2 (a) 31 BRRD 39 2 SRMR 24 2 (d) World Bank(2016) p.123 32

(BRRD 40 ) 33 BRRD 40 SRMR 25

8

34

(c) 35

( )

36

(d)

(asset management vehicle)37 38

( )39

EU

(Banking Union)

(SRM)

(Single Supervisory Mechanism: SSM)

ECB

SRM

SRB 40

SRM EU ECB

34 BRRD 40 1 SRMR 25 2 (a) 35 36 BRRD 48 SRMR 17 37

(BRRD 42 ) 38 BRRD 42 SRMR 26 39 BRRD 37 5

(BRRD 37 4 ) 40 SRMR 7

( )

25

(valuation)

(c) (

) 26

27

BRRD 4 28

(a)

29

30

31

(b)

32 33

25 BRRD 32 4 SRMR 18 4 26

27 BRRD 32 5 BRRD 31 28 BRRD 37 3 SRMR 22 2 BRRD (2016 11 23

) 29 BRRD 38 1 SRMR 24 1 30 BRRD 38 1 SRMR 24 2 (a) 31 BRRD 39 2 SRMR 24 2 (d) World Bank(2016) p.123 32

(BRRD 40 ) 33 BRRD 40 SRMR 25

9

(3)

( )41

2018 6 120 ( ) EU

80 42

SRM SRB SRB43 44 SRB

SRB 45

SRB 46

3 ( ) (a)

ECB47 ECB

SRB

SRB (a) 2 (

) 48

SRB 49

SRB (50)

41 ECB

2(SRMR 7 SRMR SSM (Single Supervisory Mechanism Regulation)2 SSM (SRMR 4 1 )

42 ECB (https: www.bankingsupervision.europa.eu about thessm html index.en.html) 43 SRB 4 ECB

(plenary session) 4 (executive session)

44 SRMR 7 45 SRB SRB

(SRMR 29 ) 46 SRMR 18 47 SRB SRB ECB 3ECB (SRMR 18 1 ) 48 SRB ECB (SRMR 18 1

) 49 EU (Council of the European Union)EU 50 SRMR 18 9 World Bank (2016) p.147

10

( ) World Bank, “Understanding Bank Recovery and Resolution in the EU: A Guidebook to the BRRD”,

November 2016, p.105 Chart “ verview of SRB decision making process”

( )41

2018 6 120 ( ) EU

80 42

SRM SRB SRB43 44 SRB

SRB 45

SRB 46

3 ( ) (a)

ECB47 ECB

SRB

SRB (a) 2 (

) 48

SRB 49

SRB (50)

41 ECB

2(SRMR 7 SRMR SSM (Single Supervisory Mechanism Regulation)2 SSM (SRMR 4 1 )

42 ECB (https: www.bankingsupervision.europa.eu about thessm html index.en.html) 43 SRB 4 ECB

(plenary session) 4 (executive session)

44 SRMR 7 45 SRB SRB

(SRMR 29 ) 46 SRMR 18 47 SRB SRB ECB 3ECB (SRMR 18 1 ) 48 SRB ECB (SRMR 18 1

) 49 EU (Council of the European Union)EU 50 SRMR 18 9 World Bank (2016) p.147

11

51 2024 12 1 52 BRRD 100 53 BRRD 101 54 55 BRRD 44 5 56 SRMR 77 SRB 2018 6 SRF 249 0.44

(https: srb.europa.eu en node 596) 57 2024 7 0.8 EBA 2017 (FITD) 9.5 (

0.16 ) 18.8 ( 0.26 ) (http: www.eba.europa.eu - eba-releases-updated-data-on-deposit-guarantee-schemes-across-the-eu) 58 11 59 (2015)pp.73-75

BRRD EU 51

52

53 54 8

( 5 ) 55

SRM 2016 8

(Single Resolution Fund: SRF)56

2014 (Deposit Guarantee Scheme Directive: DGSD)

EU 57

11 EU

( )

(

) 58

( )

EU BRRD

59

12

3

(Banche Popolari) (Banche di Credito Cooperativo: BCC)

2017 12 147 (21,333 ) 23 (1,619

) BCC 289 (4,257 ) 60

(UniCredit)

(Intesa Sanpaolo) 2 61

BCC

EU 62 (Consolidated Law on Banking)

12 ECB

FSB 30 G-SIFIs (2018 1 1 )

(Banca d’Italia)

63 (liquidazione

coatta amministrativa)

64

BRRD (a)

(b)

(c) 65

60 Bank of Italy (2018) 61 (2018_a) pp.6-7 62 (Directive 2013 36 EU on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms : Capital Requirements Directive) EU

63 (B 2 )

IMF (2013) p.24 64 Boccuzzi (2011)

65 80 1 Rumi and Volpi (2018)

51 2024 12 1 52 BRRD 100 53 BRRD 101 54 55 BRRD 44 5 56 SRMR 77 SRB 2018 6 SRF 249 0.44

(https: srb.europa.eu en node 596) 57 2024 7 0.8 EBA 2017 (FITD) 9.5 (

0.16 ) 18.8 ( 0.26 ) (http: www.eba.europa.eu - eba-releases-updated-data-on-deposit-guarantee-schemes-across-the-eu) 58 11 59 (2015)pp.73-75

BRRD EU 51

52

53 54 8

( 5 ) 55

SRM 2016 8

(Single Resolution Fund: SRF)56

2014 (Deposit Guarantee Scheme Directive: DGSD)

EU 57

11 EU

( )

(

) 58

( )

EU BRRD

59

13

3.

(1)

(2)

4

66

67 68

69

70 71

72

1

1573

74(

) 75

76

66 80 1 81 1 Boccuzzi (2011) p.205 67 84 Boccuzzi (2011) p.206 68 56 83 2 69 83 Boccuzzi (2011) p.206 70 72 -83 Boccuzzi (2011) p.206 71 (

)82 3 203 Boccuzzi

(2011) p.206 72 86-89 Boccuzzi (2011) pp.204-205 207-208 73 60

74 ( 13 2 ) 75 76 90 Boccuzzi (2011) pp.208-209

14

77

78

(consultation)

( )79

80

81

82

83 84

77 Boccuzzi (2011) pp.208 212 78 Boccuzzi (2011) pp.209-212 79 93 Boccuzzi (2011) p.211 80 93 5 Boccuzzi (2011) p.211 81 93 6 Boccuzzi (2011) p.211 82 91 4 Boccuzzi (2011) p.210 83 94 2 Boccuzzi (2011) p.211 84 92 Boccuzzi (2011) p.212

4

66

67 68

69

70 71

72

1

1573

74(

) 75

76

66 80 1 81 1 Boccuzzi (2011) p.205 67 84 Boccuzzi (2011) p.206 68 56 83 2 69 83 Boccuzzi (2011) p.206 70 72 -83 Boccuzzi (2011) p.206 71 (

)82 3 203 Boccuzzi

(2011) p.206 72 86-89 Boccuzzi (2011) pp.204-205 207-208 73 60

74 ( 13 2 ) 75 76 90 Boccuzzi (2011) pp.208-209

15

85

IMF (2013) p.24 86 70 1 Boccuzzi (2011) pp.197-198 203 87 71 1 Boccuzzi (2011) pp.200-201 88 Boccuzzi (2011) p.201 89 72 Boccuzzi (2011) p.198 90 74 1 Boccuzzi (2011) p.198 91 74 2 Boccuzzi (2011) p.198 92 5 93 74 3 Boccuzzi (2011) p.199 94 70 5 Boccuzzi (2011) p.197 95 75 1 Boccuzzi (2011) p.202 96 119 37

31 30 2011

BRRD

(Amministrazione straordinaria) 1991 2010

20 119

EU85

86

(1 )

(3 5 ) 87

88

89

(1 ) 290 (

) 91

92

93

1 94

95

96

16

2016 4 67 97 42.598

(Quaestio Capital Management SGR)

99 BRRD100

EU

70 30

II II

FITD (Fondo Interbancario di Tutela dei Depositi, Interbank

Deposit Protection Fund) FGDCC(Fondo di Garanzia dei Depositanti del Credito Cooperativo)

( EU )

4

(

13 Boccuzzi (2011) p.203

97 98 Quaestio Capital Management SGR (2016) p.4 99 80 Cassa Depositi e Prestiti Cassa Depositi e Prestiti

B. Mesnard (2016) pp.4 11 Bank of Italy (2016) pp. 31-32 100 BRRD 32 4 (d)

85

IMF (2013) p.24 86 70 1 Boccuzzi (2011) pp.197-198 203 87 71 1 Boccuzzi (2011) pp.200-201 88 Boccuzzi (2011) p.201 89 72 Boccuzzi (2011) p.198 90 74 1 Boccuzzi (2011) p.198 91 74 2 Boccuzzi (2011) p.198 92 5 93 74 3 Boccuzzi (2011) p.199 94 70 5 Boccuzzi (2011) p.197 95 75 1 Boccuzzi (2011) p.202 96 119 37

31 30 2011

BRRD

(Amministrazione straordinaria) 1991 2010

20 119

EU85

86

(1 )

(3 5 ) 87

88

89

(1 ) 290 (

) 91

92

93

1 94

95

96

17

(3)

) 101

102 FITD (

) 103 FITD

( ) 104

(a)

2008 EU105 106 2016

6 2017 6 107

3 5 ( 7 )

5 5

2

108

101 European Commission (2016_b) pp.51-55 102 FITD Banca Tercas (Banca Popolare di Bari )FITD

FITD

European Commission (2015_b) 103 2017 12 146 (FITD

84.4 ) FITD96.1

104

Banca Popolare di Bari Banca Tercas 2.7 (2015 12 ) Cassa di Risparmio di Cesena 2.8 (2016 6 ) FITD (2017) pp.35-38 105 2008 10 2008 10

( 2008 10 20092012 1 2012 6 2016 6 )

European Commission (2008) European Commission (2009_b) European Commission (2011_b) 106 EU

( ) European Commission (2009_a) 107 European Commission (2016_a) European Commission (2013_a) pp.10-11 108 European Commission (2013_a) p.4 European Commission (2011_a) p.9 Annex

1 40bp 1 50bp

18

(b)

2016 12 109 2017 12110

111

(NCW )112 113

(c)

114 115

2017 12 47 (10,836 )116 13

(12,246 )117 43 (3,244 ) 118

109 Decreto Legge n.237(2016 12 23 ) 2017 2 17 (Legge 15) 110 Alexander, Caracciolo, Canino et.al. (2017) 111

( )

112

NCW (No creditor worse off ) 113

114

115 Decreto Legge 237(2016 12 23 ) Legge 15(2017 2 17 )Decreto Legge 99(2017 6 25 ) Legge 121 (2017 7 31 ) 116 Asociaci n Espa ola de Banca (Spanish Banking Association) Anuario Estad stico 2017 (https: www.aebanca.es anuario-estadistico ) 117 Confederacion Espa ola de Ca as de Ahorros (Confederation of Spanish Savings Banks), Anuario Estad stico 2017 (http: www.ceca.es que-hacemos analisis-economico-y-regulatorio estados-financieros ) 118 Uni n Nacional de Cooperativas de Cr dito (National Union of Credit Cooperatives), Anuario 2017(http: www.unacc.com inicio Publicaciones Anuario.aspx)

) 101

102 FITD (

) 103 FITD

( ) 104

(a)

2008 EU105 106 2016

6 2017 6 107

3 5 ( 7 )

5 5

2

108

101 European Commission (2016_b) pp.51-55 102 FITD Banca Tercas (Banca Popolare di Bari )FITD

FITD

European Commission (2015_b) 103 2017 12 146 (FITD

84.4 ) FITD96.1

104

Banca Popolare di Bari Banca Tercas 2.7 (2015 12 ) Cassa di Risparmio di Cesena 2.8 (2016 6 ) FITD (2017) pp.35-38 105 2008 10 2008 10

( 2008 10 20092012 1 2012 6 2016 6 )

European Commission (2008) European Commission (2009_b) European Commission (2011_b) 106 EU

( ) European Commission (2009_a) 107 European Commission (2016_a) European Commission (2013_a) pp.10-11 108 European Commission (2013_a) p.4 European Commission (2011_a) p.9 Annex

1 40bp 1 50bp

19

4.

(1)

(Banco Santander) FSB 30 G-SIFIs (2018 1 1 )

18

2000119

(Banco de Espa a) 120

FR B (Fondo de Reestructuraci n rdenada Bancaria)

2011 FGD(Fondo de Garant a de Dep sitos

de Entidades de Cr dito) ( EU

)

FGD121

122

123 124 125

126

127

119 10 2014 (Law 10 2014 of 26 June, Management, Supervision and Solvency of Credit Institutions) (Law 26 2013 of 27 December, Savings Banks and Banking Foundation) 120 Royal Decree 84 2015 of 13 February, the Law 10 2014 of 26 June 121 BRRD

EUEuropean Commission (2016_b) pp.51-52

122 Single Resolution Board (2017_a) Bou(2017) 123 (22 2003) 1 Single Resolution Board (2017_a) p.3 124 3 Bou(2017) p.6 125 126 1 Single Resolution Board (2017_a) p.3 127 Banco Madrid

Banco de Espa a (2015)

20

(2)

2 128

2 50

3

FR B

FR B129

130

128 5 Bou(2017) p.7 129 Banco de Espa a (2015) pp.2-3 130 Law 10 2014 8 1 (h) Single Resolution Board (2017_a) p.3

(Banco Santander) FSB 30 G-SIFIs (2018 1 1 )

18

2000119

(Banco de Espa a) 120

FR B (Fondo de Reestructuraci n rdenada Bancaria)

2011 FGD(Fondo de Garant a de Dep sitos

de Entidades de Cr dito) ( EU

)

FGD121

122

123 124 125

126

127

119 10 2014 (Law 10 2014 of 26 June, Management, Supervision and Solvency of Credit Institutions) (Law 26 2013 of 27 December, Savings Banks and Banking Foundation) 120 Royal Decree 84 2015 of 13 February, the Law 10 2014 of 26 June 121 BRRD

EUEuropean Commission (2016_b) pp.51-52

122 Single Resolution Board (2017_a) Bou(2017) 123 (22 2003) 1 Single Resolution Board (2017_a) p.3 124 3 Bou(2017) p.6 125 126 1 Single Resolution Board (2017_a) p.3 127 Banco Madrid

Banco de Espa a (2015)

21

1472 ( )

4

131 IMF(2012) IMF(2014) Banco de Espana (2017_a) Banco de Espana (2017_b) 132 9 2009 Royal Decree Law 133 FR B 2009

(convertible preference share) FGD5 97.4

134 SAREB SAREB (2017 ) (https: en.sareb.es en-en about-sareb Pages What-is-Sareb.aspx) 135 SAREB 2012 2017

2010131

( )

2009 132FR B 2009 5 2014 543.5133

( )

2012 11 55 FR B 45

SAREB(Sociedad de Gesti n de Activos procedentes de la Reestructuraci n Bancaria)134 SAREB 2012 12 4 3,657 2013 2

4 1,409

2017 12 SAREB 26.8 (2013 2 )135

( )

2008 10 2012 2

( ) 969

2008 10 (Fondo para la Adquisici n de Activos

Financieros :FAAF) FAAF 193

22

5.

(1)

3

Banca Antonveneta136 2011 47

( )

137

2012 2013 2014 2015 2016

( ) 218,886 198,461 179,918 169,012 153,178

( ) -3,190 -1,432 -5,403 390 -3,231

(Tier1)( ) 9.52 10.45 8.45 12.85 8.17

( ) 16.36 21.50 29.81 33.84 33.61

( ) 30,265 28,417 25,961 25,731 25,566

( ) 2,700 2,363 2,216 2,163 2,063

2016 7 (European Banking Authority: EBA)

(

) 2018 Tier1 2.44

285

50

2016 12 23 ( 2 )

136 2008 90 Banca Antonveneta 8 ( ) 1,000

10,800 European commission (2013_b) pp.4-5 137 2012 -2017 B.Mesnard, A.Margerit, M.Magnus (2017_b) p.3

1472 ( )

4

131 IMF(2012) IMF(2014) Banco de Espana (2017_a) Banco de Espana (2017_b) 132 9 2009 Royal Decree Law 133 FR B 2009

(convertible preference share) FGD5 97.4

134 SAREB SAREB (2017 ) (https: en.sareb.es en-en about-sareb Pages What-is-Sareb.aspx) 135 SAREB 2012 2017

2010131

( )

2009 132FR B 2009 5 2014 543.5133

( )

2012 11 55 FR B 45

SAREB(Sociedad de Gesti n de Activos procedentes de la Reestructuraci n Bancaria)134 SAREB 2012 12 4 3,657 2013 2

4 1,409

2017 12 SAREB 26.8 (2013 2 )135

( )

2008 10 2012 2

( ) 969

2008 10 (Fondo para la Adquisici n de Activos

Financieros :FAAF) FAAF 193

23

4

4 3 2009 19

139

2011 (100

3 )

2012 ( 130

3 5 )

2013 19

41

2014 50

30

2015 30

2016

7 29 EBA 2016

12 23

12 30

2017

1 25 70 (

1 3 )

2 17

2 24

( )

3 15 40 ( 3

)

6 1 EU

6 28 ECB (solvent)

140

7 4

138 B.Mesnard, A.Margerit, M.Magnus (2017_b) European Commission 2013_b European Commission (2016_d) European Commission (2017_c)

24

2016 12 23 ( 2017 6

150

2017 1 3

110

43 141 142

(39 ) 143

( )144 15.4

(Banca Popolare di Vicenza)

(

) 145

146

139 140 ECB (Capital Requirements Regulation) 92

141 2000 12 2010 9 142 (Legge 15) 11 1(Floating Rate Equity-linked Subordinated ybrid) 18 3 ( TierI ) 75 7(Tier2 ) 100 European Commission (2017_c) p.5 25 143 144 145 420 4,330 (2016 12 ) 146 B.Mesnard, A.Margerit, M.Magnus (2017_a)

4

4 3 2009 19

139

2011 (100

3 )

2012 ( 130

3 5 )

2013 19

41

2014 50

30

2015 30

2016

7 29 EBA 2016

12 23

12 30

2017

1 25 70 (

1 3 )

2 17

2 24

( )

3 15 40 ( 3

)

6 1 EU

6 28 ECB (solvent)

140

7 4

138 B.Mesnard, A.Margerit, M.Magnus (2017_b) European Commission 2013_b European Commission (2016_d) European Commission (2017_c)

25

(2)

4 2012 2013 2014 2015 2016

( ) 46,709 45,236 46,475 39,783 34,424

( ) 100 -32 -759 -1,407 -1,902

(Tier1 ) ( ) 8.23 9.21 10.44 6.65 7.47

( ) 13.4 16.6 21.9 31.6 35.8

( ) 5,496 5,463 5,515 5,473 5,365

( ) 640 640 654 579 502

(Veneto Banca)

(

) 148

2000 149

150

2012 2013 2014 2015 2016

( ) 40,165 37,307 36,167 33,349 28,078

( ) -40 -96 -968 -882 -1,502

(Tier1 ) ( ) 7.93 7.69 9.56 8.34 6.39

( ) 13.2 17.5 22.3 28.2 38.7

( ) 6,241 5,575 5,598 6,263 6,089

( ) 586 555 554 550 480

152

ECB 147 2013-2016 European Commission (2017_b) p.5 148 324 4,110 (2016 12 ) 149 (https: www.gruppovenetobanca.it en la-storia) 150 B.Mesnard, A.Margerit, M.Magnus (2017_a) p.3 151 2013-2016 European Commission (2017_b) p.4 152 2016 97.64 ( ) 99.33 (

) European Commission(2017_b) pp.5-6

26

2017 6 23 ( ECB

SRB

SRB

( )

3 2016 25

2017

1 9

1 18

( 35 30 )

2 14

4 12

( 14 22 )

6 18

6 23 ECB

SRB

6 24

6 25

6 24 ( 2

25 (

6 18 (

6 21 (154

153 European Commission (2017_b) 154 European Commission(2017_b) pp.6-7 ECB F LTF

4 2012 2013 2014 2015 2016

( ) 46,709 45,236 46,475 39,783 34,424

( ) 100 -32 -759 -1,407 -1,902

(Tier1 ) ( ) 8.23 9.21 10.44 6.65 7.47

( ) 13.4 16.6 21.9 31.6 35.8

( ) 5,496 5,463 5,515 5,473 5,365

( ) 640 640 654 579 502

(Veneto Banca)

(

) 148

2000 149

150

2012 2013 2014 2015 2016

( ) 40,165 37,307 36,167 33,349 28,078

( ) -40 -96 -968 -882 -1,502

(Tier1 ) ( ) 7.93 7.69 9.56 8.34 6.39

( ) 13.2 17.5 22.3 28.2 38.7

( ) 6,241 5,575 5,598 6,263 6,089

( ) 586 555 554 550 480

152

ECB 147 2013-2016 European Commission (2017_b) p.5 148 324 4,110 (2016 12 ) 149 (https: www.gruppovenetobanca.it en la-storia) 150 B.Mesnard, A.Margerit, M.Magnus (2017_a) p.3 151 2013-2016 European Commission (2017_b) p.4 152 2016 97.64 ( ) 99.33 (

) European Commission(2017_b) pp.5-6

27

1 ( ) (

)

64155 ( 189 )

( 8 1 7)

( 8 8) 156

( )

1

35 (Tier1 )12.5

(

)

2

12.85

3

63.51

( )

4

40.35

5

4.91

6

15

155 5 1

European Commission (2017_b) p.10 156 European Commission (2017_b) 157 ( 1 2)

( 3 6)

( )

( ) European Commission (2017_b) pp.10-11 22

28

( )

7

8

100 Società per la Gestione

di Attività158

(Banco Popular Espa ol)

6

159

2016 6 25

2016 12 35

2012 2013 2014 2015 2016

( ) 157,618 146,709 161,456 158,650 147,926

( ) -2,461 254 330 106 -3,485

(Tier1 ) ( ) 10.25 11.18 11.50 13.14 12.13

( ) 8.98 14.39 13.78 12.86 14.61

( ) 16,501 15,613 15,321 15,079 11,948

( ) 2,475 2,182 2,140 2,124 1,739

158 2016 6 100 Società per la Gestione di Attività S.p.A.(2018) 159 Single Resolution Board (2017_a) p.2 160 Banco Popular Espa ol Annual Report (2012-2016)

1 ( ) (

)

64155 ( 189 )

( 8 1 7)

( 8 8) 156

( )

1

35 (Tier1 )12.5

(

)

2

12.85

3

63.51

( )

4

40.35

5

4.91

6

15

155 5 1

European Commission (2017_b) p.10 156 European Commission (2017_b) 157 ( 1 2)

( 3 6)

( )

( ) European Commission (2017_b) pp.10-11 22

29

(3)

3

(Emergency Liquidity Assistance) 2

2 2017 6 6 (

ECB

SRB

2016

5 26 25

2017

2 3 2016

12 35

5 5 2017 1.37

5 16

5 23 SRB (valuation) 162

Deloitte

5 31 SRB nig

EU

6 3 SRB FR B

6 6 3 (ran

out of liquidity)

21 ECB

SRB

6 7 SRB

SRB

6 FR B

7

161 B.Mesnard, A.Margerit, M.Magnus (2017_c) p.2 162 SRMR 20

30

3

6 7 ( SRB

SRB 163

( 164 165 166)167

168

BRRD ( 169)

170

171 Tier1 (AT1)172 Tier2 173

1 (SRF)

SRB (1 )

SRB Deloitte

82

163 Single Resolution Board (2017_a) pp.12-19 164 (1,644 2,368 ATM) 160

5 10 Single Resolution Board (2017_a) pp.13-14 165 15 20 Single Resolution Board (2017_a) pp.14-15 166 1,030 (2016 ) Single Resolution Board (2017_a) pp.15-16 167

168 EBA 402

350

EBA 2 1

41

350 2 1EBA(2014)

169 p.8

170 BRRD SRMR (Bail-in)(write down and conversion)

171 4,196,858,092 ( 0.5 ) 2,098,429,046 172 Tier1 6 1,346,542,000

173 Tier2 8 685,315,828

3

(Emergency Liquidity Assistance) 2

2 2017 6 6 (

ECB

SRB

2016

5 26 25

2017

2 3 2016

12 35

5 5 2017 1.37

5 16

5 23 SRB (valuation) 162

Deloitte

5 31 SRB nig

EU

6 3 SRB FR B

6 6 3 (ran

out of liquidity)

21 ECB

SRB

6 7 SRB

SRB

6 FR B

7

161 B.Mesnard, A.Margerit, M.Magnus (2017_c) p.2 162 SRMR 20

31

3

174

SRB

BRRD

SRB

EU ( )

(

) (

) 175

176 SRB

177

SRB (

EBA SRB 178

179

174 Single Resolution Board (2017_a) p.22

(SRMR 20 10 ) 175

176 Visco (2017) p.3 177 nig (2017) SRB (https: srb.europa.eu en node 452) 178 EBA(2015) Single Resolution Board “2018 Guidance on the Critical Functions Report” (https: srb.europa.eu en content critical-functions-report) 179 Merler (2017) pp.11-12

32

6.

33

BRRD

180 BRRD

EU 181

182

SRB 183

184

EU 2017

180 Weber and Groendahl (2017) 181 Deslandes and Magnus (2018) nig (2018_a) 182 nig (2018_b) 183 SRB (https: srb.europa.eu en node 483) 184 Single Resolution Board(2017_a) p.9

3

174

SRB

BRRD

SRB

EU ( )

(

) (

) 175

176 SRB

177

SRB (

EBA SRB 178

179

174 Single Resolution Board (2017_a) p.22

(SRMR 20 10 ) 175

176 Visco (2017) p.3 177 nig (2017) SRB (https: srb.europa.eu en node 452) 178 EBA(2015) Single Resolution Board “2018 Guidance on the Critical Functions Report” (https: srb.europa.eu en content critical-functions-report) 179 Merler (2017) pp.11-12

33

34

(EU) 185 (The Treaty on European Union) EU

(The Treaty of the Functioning of European Union: TEFU)

EU

(regulations) ) SRMR

(directives)

) BRRD

(decision)

(recommendations) (opinions)

(guidelines) (resolutions)

(Charter of the Fundamental

Rights of the European Union) 186 (Court of Justice

of the European Union) EU

EU EU 187

EU (European Commission) (European

Parliament) EU (Council of the European Union)

28 1

(European Council)188

EU

EU EU

EU ( 5 )

( ) EU

( )

185 1 3 EU EU 2

EU EU EUEU EEC

EU 186 (Court of Justice) (General Court) (Specialized Court) EU

( 19 ) 187 EU

EU 188 EU

EU

34

3

EU

EU

EU

189

190

(

)

EU

EU

EU

( ) (2013) EU p47

189 TEFU 259 190 TEFU 260

34

(EU) 185 (The Treaty on European Union) EU

(The Treaty of the Functioning of European Union: TEFU)

EU

(regulations) ) SRMR

(directives)

) BRRD

(decision)

(recommendations) (opinions)

(guidelines) (resolutions)

(Charter of the Fundamental

Rights of the European Union) 186 (Court of Justice

of the European Union) EU

EU EU 187

EU (European Commission) (European

Parliament) EU (Council of the European Union)

28 1

(European Council)188

EU

EU EU

EU ( 5 )

( ) EU

( )

185 1 3 EU EU 2

EU EU EUEU EEC

EU 186 (Court of Justice) (General Court) (Specialized Court) EU

( 19 ) 187 EU

EU 188 EU

EU

35

3

SRB BRRD191

(1) (Valuation)

EBA

NCW 3192

( )

( )

( )

ECB193

SRB Deloitte

( 2017 3 31 )

Deloitte 6

12

( )

191 SRB (https: srb.europa.eu en content banco-popular 192 EBA (http: www.eba.europa.eu regulation-and-policy recovery-and-resolution regulatory-technical-standards-on-valuation) 193 ECB(https: www.bankingsupervision.europa.eu ecb pub pdf ssm.2017_F LTF_ESP P.en.pdf)

36

3

(best case) 13

(worst case) 82 (best

estimate) 20

Deloitte ( ) (

2017 6 7 )194 18

3 7 3 195 7196 ( )

( ) ( )

( ) 197

123

3 198

199(38 ) 200

201 30 40 202

194 ( 11 2015 10.1 )

Deloitte(2018) p.18 195 2015 (Insolvency administrator) 12 (3

2 ) 18 Deloitte18 3

(50 ) 7 (75)

Deloitte(2018) p.7 196 33 85 197 198 Banco Popular Portugal Banco Pastor Popular Banca Privada 3 199

Deloitte(2018) pp.24-25 200

( )(Commercial Code)42 Deloitte(2018) pp.33-36

201 Deloitte(2018) p.55 202 Deloitte(2018) p.37

3

SRB BRRD191

(1) (Valuation)

EBA

NCW 3192

( )

( )

( )

ECB193

SRB Deloitte

( 2017 3 31 )

Deloitte 6

12

( )

191 SRB (https: srb.europa.eu en content banco-popular 192 EBA (http: www.eba.europa.eu regulation-and-policy recovery-and-resolution regulatory-technical-standards-on-valuation) 193 ECB(https: www.bankingsupervision.europa.eu ecb pub pdf ssm.2017_F LTF_ESP P.en.pdf)

37

3

(2)

SRB (2016 )203 35 (

) ( )

(preferred resolution Strategy)

SRB

SPE(Single Point of Entry)

(3)

FR B204

Tier2

1

(4)

(sale process letter) 205

Tier1 Tier2206

203 SRB (https: srb.europa.eu en content banco-popular) 204 FR B (http: www.frob.es en Resoluciones-del-FR B Paginas Resoluciones.aspx) 205 SRB BBVA

(https: srb.europa.eu en content banco-popular) 206

38

3

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42

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2017

43

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