By Jakub Kerlin, Elżbieta Malinowska-Misiąg, Pawel Smaga, Bartosz Witkowski, Agnieszka K. Nowak, Anna Kozlowska, Piotr Wiśniewski, Malgorzata Iwanicz-Drozdowska
This booklet explores the variety of restructuring tools utilized to monetary associations in european international locations throughout the international monetary Crisis.
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Additional info for European Bank Restructuring During the Global Financial Crisis
In July 2010, the guarantee fee was increased and the beneficiaries who use the new guarantees and exceed a predefined cap of total guaranteed outstanding liabilities were obligated to implement plans to restore long-term viability. In 2012, the pricing and conditions for granting the guarantees were defined more precisely. Banks could use the guarantees when issuing new debt securities, except for instruments classified as tier 1 or tier 2 in bank’s capital. In principle, state guarantees should cover only debt instruments with maturity of between one and five years (or seven years – for covered bonds).
Since the outbreak of the crisis, banks have faced the problem of impaired assets and uncertainty about their prices has weakened confidence in the banking sector and limited the efficiency of the granted public assistance. Banks’ actions to resolve the problem of impaired assets5 proved insufficient, so the state aid measures were extended by assistance applicable to such assets. As it became necessary to ensure a coordinated approach to state aid, rules for granting this form of assistance were formulated in February 2009.
98 billion from the IMF. The aid was transferred in five tranches, comprising of numerous sub-tranches. The European Commission is monitoring the situation in Greece and it prepares regular reviews of its achievements. The report of April 2014 stated that despite delays Greece had made significant progress in the consolidation activities performed. The country has been continuing reforms in the areas of tax administration, public finance management, privatization, public administration, health care, pensions, welfare, education, and the fight against corruption (EC, 2014a).