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標題: | 金融機構清理法制之研究-以系統性重要金融機構之清理為中心 The Laws of Resolution for Financial Institutions: Focusing on the Resolution of Systemically Important Financial Institutions |
作者: | Yuan-Wei Lee 李元維 |
指導教授: | 楊岳平(Yueh-Ping Yang) |
關鍵字: | 金融機構清理,太大不能倒,系統性風險,系統性重要金融機構,紓困,有序清理,存款保險, bank resolution,TBTF,systemic risk,SIFI,bail-out,bail-in,OLA,deposit insurance,single point of entry, |
出版年 : | 2020 |
學位: | 碩士 |
摘要: | 在2008 年金融海嘯後,國際間為消弭太大不能倒問題,使金融機構於發生 經營危機時得不再由政府以大眾所繳交之稅金為其買單(所謂「外部紓困」),而 由其股東及債權人負擔金融機構經營之損失(所謂「內部紓困」),施行了一系列 改革,並期待能解決太大不能倒造成之道德風險問題以及系統性風險;國際間並 透過金融穩定委員會發布之《金融機構有效清理機制核心要點》達成新的金融機 構清理共識,並於2013 年發布單點進入方式架構,以期解決跨國性系統上重要 金融機構集團之清理問題。美國2010 年制定之《陶德法蘭克華爾街改革及消費 者保護法案》中對於清理機制之變革,即旨在建立有序清理機制以清理系統性重 要金融機構。日本2013 年《預金保険法》之修正,亦旨在於原有之金融危機對 應措施外,另行引入有序清理機制。 然而我國在金融海嘯後,對於金融機構之事後清理制度並未有進一步修正, 以銀行為例,現存清理制度以存款保險條例為主,其仍相當程度以外部紓困方式 為清理方針。另一方面,針對系統性重要金融機構之清理,我國亦未建構與一般 金融機構不同之有序清理機制,且在銀行與保險以外之金融機構更無特別清理措 施,使得許多金融機構於經營困難時僅得以破產程序清理。特別是金融集團清理 措施之缺乏,對於金融體系之穩定並非善事。 本論文建議我國法制上或可採納比較法上之有序清理機制,在系統性金融機構――包括非銀行金融機構以及金融控股公司――發生經營困難時,以有序清理 機制清理之,同時在允許保留一定的外部紓困動用空間下,原則上以內部紓困及 透過私部門信貸之方式,維持問題金融機構的流動性,使其得以繼續進行其業務,進而減少其經營困難對金融體系之衝擊。 After the 2008 financial crisis, to end the “too big to fail(TBTF),” there is a series of reforms among coutries with a viewing to reduces the systemic risks and the moral hazard derived from TBTF. These actions purport to solve the problem through the creation of a new mechanism for the resolution of failed financial with making those shareholders and creditors take the losses (bail-in). So that government will not have to rescue these large financial firms with with taxpayer money (bail-out). Countries reach a consensus on bank resolution through the “Key Attributes of Effective Resolution Regimes for Financial Institutions” issued by the Financial Stability Board (FSB). In addition, in 2013, the “Single Point of Entry” was issued and adopted as a strategy to resolve a global systemically important financial institutions. In the United States, the Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in 2010, established a brand new tool called the “Orderly Liquidation Authority” in order to address the resolution of the failure of systemically important financial institutions. In Japan, the 2013 Amendment to Deposit Insurance Act also adopted an orderly liquidation procedure scheme called “Measures for Orderly Resolution of Assets and Liabilities of Financial Institutions for Ensuring Stability in Financial Systems” in addition to the “Measures against a Financial Crisis.” In Taiwan, however, there was no improvement of the resolution for financial firms after the 2008 financial crisis. With regard to the present norms, for example, the bank resolution is based on the Deposit Insurance Act, which still rescues the failed bank by bail-out mainly. On the other hand, there is no scheme to resolve failed systemically important financial institutions. Moreover, except those covered by the Deposit Insurance or the Stabilization Funds, there was no special mechanism to address the failure of financial institutions, which means that bankruptcy is the only option for troubled financial institutions. Specifically, the lack of suitable mechanism for rehabilitating or liquidating a financial conglomerate is not a good thing for the stability of the financial system. This thesis suggests that legislators in Taiwan could adopt the orderly liquidation procedures for financial institutions. When a systemically important financial institution including non-bank financial institutions and financial holding companies fail, it would be resolved with a suitable mechanism. This scheme will allow the bail-out but it should be maintain its liquidity through the bail-in and private financing in principle to continue to operate and reduce the impact of its failure on the financial system. |
URI: | http://tdr.lib.ntu.edu.tw/jspui/handle/123456789/56184 |
DOI: | 10.6342/NTU202001931 |
全文授權: | 有償授權 |
顯示於系所單位: | 法律學系 |
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