Luxembourg: Financial Sector Assessment Program: Technical Note-Managing Problem Banks and Systemic Banking Crises

August 28, 2017

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Format: Chicago

Luxembourg: Financial Sector Assessment Program: Technical Note-Managing Problem Banks and Systemic Banking Crises, (USA: International Monetary Fund, 2017) accessed September 21, 2024

Summary

This Technical Note analyzes the bank failure mitigation and resolution regime, as well as arrangements for managing a financial crisis, in Luxembourg. The landscape for managing problem banks in Luxembourg has changed fundamentally in recent years. As part of the euro area, Luxembourg is now part of a banking union in which the European Central Bank (ECB) has exclusive authority to directly supervise significant institutions and the Commission for the Supervision of the Financial Sector (CSSF), under the oversight of the ECB, directly supervises less significant institutions. It is recommended that the CSSF increase staffing for resolution and pay attention to potential conflicts of interest in the decision-making process related to supervisory and deposit insurance functions.

Subject: Bank resolution, Bank resolution framework, Banking, Bridge bank, Crisis resolution, Deposit insurance, Financial crises

Keywords: Bank, Bank resolution, Bank resolution framework, BNP Paribas, Bridge bank, Bridge bank tool, BU authorities, Commission de Surveillance du Secteur Financier, Confidentiality regime, CR, Crisis resolution, Deposit insurance, EU resolution authority, Global, Government, Insolvency regime, ISCR, Judicial review, Judicial review regime, Judicial review regime in Luxembourg, Luxemburg, National competent authority, Organic law, SRB policy, Terms and conditions

Publication Details

Pages:

47
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2017/259
Stock No:

1LUXEA2017008
ISBN:

9781484316818
ISSN:

1934-7685

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