- T. Asser
- Published Date:
- April 2001
© 2001 International Monetary Fund
Cover design: Lai Oy Louie
Composition: Jack Federici
Asser, T. M. C. (Tobias Michael Carel), 1935-
Legal aspects of regulatory treatment of banks in distress / Tobias M.C. Asser. _ Washington, D.C. : International Monetary Fund, 2001.
Includes bibliographical references.
1. Bank failures – Law and legislation. 2. Bankruptcy – Law and legislation. 3. Banking law. 4. Banks and banking – State supervision. I. International Monetary Fund.
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This book is based on a comparative study of the law of selected countries with banking legislation that may serve as standard for the treatment of banks in distress. This report is consistent with and builds on the G-22 Working Group Reports on the International Financial Architecture, issued in October 1998, and the report on Orderly and Effective Insolvency Procedures: Key Issues, prepared by the Legal Department of the IMF and published in August 1999.
The author of this book is a former Assistant General Counsel of the IMF, who prepared it in close consultation with several bank insolvency experts, both inside and outside the IMF. Special thanks for their valuable assistance are extended to:
Stephen Adamson (United Kingdom), a National Partner in charge of Restructuring Services of Ernst & Young and an advisor to the Government of the United Kingdom as a nonexecutive member of the Insolvency Services Executive Agency Steering Board;
Ross Delston (United States), Attorney-at-Law and a former Assistant General Counsel of the Federal Deposit Insurance Corporation;
Jordan Luke (United States), a partner in the law firm of Davis Polk & Wardwell and a former general counsel to the Federal Home Loan Bank Board.
Within the IMF’s Legal Department, the support of François P. Gianviti and William E. Holder, the comments of Hermann W. Krull and Bernhard Steinki, and the assistance of Rachel Ray are gratefully acknowledged. The report has benefited greatly from the patient explanations of banking policy by Stefan N.M. Ingves, Warren Coats, and Marc G. Quintyn of the IMF’s Monetary and Exchange Affairs Department, and the extensive comments and suggestions provided by Gudrun Mauerhofer of the Austrian National Bank, Glenn Hoggarth of the Bank of England, and Urs Zulauf and Eva Hüpkes of the Swiss Federal Banking Commission. David Driscoll edited the paper, and Gail Berre of the IMF External Relations Department coordinated production of the publication.
The opinions expressed in this report are those of the author and are not necessarily shared by the Executive Board or the staff of the IMF.