This publication gathers most of the papers presented at the Legal Service’s 2015 seminars on banking union. The papers are organized according to the agenda of each of these seminars, devoted to EU Substantive Banking Law, the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM).
Papers presented at the first seminar start with an overview of EU substantive banking law (a multilevel and composite system of rules and institutions, as well as judicial and quasi-judicial remedies). They then focus on the mechanism for the adoption of EU banking rules, the harmonization of supervisory practices and the role of the EBA. Finally, they analyse new Italian substantive banking rules (those transposing CRD IV) and their side-effects on the national institutional framework.
As the second seminar deals with the SSM, the subsequent papers illustrate its organizational and functional aspects. Special attention is paid to the independence and accountability requirements of the ECB in its new capacity as supervisory authority. Among these, particular focus is placed on the ECB’s judicial and quasi-judicial accountability, the role of the Court of Justice of the European Union and the Administrative Board of Review, and the influence of their legal assessments on the ECB’s supervisory decisions.
The topics (and relevant papers) of the third seminar range from the legal problems arising from the resolution of cross-border financial groups to the particular solution adopted with the founding of the SRM. After a description of the goals and the scope of the SRM, attention is turned to the allocation of competences between the Single Resolution Board (SRB) and the National Resolution Authorities (NRA), the SRB’s governance, and the decision-making process for the adoption of resolution tools. There is criticism of the high number of authorities involved, the overlapping of resolution and supervisory responsibilities, as well as their negative impact on the overall efficiency of the process.
