Titlebook: European Bank Restructuring During the Global Financial Crisis; Ma?gorzata Iwanicz-Drozdowska,Jakub Kerlin,Bartosz Book 2016 The Editor(s)

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IRK

https://doi.org/10.1007/978-3-531-91336-0rs, in October 2008, the European Commission issued the so-called ‘first banking communication’ to facilitate the financial support for banks. In 2010, it became necessary to provide financial support to countries. In 2012, the European Stability Mechanism was established. All in all, the net state

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The Editor(s) (if applicable) and The Author(s) 2016

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LATE

Pre-Crisis Landscape,ad a positive impact on the pre-crisis financial standing of the EU banking sectors. The liquidity support was available from central banks, which acted as lenders of last resort. However, the legal framework did not allow for effective restructuring and liquidation of banks, especially in the case of cross-border banks.

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Landscape after the Lessons of the Crisis, of the financial safety net players and the resolution authority and tools. The chapter also emphasizes the banking union, which is a new concept implemented gradually for the Eurozone. On 4 November 2014, the Single Supervisory Mechanism (SSM) started to operate as the first pillar of the banking union.