Insolvency And Enforcement Reforms In Italy

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Insolvency and Enforcement Reforms in Italy

José Garrido
Insolvency and Enforcement Reforms in Italy Book PDF

Author : José Garrido
Publisher : International Monetary Fund
Page : 21 pages
File Size : 47,8 Mb
Release : 2016-07-11
Category : Business & Economics
ISBN : 9781475570243

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Insolvency and Enforcement Reforms in Italy by José Garrido Pdf

Italian banks are burdened with high levels of nonperforming loans, the cleanup of which depends in important part on the efficiency of insolvency and enforcement processes. Traditionally, these processes in Italy have taken very long, hampering the timely cleanup of balance sheets. In response, the authorities have legislated a number of measures. This paper explores the recent insolvency and enforcement reforms and the remaining challenges. These reforms introduce important positive changes that are expected to yield full benefits over the medium to long term. The efficacy of the reforms, including to deal with the current stock of high nonperforming loans, can be enhanced by introducing effective out-of-court enforcement mechanisms, supplemented by a more intensive use of informal and hybrid debt-restructuring solutions. Moreover, there is an urgent need to rationalize the system, which over the years has become very complex and intricate.

Cleaning-up Bank Balance Sheets

José Garrido,Emanuel Kopp,Anke Weber
Cleaning up Bank Balance Sheets Book PDF

Author : José Garrido,Emanuel Kopp,Anke Weber
Publisher : International Monetary Fund
Page : 33 pages
File Size : 50,6 Mb
Release : 2016-07-11
Category : Business & Economics
ISBN : 9781498357036

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Cleaning-up Bank Balance Sheets by José Garrido,Emanuel Kopp,Anke Weber Pdf

To stabilize and bring down nonperforming loans (NPLs) in the Italian banking system, the Italian authorities have been implementing a number of reforms, aimed among others at speeding up insolvency and enforcement proceedings, strengthening bank corporate governance, cleaning up balance sheets, and facilitating bank consolidation. This paper examines the Italian banking system’s NPL problem, which ties up capital, weighing on bank profitability and authorities’ economic reforms. It argues for a comprehensive approach, encompassing economic, supervisory, and legal measures. The authorities’ reforms are important steps toward this end. The paper describes measures that could further support their actions.

Italy

International Monetary Fund. European Dept.
Italy Book PDF

Author : International Monetary Fund. European Dept.
Publisher : International Monetary Fund
Page : 83 pages
File Size : 55,6 Mb
Release : 2016-07-11
Category : Business & Economics
ISBN : 9781498354936

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Italy by International Monetary Fund. European Dept. Pdf

This 2016 Article IV Consultation highlights that the Italian economy is recovering gradually from a deep and protracted recession. Buoyed by exceptionally accommodative monetary policy, favorable commodity prices, supportive fiscal policy, and improved confidence on the back of the authorities’ wide-ranging reform efforts, the economy grew by 0.8 percent in 2015 and continued to expand in the first quarter of 2016. Labor market conditions have been improving gradually, and nonperforming loans appear to be stabilizing at about 18 percent of total loans. Growth is projected to remain just under 1 percent in 2016 and at about 1 percent in 2017.

The Insolvency Regime for Large Enterprises in Italy: An Economic and Legal Assessment

Nazim Belhocine,Daniel Garcia-Macia,José Garrido
The Insolvency Regime for Large Enterprises in Italy An Economic and Legal Assessment Book PDF

Author : Nazim Belhocine,Daniel Garcia-Macia,José Garrido
Publisher : International Monetary Fund
Page : 34 pages
File Size : 46,9 Mb
Release : 2018-09-28
Category : Business & Economics
ISBN : 9781484378427

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The Insolvency Regime for Large Enterprises in Italy: An Economic and Legal Assessment by Nazim Belhocine,Daniel Garcia-Macia,José Garrido Pdf

The modernization of Italy’s insolvency framework has been the subject of much interest in recent years, related not least to its role in potentially facilitating an efficient allocation of resources. A unique feature of Italy’s insolvency framework is a special regime for large enterprises known as “extraordinary administration”. This paper evaluates the merits of this special regime by assessing its efficacy and success in achieving its stated goals and comparing its features to international standards and best practices. It finds that the special regime tends to impose large costs on creditors and the state. The regime results, in most cases, in the sale of parts of the group, followed by a liquidation phase of the remaining assets which can take longer than the general regime, hindering legal certainty for creditors and more generally economic efficiency, investment and job creation. Based on international best practices and experience, consideration should be given to folding the special regime into the general insolvency regime, possibly with provisions to allow for state intervention in specific well-defined circumstances.

Banking Law

Andreas Kokkinis,Andrea Miglionico
Banking Law Book PDF

Author : Andreas Kokkinis,Andrea Miglionico
Publisher : Routledge
Page : 445 pages
File Size : 47,6 Mb
Release : 2021-03-16
Category : Business & Economics
ISBN : 9781000335552

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Banking Law by Andreas Kokkinis,Andrea Miglionico Pdf

Banking regulation and the private law governing the bank-customer relationship came under the spotlight as a result of the global financial crisis of 2007–2009. More than a decade later UK, EU and international regulatory initiatives have transformed the structure, business practices, financing models and governance of the banking sector. This authoritative text offers an in-depth analysis of modern banking law and regulation, while providing an assessment of its effectiveness and normative underpinnings. Its main focus is on UK law and practice, but where necessary it delves into EU law and institutions, such as the European Banking Union and supervisory role of the European Central Bank. The book also covers the regulation of bank corporate governance and executive remuneration, the promises and perils of FinTech and RegTech, and the impact of Brexit on UK financial services. Although detailed, the text remains easy to read and reasonably short; pedagogic features such as a glossary of terms and practice questions for each chapter are intended to facilitate learning. It is a useful resource for students and scholars of banking law and regulation, as well as for regulators and other professionals who are interested in reading a precise and evaluative account of this evolving area of law.

Bank Consolidation, Efficiency, and Profitability in Italy

Anke Weber
Bank Consolidation Efficiency and Profitability in Italy Book PDF

Author : Anke Weber
Publisher : International Monetary Fund
Page : 25 pages
File Size : 52,6 Mb
Release : 2017-07-27
Category : Business & Economics
ISBN : 9781484309261

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Bank Consolidation, Efficiency, and Profitability in Italy by Anke Weber Pdf

This paper examines the case for efficiency-driven banking sector consolidation in Italy, evaluates its potential effects on profitability, and discusses policy options to facilitate a consolidation process that is as effective as possible. A bottom-up analysis of 386 Italian banks suggests that while profitability is expected to improve as the economy gradually recovers, operational efficiency gains are nonetheless needed to restore large parts of the banking system to healthy profitability. Banking system consolidation can play a role in facilitating such efficiency gains, but its effectiveness is likely to be most as part of a comprehensive strategy that includes complementary reforms to clean up bank balance sheets. Cross-country experience indicates that efficiency gains are more likely to follow consolidations where careful viability analyses are conducted of the synergies and operational improvements that can be achieved.

Profitability and Balance Sheet Repair of Italian Banks

Andreas Jobst,Anke Weber
Profitability and Balance Sheet Repair of Italian Banks Book PDF

Author : Andreas Jobst,Anke Weber
Publisher : International Monetary Fund
Page : 34 pages
File Size : 47,7 Mb
Release : 2016-08-19
Category : Business & Economics
ISBN : 9781475527513

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Profitability and Balance Sheet Repair of Italian Banks by Andreas Jobst,Anke Weber Pdf

The profitability of Italian banks depends, among other factors, on the strength of the ongoing economic recovery, the stance of monetary policy, and the beneficial effects of current and past reforms, notably to address structural obstacles to resolving nonperforming loans (NPLs) and to foster banking sector consolidation. Improved profitability would enable banks to raise capital buffers and accelerate the cleanup of their balance sheets. This paper investigates quantitatively the current and prospective earnings capacity of Italian banks. A bottom-up analysis of the 15 largest Italian banks suggests that the system is on the whole profitable, but that there is significant heterogeneity across banks. Many banks should become more profitable as the economy recovers, but their capacity to lend depends on the size of their capital buffers. However, a number of smaller banks face profitability pressures, even under favorable assumptions. There is thus a need to push ahead decisively on cleaning up balance sheets, including through cost cutting and efficiency gains.

IMF Research Bulletin, September 2016

International Monetary Fund. Research Dept.
IMF Research Bulletin September 2016 Book PDF

Author : International Monetary Fund. Research Dept.
Publisher : International Monetary Fund
Page : 20 pages
File Size : 51,7 Mb
Release : 2016-09-30
Category : Business & Economics
ISBN : 9781475544169

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IMF Research Bulletin, September 2016 by International Monetary Fund. Research Dept. Pdf

The September 2016 issue of the IMF Research Bulletin includes the following two Research Summaries: “A New Look at Bank Capital” (by Jihad Dagher, Giovanni Dell’Ariccia, Luc Laeven, Lev Ratnovski, and Hui Tong) and “Does Growth Create Jobs?: Evidence for Advance and Developing Economies (by Zidong An, Nathalie Gonzalez Prieto, Prakash Loungani, and Saurabh Mishra). The Q&A article by Rabah Arezki discusses “Seven Questions on Rethinking the Oil Market in the Aftermath of the 2014-16 Price Slump.” A listing of recent IMF Working Papers, Staff Discussion Notes, and Recommended Readings from IMF Publications are also included. Readers can also find an announcement on the 2016 Annual Research Conference and links to top cited 2015 articles in the IMF Economic Review.

Europe's Crises

Manuel Castells,Olivier Bouin,Joao Caraça,Gustavo Cardoso,John Thompson,Michel Wieviorka
Europe s Crises Book PDF

Author : Manuel Castells,Olivier Bouin,Joao Caraça,Gustavo Cardoso,John Thompson,Michel Wieviorka
Publisher : John Wiley & Sons
Page : 476 pages
File Size : 40,7 Mb
Release : 2018-03-16
Category : Political Science
ISBN : 9781509524884

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Europe's Crises by Manuel Castells,Olivier Bouin,Joao Caraça,Gustavo Cardoso,John Thompson,Michel Wieviorka Pdf

Today, the European Union is facing a crisis as serious as anything it has experienced since its origins more than half a century ago. What makes this so serious is that it is not a single crisis but rather multiple crises – the euro crisis, the migration/refugee crisis, Brexit, etc. – that overlap and reinforce one another, creating a cumulative array of challenges that threatens the very survival of the EU. For the first time in its history, there is a real risk that the EU could break up. This volume brings together sociologists, economists and political scientists from around Europe to shed light on how the EU got into this predicament. It argues that the multiple crises that have plagued the European Union in the last decade stem to a large extent from flaws in its construction and that these flaws are consequences of the political processes that led to the formation of the EU – in other words, the decisions that made possible the development of the EU created the conditions for the multiple crises it experiences today. This timely and wide-ranging book on one of the most important issues of our time will be of great interest to students and scholars in the social sciences, to politicians and policy-makers and to anyone concerned with Europe and its future.

The Palgrave Handbook of European Banking Union Law

Mario P. Chiti,Vittorio Santoro
The Palgrave Handbook of European Banking Union Law Book PDF

Author : Mario P. Chiti,Vittorio Santoro
Publisher : Springer
Page : 434 pages
File Size : 43,5 Mb
Release : 2019-05-16
Category : Business & Economics
ISBN : 9783030134754

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The Palgrave Handbook of European Banking Union Law by Mario P. Chiti,Vittorio Santoro Pdf

This handbook analyses the European Banking Union legal framework focusing on legislative acts (regulations and directives), case law and the resolution procedures. In addition, it will pay attention to the division of responsibilities between the ECB and the national authorities, with special attention to the Single Supervisory Mechanism (SSM) and the Single Resolution Mechanism (SRM). To give a more complete picture, the book will also cover the implementation of European Deposit Insurance Scheme (so called third pillar) still under construction, and appeal to academics, researchers and students of banking and financial law.

Doing Business 2020

World Bank
Doing Business 2020 Book PDF

Author : World Bank
Publisher : World Bank Publications
Page : 241 pages
File Size : 46,8 Mb
Release : 2019-11-21
Category : Business & Economics
ISBN : 9781464814419

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Doing Business 2020 by World Bank Pdf

Seventeen in a series of annual reports comparing business regulation in 190 economies, Doing Business 2020 measures aspects of regulation affecting 10 areas of everyday business activity.

Judicial System Reform in Italy - A Key to Growth

Gianluca Esposito,Mr. Sergi Lanau,Sebastiaan Pompe
Judicial System Reform in Italy A Key to Growth Book PDF

Author : Gianluca Esposito,Mr. Sergi Lanau,Sebastiaan Pompe
Publisher : International Monetary Fund
Page : 19 pages
File Size : 51,9 Mb
Release : 2014-02-13
Category : Business & Economics
ISBN : 9781475560343

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Judicial System Reform in Italy - A Key to Growth by Gianluca Esposito,Mr. Sergi Lanau,Sebastiaan Pompe Pdf

The inefficiency of the Italian judicial system has contributed to reduced investments, slow growth and a difficult business environment. The enforcement of civil and commercial claims suffers from excessive delays in court proceedings, resulting in a very large number of pending cases. The Italian authorities have over the years taken steps to remove bottlenecks and speed up judicial proceedings. While these measures are generally steps in the right direction, more can be done. Consideration could be given, inter alia, to reviewing court fees, improving the new mandatory mediation scheme, strengthening court management, and reforming the appeal system.

Italy

International Monetary Fund. Monetary and Capital Markets Department
Italy Book PDF

Author : International Monetary Fund. Monetary and Capital Markets Department
Publisher : International Monetary Fund
Page : 60 pages
File Size : 48,6 Mb
Release : 2013-09-27
Category : Business & Economics
ISBN : 9781484311516

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Italy by International Monetary Fund. Monetary and Capital Markets Department Pdf

This Financial System Stability Assessment report provides a review of .Italian financial system. The announcement of outright monetary transactions (OMT) and steps toward a banking union have blunted the impact of the sovereign debt crisis on banks, and the expansion of European Central Bank (ECB) liquidity facilities has temporarily shielded Italian banks from wholesale funding volatility. Stress tests suggest that the system as a whole is able to withstand both the already weak baseline macro outlook and the phase-in of Basel III requirements.

Aircraft Repossession and Enforcement

Ravi Nath,Berend J.H. Crans
Aircraft Repossession and Enforcement Book PDF

Author : Ravi Nath,Berend J.H. Crans
Publisher : Kluwer Law International B.V.
Page : 504 pages
File Size : 45,6 Mb
Release : 2010-09-03
Category : Law
ISBN : 9789041144454

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Aircraft Repossession and Enforcement by Ravi Nath,Berend J.H. Crans Pdf

Adding a second volume to the peerless country-by-country guide first published in February 2009, this book brings lessors, financiers, and operators valuable assistance in the management of aircraft during default periods and repossession proceedings in an additional 14 jurisdictions, bringing the total jurisdictions covered to 46. The two-volume set is also of great value as a preventive guide on issues arising in aircraft finance or lease transactions, especially in the drafting of associated contracts. Defaults, workouts, and repossessions of aircraft are still on the rise globally, and the situations that can lead to, or arise after, an event of default remain literally endless. This is the best way to be prepared for virtually any contingency. Local aviation law experts from each jurisdiction provide in-depth responses, country by country, to an extremely detailed questionnaire that includes eighty ‘real-life’ questions covering such categories as the following: self-help procedures; court proceedings; arbitration and other non-court proceedings; money claims; bankruptcy; non-consensual liens; rights and security interests in aircraft; deregistration powers of attorney; and export permit issues. Fees, time periods, costs of all kinds, remedies, immunities, required documentation, recognition of foreign judgements, interim measures and other court proceedings – all these and many other crucial considerations are fully explained for each jurisdiction. Loaded with precise, up-to-date information and expert practical guidance, this two-volume set will be of enormous value to aviation lawyers, in-house counsel of aircraft owners and operators, receivers, export credit agencies, banks, lessors, lenders and investors with an interest in the aviation industry

Judicial System Reform in Italy - A Key to Growth

Gianluca Esposito,Mr.Sergi Lanau,Sebastiaan Pompe
Judicial System Reform in Italy A Key to Growth Book PDF

Author : Gianluca Esposito,Mr.Sergi Lanau,Sebastiaan Pompe
Publisher : International Monetary Fund
Page : 19 pages
File Size : 50,5 Mb
Release : 2014-02-13
Category : Business & Economics
ISBN : 9781475573022

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Judicial System Reform in Italy - A Key to Growth by Gianluca Esposito,Mr.Sergi Lanau,Sebastiaan Pompe Pdf

The inefficiency of the Italian judicial system has contributed to reduced investments, slow growth and a difficult business environment. The enforcement of civil and commercial claims suffers from excessive delays in court proceedings, resulting in a very large number of pending cases. The Italian authorities have over the years taken steps to remove bottlenecks and speed up judicial proceedings. While these measures are generally steps in the right direction, more can be done. Consideration could be given, inter alia, to reviewing court fees, improving the new mandatory mediation scheme, strengthening court management, and reforming the appeal system.