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The changes of deposit guarantee systems in the financial safety net as consequences of the global financial crisis
Abstract
The purpose of the paper is to characterize the current changes to financial safety nets, brought about by the global financial crisis, in Poland and in other countries. The paper focuses particularly on the legislation concerning financial stability and the widening concept of deposit guarantee.
The global financial crisis has provoked an ongoing and lively political and scientific debate on the legal infrastructure of financial markets with a special emphasis on the banking sector. The main arguments concentrate not only on the idea of how to ensure financial stability but also on the issue of confidence of depositors expressed by their ability to withdraw money before the deposit maturity. Thus, in order to give the deposit guarantee system an extension of mandate to intervene when a bank is failing or is likely to fail, the traditional mode of operation of DGS has radical changes (i.e. BRRD and DGSD) in recent years (especially in EU countries).
Against this backdrop, different DGS models are discussed in the paper in connection with the concept of recovery and resolution. Moreover, the idea of macroprudential policy and microprudential supervision is also analyzed versus the resolution function allocated within the financial safety net.
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Published: 2024-02-19
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This work is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.