CEPR-银行处置的赢家和输家：最近的例子和适度的改革建议（英）

Winners and losers in bank resolution: Recent examples and a modest reform proposal1Benoît Coeuré,a Harry Huizingb,d Elke König,c Jan Pieter Krahnenc,d and Jonas SchlegelcaAutorité de la concurrence; bTilburg University; cSAFE; dCEPR1 INTRODUCTIONIn March 2023, Silicon Valley Bank (SVB) experienced a sudden run on its uninsured deposits and, after setting up a bridge bank, was put into receivership. Subsequently, two other regional US banks and Credit Suisse in Switzerland experienced similar funding difficulties. The 2023 banking crisis in the US and in Switzerland caught banking regulators around the world by surprise and led to discussions about possible regulatory reform. The starting point of our discussion is the observation made by the Financial Times after the rescues in 2023 (Financial Times, 2023) that acquirers of distressed banks, such as SVB or Credit Suisse, appear to make consistently high profits – in stark contrast to the near-zero profitability expected by acquirers in other, non-bank industries. Significant profits made by acquiring banks possibly come, in particular, at the expense of creditors of the acquired institution, and possibly resolution funds and taxpayers.We address three questions. First, how large were the gains made by acquirers in the 2023 banking crisis? Second, is the asserted underpricing of distressed targets systematic, and can it be observed in past resolution cases in Europe as well? Finally, can we do better, i.e. how can the resolution process be organised to mitigate underpricing?BackgroundIn the spring of 2023, a number of banks experienced significant deposit outflows. This led to the failure and takeover of three regional banks in the US and of Credit Suisse in Switzerland. In the US, Silicon Valley Bank, Signature Bank, and First Republic Bank were acquired by First Citizens Bank, New York Community Bankcorp, and JP Morgan, respectively, while in Switzerland Credit Suisse was acquired by UBS.These transactions resulted in significant losses to the shareholders and bondholders of the acquired banks, and to the Federal Deposit Insurance Corporation (FDIC). Losses incurred by the FDIC are borne by the deposit insurance system and ultimately passed on to the stakeholders of all American banks. In the case of Credit Suisse, the risks were transferred to Swiss taxpayers through state guarantees. Shareholders 1 This Policy Insight originates from a discussion at the CEPR Symposium in Paris on 9 December 2023, on “Banks’ excess profitability when taking over a peer institution in resolution”.August 2024CEPR POLICY INSIGHT No. 134CEPR POLICY INSIGHT No. 1342August 2024in all four failed banks suffered total or near-total losses on their investments. In the case of Credit Suisse, investors in subordinated bonds, specifically the Additional Tier 1 (AT1) capital, suffered losses following a decision by the Swiss Financial Market Supervisory Authority (FINMA) to write down these bonds.While the owners and cred