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In the aftermath of the 2007/08 financial crisis, and lacking sufficient coordinated guidelines or legislation, measures to address failing financial institutions in European Union (EU) Member States were taken at national level. In an effort to improve cross border coordination as well as to reduce future dependence on public money, the European framework for managing the failure of financial institutions was reformed, building upon the financial stability Board's key attributes. From January 1, 2015, all EU Member States were required to transpose the Bank Recovery and Resolution Directive (BRRD) into their national law. A key element of the new powers is the bail-in tool, requiring banks to recapitalize and absorb losses from within, which was made mandatory as of January 1, 2016. These case studies have been selected as examples of how some EU countries tackled the resolution of several failing European banks. The focus of the case studies is on the application of bail-in features, id est statutory private loss absorption outside liquidation. Most cases studies also describe other measures used to deal with distressed financial institutions, including but not limited to government guarantees, capital injections, liquidity supports, and the creation of asset management vehicles to put the bail-in into perspective. The authors hope that, nevertheless, these real life examples of European banks' resolutions provide a useful and interesting source of reference. For more details on resolution under the BRRD, the authors invite the readers to refer to the FinSAC Guidebook Understanding Bank Recovery and Resolution in the EU: a Guidebook to the BRRD.

Asset Management --- Banking Law --- Bankruptcy and Resolution of Financial Distress --- Finance and Financial Sector Development --- Financial and Private Sector Development --- Financial Law --- Financial Regulation & Supervision --- International Financial Standards and Systems --- Law and Development --- Law Finance and Growth

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This guide is designed to ensure that a comprehensive overview of the relevant provisions of the acquis communautaire is available to policymakers, regulators, and other stakeholders in countries with a European vocation or those simply wishing to take the European Union (EU) regulatory model into account when devising their own national approaches. This guide outlines and summarizes the EU legislative framework governing corporate sector accounting and auditing. The guide begins by giving a brief history and overview of the EU, its institutions, and legislative processes in section one. In section two, the guide focuses on the development of the internal market, particularly in the areas of financial market integration and company law harmonization. Section three addresses the harmonization of accounting and auditing in the EU. Section four looks at the most pressing accounting and auditing issues for the EU.

Accounting --- Asset Management --- Capital Requirements --- Civil Liability --- Cooperatives --- Corporate Governance --- Corporate Law --- Finance --- Finance and Financial Sector Development --- Financial Institutions --- Financial Regulation & Supervision --- Law and Development --- Limited Liability Companies --- Living Standards --- Partnerships --- Private Sector Development --- Trade Liberalization --- Treaties --- Trust

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Access to adequate housing is critically important to the health and wellbeing of the world's population. Yet, despite the fact that this statement is part of the United Nations Universal Declaration of Human Rights and has been on the global policy agenda for many years, hundreds of millions of people continue to live in inadequate conditions with little or no access to decent housing. The demand for housing solutions will increase as urbanization and population growth persists. The United Nations Human Settlements Program (UN-Habitat) has estimated that the number of people living in slums around the world will rise to 900 million by 2020 if nothing is done. Asia and Africa will face special challenges, because urbanization in those regions is proceeding rapidly. Housing is frequently unaffordable to all but the top earners. A recent report estimates a housing affordability gap affecting 330 million households, with 200 million households in the developing world living in slums (McKinsey Global Institute 2014). Research has shown that more and better housing increases the welfare of occupants. Homeownership may increase stability and civic engagement, and provide financial security in old age. Improvements in housing also have important benefits to the economy. Housing construction and home improvement generate demand for professional, skilled, semi-skilled, and unskilled labor; and allow many micro and small businesses to flourish. The housing market is an important component of national economies and housing booms and busts can have significant effects on the macro economy and financial sector. The core purpose of this learning product is to generate knowledge and provide lessons learned from World Bank Group support to housing finance. Lessons were derived primarily from evaluated interventions in the form of World Bank loans or International Finance Corporation (IFC) investments and advisory services. World Bank technical assistance and knowledge products and interventions on housing finance matters were considered when provided in the context of lending operations. One limitation faced in preparation of this learning product was the lack of coverage of stand-alone World Bank advisory services.

Access To Finance --- Advisory Services --- Affordability --- Affordable Housing --- Asset Management --- Capacity Building --- Capital --- Capital Markets --- Collateral --- Commercial Banks --- Credit --- Debt --- Economic Development --- Equity --- Finance --- Finance and Financial Sector Development --- Financial Institutions --- Housing Finance --- Human Rights --- Interest Rates --- International Finance --- Loans --- Microfinance Institutions --- Mortgages --- Privatization --- Profitability --- Property Rights --- Public-Private Partnerships --- Risk Management --- Savings --- Securities --- Small Businesses --- Technical Assistance --- Transaction Costs --- Urban Development

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This paper discusses the German asset management sector and an analysis of certain key aspects of the regulatory and supervisory regime. Germany has a large and diverse asset management sector to which it applies a strong and comprehensive regulatory framework. The sector is the third-largest in Europe, as measured by all managed assets, and comprises a broad range of management companies and funds. BaFin is able to monitor developments in the asset management sector by having access to an extensive set of data shared by the Bundesbank. The data are sufficiently granular that individual exposures can be identified swiftly and accurately, allowing supervisory intervention where needed.

Asset-liability management --- Financial risk management --- Risk management --- Asset-liability management (Banking) --- Funds management --- Financial institutions --- Management --- Investments --- Banks and Banking --- Finance: General --- Financial Risk Management --- Industries: Financial Services --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- International Financial Markets --- Financing Policy --- Financial Risk and Risk Management --- Capital and Ownership Structure --- Value of Firms --- Goodwill --- Finance --- Financial services law & regulation --- Mutual funds --- Financial instruments --- Liquidity risk --- Asset management --- Asset valuation --- Financial regulation and supervision --- Asset and liability management --- Germany

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We live in an age of serial asset bubbles and spectacular busts. Economists, policymakers, central bankers and most people in the financial world have been blindsided by these busts, while investors have lost trillions. Economists argue that bubbles can only be spotted after they burst and that market moves are unpredictable. Yet Marathon Asset Management, a London-based investment firm managing over $50 billion of assets has developed a relatively simple method for identifying and potentially avoiding them: follow the money, or rather the trail of investment. Bubbles whether they affect a whole economy or merely a single industry, tend to attract a splurge of capital spending. Excessive investment drives down returns and leads inexorably to a bust. This was the case with both the technology bubble at the turn of the century and the US housing bubble which followed shortly after. More recently, vast sums have been invested in mining and energy. From an investor's perspective, the trick is to avoid investing in sectors, or markets, where investment spending is unduly elevated and competition is fierce, and to put one's money to work where capital expenditure is depressed, competitive conditions are more favourable and, as a result, prospective investment returns are higher. This capital cycle strategy encourages investors to eschew the simple 'growth' and 'value' dichotomy and identify firms that can deliver superior returns either because capital has been taken out of an industry, or because the business has strong barriers to entry (what Warren Buffett refers to as a 'moat'). Some of Marathon's most successful investments have come from obscure, sometimes niche operations whose businesses are protected from the destructive forces of the capital cycle. Capital Returns is a comprehensive introduction to the theory and practical implementation of the capital cycle approach to investment. Edited and with an introduction by Edward Chancellor, the book brings together 60 of the most insightful reports written between 2002 and 2014 by Marathon portfolio managers. Capital Returns provides key insights into the capital cycle strategy, all supported with real life examples from global brewers to the semiconductor industry - showing how this approach can be usefully applied to different industry conditions and how, prior to 2008, it helped protect assets from financial catastrophe. This book will be a welcome reference for serious investors who looking to maximise portfolio returns over the long run.

Business cycles --- Speculation --- Economic Theory --- Business & Economics --- Business cycles. --- Speculation. --- Marathon Asset Management. --- Bucket-shops --- Commercial corners --- Corners, Commercial --- Economic cycles --- Economic fluctuations --- Marathon-London (Firm) --- Finance --- Gambling --- Commodity exchanges --- Contracts, Aleatory --- Investments --- Stock exchanges --- Cycles --- Investment banking. --- Securities. --- Organization. --- Leadership. --- Investments and Securities. --- Business Strategy/Leadership. --- Ability --- Command of troops --- Followership --- Organisation --- Management --- Blue sky laws --- Capitalization (Finance) --- Investment securities --- Portfolio --- Scrip --- Securities --- Securities law --- Underwriting --- Investment banking --- Banks and banking, Investment --- Investment banks --- Financial institutions --- Law and legislation --- Planning. --- Creation (Literary, artistic, etc.) --- Executive ability --- Organization