欧州金融機関の破綻処理制度における評価（valuation）について

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  • The role of valuation in the framework for resolution of financial institutions in Europe

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After the global financial crisis, the need for a framework for orderly resolution of financial institutions resulted in the establishment of a globally unified framework for resolution set by the FSB (Financial Stability Board) in 2011. Many countries and jurisdictions have implemented the framework mainly through legislation since then. Valuation of assets and liabilities is one of the most important steps for resolution of large and complex financial institutions. Timely and efficient valuation is imperative to avoid further deterioration of assets and disruption of financial markets. In Europe, BRRD (Bank Recovery and Resolution Directive), related rules and guidelines set forth requirements for financial institutions and authorities to enhance timely and efficient valuation. For example, “MIS approach” is adopted in the guideline that utilizes the institution’s own MIS (Management Information Systems) to the extent possible and appropriate for the purposes of resolution. There are many related/affected parties in the process of resolution, including shareholders, creditors, resolution authorities and tax payers. Therefore, it is desirable to discuss and develop standardized and commonly shared procedures for valuation to ensure fair and objective valuation, which ultimately reduces uncertainty around resolution.

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