金融機関の破綻処理におけるNCWO原則について : 欧州（BRRD）の事例を中心に

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  • The NCWO principle for resolution of financial institutions in the case of BRRD in Europe

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The NCWO (No Creditor Worse Off) is a key principle for resolution that offers the protection of creditors whereby no creditor should incur greater losses than it would have incurred if the financial institution had been liquidated. Valuation so called “valuation 3” is carried out to compare (i) the actual treatment that shareholders and creditors received in resolution and (ii) the hypothetical treatment that they would have received had the entity entered into liquidation under the normal insolvency regime. Considering the fact that the protection of the property rights is one of the reasons why the NCWO principle is adopted in the BRRD, liquidation should not be the only reference scenario. The possible infringement of the property right would become more serious if national insolvency regimes in Europe are harmonized in such a way that options other than liquidation are available and used for financial institutions in light of financial stability.

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