Systemic Financial Crises: Resolving Large Bank Insolvencies
Sponsored by the Federal Reserve Bank of Chicago's Research Department.
Seventh Annual International Banking Conference
Systemic Financial Crises: Resolving Large Bank Insolvencies
09/30/04
1:40 PM
Session 1: Financial Stability—Protecting Solvency
Moderator
Douglas D. Evanoff, Federal Reserve Bank of Chicago
The Role of the IMF in Preventing and Managing Banking Crises
Stefan Ingves, International Monetary Fund
The Deposit Insurer's Role in Maintaining Financial Stability
J. P. Sabourin, International Association of Deposit Insurers and Canada Deposit Insurance Corporation
The IMF and World Bank Financial Surveillance Program
Paul H. Kupiec, Federal Deposit Insurance Corporation
Financial Stability and Bank Insolvency
Peter Sinclair, University of Birmingham (UK)
Andrew Haldane, Bank of England
Glenn Hoggarth, Bank of England
Discussant
Craig H. Furfine, Federal Reserve Bank of Chicago
4:00 PM
Session 2: The Cost of Inefficient Resolution of Large Financial Institutions
Impediments to the Efficient Resolution of Banks and Banking Crises
Edward J. Kane, Boston College
Dealing with Financial Fragility in Transitioning Economies
Paul Wachtel, New York University
John Bonin, Wesleyan University
The Resolution of Financial Institutions in Emerging Economies
David Hoelscher, International Monetary Fund
Discussant
Randall S. Kroszner, University of Chicago
6:30 PM
Dinner and Keynote Address
Introduction
Michael H. Moskow, President and Chief Executive Officer, Federal Reserve Bank of Chicago
Keynote
Andrew Crockett, President, JP Morgan Chase International
10/01/04
8:30 AM
Session 3: Key Policy Challenges in Financial Resolution: Cross-Border Issues
Moderator
Kenneth W. Dam, University of Chicago Law School
A Universal Proposal to Address Cross-Border Resolution Issues
Christos Hadjiemmanuil, London School of Economics
Cross-Border Challenges in Resolving Financial Firms
Thomas C. Baxter, Jr., Federal Reserve Bank of New York
Too Big to Save—Towards a Functional Approach to Resolving Crises in Global Financial Institutions
Eva H.G. Hüpkes, Swiss Federal Banking Commission
Discussant
Chryssa Papathanassiou, European Central Bank
10:30 AM
Session 4: Key Policy Challenges in Financial Institution
Moderator
Edward C. Ettin, Board of Governors of the Federal Reserve System
Multiple Regulators and Resolutions
Charles Goodhart, Bank of England
The Role of the Safety Net in Resolving Large Financial Institutions
David G. Mayes, Bank of Finland
Securities Forward and Commodity Contracts and Repurchase and Swap Agreements under U.S. Insolvency Laws
Seth Grosshandler, Cleary Gottlieb Steen & Hamilton
Discussant
Robert Bliss, Wake Forest University and Federal Reserve Bank of Chicago
12:15 PM
Lunch and Keynote Address
Introduction
Charles L. Evans, Federal Reserve Bank of Chicago
Keynote
Alan Bollard, Governor, Reserve Bank of New Zealand
2:00 PM
Session 5: Lessons from Case Studies of Large Insolvencies
Moderator
Harvey Rosenblum, Federal Reserve Bank of Dallas
BCCI and Barings
Richard J. Herring, University of Pennsylvania
Derivatives and Systemic Risk: What Role Can the Bankruptcy Code Play?
Franklin Edwards, Columbia University
Edward R. Morrison, Columbia University
Liliana Rojas-Suarez, Center For Global Development
Paola Sapienza, Northwestern University
3:50 PM
Session 6: Planning for Efficient Resolution—Where to from Here?
Moderator
George G. Kaufman, Loyola University Chicago and Federal Reserve Bank of Chicago
Speakers
Ian Harrison, Reserve Bank of New Zealand
Nobuo Inaba, Bank of Japan
Arthur J. Murton, Federal Deposit Insurance Corporation
Sander Oosterloo, Netherlands Ministry of Finance
Jakob de Haan, University of Groningen (NL)
Gary H. Stern, Federal Reserve Bank of Minneapolis
Ron J. Feldman, Federal Reserve Bank of Minneapolis
6:00 PM
Dinner and Keynote Address
Introduction
Gorden Werkema, First Vice President, Federal Reserve Bank of Chicago
Timothy F. Geithner, President and Chief Executive Officer, Federal Reserve Bank of New York
