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Bail-in in action

David Marques-Ibanez, Gianluca Santilli, Giulia Scardozzi
In the aftermath of the European sovereign debt crisis, the question of who should bear the burden of banking crises has been a cornerstone of the new supervisory framework in Europe. We evaluate the bail-in regulation (BRRD) for bank bond holdings using a proprietary database covering holdings of all euro-denominated securities. We focus on hard-to-value bailinable bank bonds and show that banks increased their holdings of bailinable bank bonds while households and non-financial corporations reduced their holdings of bailinable bonds issued by riskier banks.
Year of publication:
[2024]
Authors: Marqués Ibáñez, David ; Santilli, Gianluca ; Scardozzi, Giulia
Publisher: Frankfurt am Main, Germany : European Central Bank
Subject: Bail-in | Bond holdings | Bond allocation | Anleihe | Bond | Öffentliche Anleihe | Public bond | Portfolio-Management | Portfolio selection | Rentenmarkt | Bond market | Unternehmensanleihe | Corporate bond | Schuldenübernahme | Bailout
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