金融機構強制性自救債的法律問題

Legal Issues regarding Statutory Bail-in Debts of Financial Institutions

強制性自救債是問題銀行所持有、在強制核銷股權仍不能彌補其損失時被處置當局強制核銷和轉為股權的債務工具，其目的是實現銀行自救，從而避免或減少使用納稅人的錢救助銀行。為及時彌補銀行損失，儘快使銀行或者其關鍵部分能夠繼續經營，自救債應盡可能在銀行尚未達到破產標準前啟動。為了增加銀行吸收損失的能力，自救債的範圍應包括存款在內的債務工具，除非有法定的例外，如存款保險限額內的存款、擔保債務等。自救債是強制核銷尚未進入破產清算程序的銀行股東的股權和債權人的債權，有侵犯私權之嫌疑，所以必須輔之以事前和事後的司法救濟。自救債的有效實施，尚需證券法、公司法等的配套修改以及與域外法律的協調。

Statutory bail-in debts are those used for the write-down of equity or claims or conversion of claims to equity of a problem bank by the resolution authority for the purpose of self-saving the bank itself and avoiding or reducing the use of taxpayers’money to bail out the bank. In order to timely absorb the losses of a bank and enable the bank or its critical functions to continue as usual, bail-in debts should be triggered before the bank reaches the point of insolvency. The scope of bail-in debts should be wide to the extent possible to include deposits, unless being legally excluded, e. g. deposits covered by a deposit insurance scheme and secured claims, to increase a bank’s loss-absorbing capacity. By definition, bail-in debt is a process whereby a bank’s equity and claims are wiped out mandatorily before the bank goes into insolvency proceedings, which might violate private rights. For this reason, both ex ante and ex post judicial remedy must be in place. For the bail-in tool to be effective, reforms of relevant laws such as company law and securities law and harmonization with foreign laws should be carried out.