Insolvency Symposium 2003
European Central Bank, Frankfurt am Main,
30 September and 1 October 2003.
Announcement
On 30 September and 1 October 2003 the European Central Bank will host a Symposium on insolvency at
its premises in Frankfurt.
The aim of this event is to strengthen awareness of major legal, economic/financial and supervisory
issues arising when financial institutions become insolvent. The Symposium will attempt, inter alia,
to assess weaknesses in the current legal underpinnings with regard to insolvency, and the rule of
"comity" in a cross-border setting, in particular for larger financial institutions.
The Symposium is a follow-up to the 2002 G10 Report entitled "Insolvency Arrangements and Contract
Enforceability", which was prepared by a G10 Contact Group
(
www.bis.org ).
This Report documents a perceived gap between the rapidly evolving environment in which insolvencies of
financial institutions occur and the slower evolution of the legal regimes for insolvency. A second issue
is the complexity of the insolvency process and the policy conflicts that develop as the globalisation of
financial activities and the global scope of financial institutions increase.
Leading international experts mainly from the European Union, Japan, Switzerland and the United States
have been invited to contribute to the Symposium. Central bankers, supervisors, academics (legal and
economic), practitioners and financial risk managers world-wide will participate.
The Symposium is jointly sponsored by the Bank for International Settlements ( contact for general
information:
G10@bis.org ), the European Central Bank, the Financial
Stability Forum and the G10. The Federal Reserve Bank of New York and Banca d'Italia led the effort to
develop the programme.
The Symposium consists of six individual sessions (see Annex).
In view of room constraints, participation is on personal invitation only.
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Programme
Tuesday, 30 September 2003
-
13:00
Luncheon, Foyer of C IV, 2 nd floor, Eurotower
-
14:00 - 14:30
Welcome/Introduction
Lucas Papademos, Vice-President
European Central Bank, Germany
Fabrizio Saccomanni, Vice President
European Bank for Reconstruction and Development, United Kingdom
Christine Cumming
Federal Reserve Bank of New York, US
-
14:30 - 16:00
Session 1: Recent Developments in International Insolvency
Work at the World Bank (Ernesto Aguirre) and the OECD (William Witherell)
Taking stock of current developments of international significance for jurisdictions with
developed legal systems; cross-border insolvency laws and barriers to full universality
Moderator:
Gavin Bingham, Bank for International Settlements, Switzerland
Speakers:
Manfred Balz, Deutsche Telekom AG, Germany
Jenny Clift, UNCITRAL, Austria
Don S. De Amicis, Ropes & Grau LLP, US
Antonio Sáinz de Vicuña, European Central Bank, Germany
Discussion
-
16:00 - 16:30
Tea break
-
16:30 - 18:00
Session 2: Focus on Collateral
Should collateral reform law be carried out independently of insolvency law reform? Forms of financial
collateral: Are they consistent within and between jurisdictions?
Moderator:
Joseph Sommer, Federal Reserve Bank of New York, US
Speakers:
Barry E. Adler, New York University, US
Hideki Kanda, University of Tokyo, Japan
Sandy Rocks, Cleary, Gottlieb, Steen & Hamilton, New York, US
Discussion
-
18:00 - 19:30
Buffet dinner,
Foyer of C IV, 2 nd floor, Eurotower
-
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Wednesday, 1 October 2003: 9:00
-
09:00 - 10:30
Session 3 : Economics of Insolvency
Key economic incentive issues. Efficiency and equity in insolvency processes:
room for improvement or better economic solutions?
Moderator:
Magda Bianco, Banca d'Italia, Italy
Speakers:
Oren Sussman, SAID Business School, University of Oxford, United Kingdom
Erik Bergloef, SITE, Stockholm School for Economics, Sweden
Luigi Guiso, University of Sassari, Italy
Discussion
-
10:30 - 11:00
Coffee break
-
11:00 - 12:30
Session 4: Insolvency and Systemic Failure
What has been the role of insolvency law in major international financial crises:
exacerbate or ameliorate? What were the lessons for insolvency law?
Moderator:
Erwin Nierop, European Central Bank, Germany
Speakers:
Kaarlo Jännäri, Financial Supervisory Authority, Finland
Michael Krimminger, Federal Deposit Insurance Corporation, US
Toshiyuki Furui, Deposit Insurance Corporation, Japan
Kyoko Gohara, Deposit Insurance Corporation, Japan
Discussion
-
12:30 - 14:00
Luncheon, Foyer of C IV, 2 nd floor, Eurotower
-
14:00 - 15:30
Session 5 :
General and Financial Insolvency
What parts of the insolvency laws must differ? Is there some agreement on a minimum set of
procedures for financial insolvency? What evidence do we have on some of these questions?
Moderator:
Anthony Beaves, Bank of England, United Kingdom
Speakers:
Stijn Claessens, Finance Group, University of Amsterdam, the Netherlands
Eva Hüpkes, Swiss Federal Banking Commission, Switzerland
Junichi Matsushita, Gakushuin University, Japan
Discussion
-
15:30 - 16:00
Tea break
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16:00 - 17:30
Session 6: Cross-Border Insolvency: The Future
Consolidates the earlier sessions with a view to considering gaps in legislation and the international
agenda.
Moderator:
John Trundle, Bank of England, United Kingdom
Speakers:
Larry Brandman, Goldman, Sachs & Co., US
Richard Gildea, JP Morgan Chase Bank, United Kingdom
Thomas Laryea, International Monetary Fund, US
Danièle Nouy, Basel Committee on Banking Supervision, Switzerland
Discussion
-
17:30
Closing remarks
Elmar Koch, Bank for International Settlements, Switzerland
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