Keywords: Banking crisis; State aids; Statutory guarantees of deposits; Cartels (Decisions of associations of undertakings); Temporary framework on state aids.
The interrelation between insolvency law and competition law is particularly evident
in the banking crises regulation. Following an overview on such sector-specific regulation,
the paper retraces the genesis and the rationales of the Bank Recovery and Resolution
Directive (Brrd), enacted in the wake of the financial crisis of 2008. The impact
of the Commission’s decision Tercas, annulled by the General Court, on the Italian
system is then analysed, with a particular focus on the intervention of statutory guarantees
of deposits. After having introduced the essentials of the Commission’s Liquidation
Scheme for small banks, the paper tries to figure out how the Tercas judgement will
impact on the banking crisis and how will the new setting be reconciled with competition
law. Finally, the paper investigates whether the current system is well-equipped to
face the unprecedented problems that the post-CoVid recession phase will pose. Some
preliminary thoughts conclude the analysis.