对银行业的特殊公共偿付能力支持：陷阱和良好实践

N O T E S&M A N U A L SN O T E S&M A N U A L S Exceptional Public SolvencySupport to the Banking Sector:Pitfalls and Good Practices Constant Verkoren and Luis Cortavarría-Checkley TNM/2025/10 TECHNICAL NOTES AND MANUALS Exceptional Public SolvencySupport to the Banking Sector:Pitfalls and Good Practices Constant Verkoren and Luis Cortavarría-Checkley Authorized for distribution by Tobias Adrian Banking sector distress can be highly disruptive, with substantial implications for financial inter-mediation and economic growth.Given their disruptive effects, country authorities have often relied onpublic funds to safeguard financial stability when confronted with systemic crises. The global financial crisis,for example, prompted governments to provide substantial support to ailing banks, as other credible policyoptions for stabilizing their financial systems were not readily available. While noting that such interventions should always remain a ‘last resort’ option, this technicalnote provides guidance on the proper design and implementation of exceptional public solvencysupport.Specifically, it discusses: ythe role of solvency support in crisis management and bank restructuring programs;yminimum conditions and key modalities for exceptional public solvency support; andygovernance and shareholder management arrangements for temporary government investments in thefinancial sector. © 2025 International Monetary FundCover Design: IMF Creative Solutions Cataloging-in-Publication DataIMF Library Names: Verkoren, Constant, author. | Cortavarría-Checkley, Luis, author. | International MonetaryFund, publisher.Title: Exceptional public solvency support to the banking sector : pitfalls and good practices / ConstantVerkoren and Luis Cortavarría-Checkley.Other titles: Pitfalls and good practice. | International Monetary Fund. | Monetary and Capital MarketsDepartment (Series).Description: Washington, DC : International Monetary Fund, 2025. | Aug. 2025. | Includesbibliographical references.Identifiers: ISBN:9798229002400 (paper)9798229003179 (ePub)9798229002882 (web PDF)Subjects: LCSH: Finance, Public. | Bank failures—Law and legislation.Classification: HJ192.5.V4 2025 DISCLAIMER: This Technical Note should not be reported as representing the views of the IMF. The viewsexpressed in this paper are those of the authors and do not necessarily represent the views of theIMF, its Executive Board, or IMF management. Recommended citation:Verkoren, Constant, and Luis Cortavarría-Checkley. 2025.“Exceptional Public Solvency Support to the Banking Sector: Pitfalls and Good Practice.”IMF Technical Notes and Manuals 2025/10. International Monetary Fund, Washington, DC. Contents Abbreviations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1Preface. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .2I.Introduction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3II.Why Do Governments Recapitalize Banks?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6III.Minimum Conditions for Exceptional Public Solvency Support. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8IV.Support Modalities: Equity and Other Instruments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .14V.Governance of Temporary Government Investments in the Financial Sector. . . . . . . . . . . . . . . . . . . . . . . . . .17VI.Financing Options for Public Solvency Support. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22VII.Closing Remarks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .25References. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .27 Abbreviations AT1Additional Tier 1CET1Common Equity Tier 1CoCosContingent Convertible Capital InstrumentsFSBFinancial Stability BoardGDPgross domestic productHFSFHellenic Financial Stability FundIFRSInternational Financial Reporting StandardsKAKey Attributes of Effective Resolution Regimes for Financial InstitutionsLACloss-absorbing capacitySIBSystemically Important BankTLACtotal loss-absorbing capacityUKFIUK Financial InvestmentsUKGIUK Government Investments Preface This note reflects contributions of