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Alternative lending : risks, supervision and resolution of credit AIFs
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Florence : European University Institute, 2020
EUI; LAW; PhD Thesis
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PERIDIS, Promitheas, Alternative lending : risks, supervision and resolution of credit AIFs, Florence : European University Institute, 2020, EUI, LAW, PhD Thesis - https://hdl.handle.net/1814/68735
Abstract
The thesis examines the emergence of Debt/Credit Alternative Investment Funds in the EU, the risks that they can pose to financial stability, and the regulatory and supervisory tools available to mitigate these risks. The Global Financial Crisis of 2007-2009 revealed many of the flaws in the regulation of the Banking Industry and led to massive regulatory interventions. The new rules forced Banks to maintain higher quality and quantity of capital, leading to the reduced lending capacities of Banks. This created a gap in the financing of small and medium enterprises, which is covered by alternative lenders and more specifically by Debt/Credit Alternative Investment Funds. The thesis first examines the reasons behind the emergence of these new innovative products, the risks that they can cause to the financial system, and the risk of a general market failure that can be caused by the failure of these funds. The risks of lending for both Banks and Debt/Credit Alternative Investment are then analyzed and compared. After reaching the conclusion that the risks of lending for both industries are similar, the thesis analyzes and compares the regulatory tools available in the International and European Banking legislation and in the European legislation on Alternative Investment Funds. The research has shown that although Banks and Credit/Debt Alternative Investment Funds are conducting the same lending activities, there are many differences in the regulatory requirements that they must follow, especially in relation to mitigating macroprudential and systemic risks. The thesis subsequently explores the necessity for developing a new framework tailored to Credit/Debt Alternative Investment Funds and ends with specific proposals on new macroprudential, supervision, and resolution tools to be applied to Credti/Debt Alternative Investment Funds.
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Defence date: 23 October 2020 (Online)
Examining Board: Prof. Stefan Grundmann (EUI); Prof. Peter Drahos (EUI); Prof. Christos Gortsos (National and Kapodistrian University of Athens); Professor Filippo Zatti (University of Florence)
Examining Board: Prof. Stefan Grundmann (EUI); Prof. Peter Drahos (EUI); Prof. Christos Gortsos (National and Kapodistrian University of Athens); Professor Filippo Zatti (University of Florence)