Europas unbeholfene Bankenrevolution

BRÜSSEL – Ende letzten Jahres erreichten die Finanzminister der Eurozone einen Kompromiss über die grundlegenden Elemente des Einheitlichen Mechanismus zur Bankenabwicklung (SRM) – also darüber, wie man mit Banken umgeht, die in Schwierigkeiten sind. Er sieht hässlich aus, aber er dürfte funktionieren.

Die Hauptzutat des Kompromisses besteht darin, zumindest anfangs eigene nationale Fonds zu nutzen, falls eine Bank gerettet werden muss, und zugleich während der nächsten zehn Jahre einen gemeinsamen Einheitlichen Abwicklungsfonds (SRF) von bis zu € 55 Milliarden zu schaffen, der durch Beiträge der Banken selbst finanziert werden soll. Der gesamte SRM würde durch eine Anzahl nationaler Aufsichtspersonen und Vertreter der Europäischen Zentralbank und der Europäischen Kommission geleitet.

Die Mängel dieses Kompromisses sind offensichtlich. Zunächst einmal wird der SRM zumindest anfangs kein „einheitlicher“ Mechanismus sein. Nach wie vor werden nationale Fonds – und damit nationale Behörden – für die Probleme „ihrer“ Banken verantwortlich sein, wobei der Beitrag des SRF an eventuellen Rettungsoperationen erst allmählich steigen wird. Ein wirklich „einheitlicher“ Mechanismus wird der SRM frühestens in einem Jahrzehnt – etwa im Jahr 2025 – sein, wenn der Einsatz eigener nationaler Fonds endet.

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