Читать книгу Retos y desafíos de las garantías reales - Abel B. Veiga Copo - Страница 54

The study aims to improve the understanding of bank loan enforcement in the European Union. Currently, little is known about the comparative characteristics of the legal frameworks. There is no existing research providing a comprehensive picture from the perspective of this study8. The World Bank project on Resolving Insolvency9 is based on a hypothetical, typified case study, namely the financial distress of a limited liability company running a hotel10. On this basis, the World Bank project’s results are limited to a particular type of hypothetical debtor and do not claim to be representative for all types of debtors or proceedings.

Other studies have a different focus or are more limited in scope. Particularly noteworthy is the empirical research by Davydenko and Franks on a sample of small firms in France, Germany and the United Kingdom defaulting on their bank debts11. The Centre for Business Research of the University of Cambridge has published a study coding creditor protection laws in 25 countries around the world12. Deakin et al have researched the relationship between creditor protection and credit expansion in France, Germany, the United Kingdom and the United States13. This latter study and the coding exercise by the Centre for Business Research do not, however, focus on banks as creditors.

This study focusses exclusively on the position of bank creditors. The Capital Markets Union Action Plan provides the policy background14. For this study, the Plan’s goals to reduce the cost of capital and decrease systemic risk are particularly relevant. The higher recovery rates and the shorter time to recovery, the higher the expected income from bank loans. In a competitive market, this will lead to loans offered to borrowers at a lower cost. Hence, better enforcement frameworks reduce the price of credit. Consequently, the cost of capital will decrease and growth is supported. In addition, sound enforcement frameworks support the management of non-performing loans. Thereby, the financial stability of banks is strengthened and systemic risk reduced.

These normative, bank-centred claims do not consider the welfare position of other stakeholders in the enforcement process. In particular, the effect of enforcement on borrowers and their non-bank stakeholders is not reflected in this study. Therefore, this study does not make comprehensive analytical or normative claims concerning the overall efficiency of enforcement laws15.