Policy Responses following the Lehman Shock

  U.S. EU Asia Pacific(Incl.Japan)
September 2008 Failure of Lehman Brothers Holdings Inc.
October 2008 Many countries announced the increase of coverage level of deposit insurance
(Increased coverage amount and fully protected noninterest-bearing transaction accounts) (Many European countries including UK and Germany) (Hong Kong, Singapore, Malaysia, Australia and New Zealand, etc.)
Enacted “Emergency Economic Stabilization Act” UK, Germany & France: announced comprehensive financial stabilization measures  
November 2008 G20 Washington Summit
April 2009 G20 London Summit
September 2009 G20 Pittsburgh Summit
October 2009     Japan: Establishment of Enterprise Turnaround Initiative Corporation of Japan (ETIC)
May 2010   EU: Sovereign problem emerged  
June 2010   EU: Founded “European Financial Stability Facility”(EFSF)  
G20 Toronto Summit
July 2010 Enacted “Dodd-Frank Wall Street Reform and Consumer Protection Act” EU: Released proposal for a revision of the Directive on Deposit Guarantee Schemes(DGS)  
September 2010     Japan: Failure of Incubator Bank of Japan (the first case of the limited coverage)
October 2010 Launched “Financial Stability Oversight Council” (FSOC)    
November 2010 Financial Stability Board (FSB): Announced policy framework on systemically important financial institutions (SIFIs)
G20 Seoul Summit
December 2010 Basel Committee on Banking Supervision (BCBS) : Announced the revised framework on new bank capital and liquidity standards (Basel Ⅲ)
January 2011   EU: Launched new financial supervision framework- European Systemic Risk Board (ESRB) and European Supervisory Authorities (ESAs) Hong Kong, Singapore and Malaysia returned to limited coverage.
  UK: Introduced bank levy  
March 2011     Japan: Great East Japan Earthquake occurred
July 2011   EU: Agreed to provide additional support to Greece; Determined to enhance EFSF’s functions  
October 2011 FSB: Issued “Key Attributes of Effective Resolution Regimes for Financial Institutions” (Key Attributes)
November 2011 G20 Cannes Summit
FSB: Specified 29 global systemically important financial institutions (G-SIFIs).
February 2012 FSB: Issued the report “ Thematic Review on Deposit Insurance Systems”
    Japan: Establishment of Corporation for Revitalizing Earthquake-Affected Business
March 2012     Japan: FSA announced the amendment to administrative notice on capital adequacy rules for internationally operating banks (BaselⅢ)
June 2012   EU: Released proposal for Bank Recovery and Resolution Directive (BRRD)  
G20 Los Cabos Summit
September 2012   ECB: Decided to introduce Outright Monetary Transactions (OMT)  
October 2012   EU: Inaugurated ESM  
December 2012 Federal Deposit Insurance Corporation(FDIC) and Bank of England (BOE) : Released a joint paper ”Resolving Globally Active, Systemically Important, Financial Institutions”
FDIC: Ended temporary unlimited coverage for noninterest-bearing transaction accounts on December 31, 2012 EU: Agreed on a Roadmap for the completion of Economic and Monetary Union (including Single Supervisory Mechanism: SSM)  
January 2013 BCBS : Released revised version of Basel III's Liquidity Coverage Ratio(LCR) standard
    Japan: the Financial System Council (Working Group on Framework of Regulations on Banks which Contribute to Stability of the Financial System, etc.) published the final report
April 2013 FSB: Issued the report “Thematic Review on Resolution Regimes”
  EU: Agreed to provide support to Cyprus  
June 2013     Japan: Conducted the partial revisions of the Deposit Insurance Act to establish orderly resolution of assets and liabilities of financial institutions
July 2013 FSB: Identified 9 Global Systemically Important Insurers (G-SIIs).
  EU: Released proposal for Regulation for Single Resolution Mechanism(SRM) and Single Resolution Fund (SRF)  
September 2013 FDIC: Approved final rule on the definition of deposit at foreign branches of U.S. Banks to clarify that these deposits are not insured by the FDIC    
December 2013 FDIC: Released the Federal Register the Single Point of Entry (SPoE) strategy for public comment    
FRB/FDIC etc. Issued final rules implementing the Volcker Rule    
February 2014 FRB: Issued a final rule strengthening supervision and regulation of large U.S. bank holding companies (BHCs) and foreign banking organizations(FBOs)    
March 2014     Japan: Enforced the partial revisions of the Deposit Insurance Act
April 2014   EU: Parliament adopted the revision of the directive on DGS, BRRD and the regulation for SRM and SRF  
(Source)National authorities (as of July 2014)

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