题名

論金融控股公司作為子公司實力來源之救助義務－兼評台灣金融控股公司法第56條規定

DOI

10.6509/TLM.200908_60(8).0008

作者

張冠群

关键词

實力來源理論 ； 金融控股公司 ； 系統性風險

期刊名称

法令月刊

卷期/出版年月

60卷8期（2009 / 08 / 01）

页次

114 - 139

内容语文

繁體中文
中文摘要

2007年美國次級房貸風暴非唯造成美國本土之金融市場之震盪及金融業之經營危機，亦由全球金融市場之連結，肇致全球金融市場受連鎖影響。於台灣，亦因受COD之影響，含新○、國○、富○與永○在內之四大金控，於2007年即總共提列捐失準備達362億新台幣。壽險業亦未外於此波衝擊而於2008年總計虧捐達1443億新台幣，顯見本次次貸風暴於全球影響之鉅。所謂系統性風險乃指一金融機構之財務問題及累積捐失，可能因該金融機構與其他金融機構透過支付系統或資本市場之連結，蔓延至其他金融機構，而生金融機構連鎖倒閉之效應之謂。於金融控股集團，因有風險傳染問題，致動搖集團整體之穩定，則金融危機時，金控集團內此一效應，乃有助長系統性風險發生之可能。此際，因金融安全網無以全然阻止系統性風險之發生，使金控集團透過集團內之資本配置或類似方式，以於危機時協助集團內之個別成員，以防範風險傳染，進而阻止系統性風險於未然時，或屬有效方法。美國銀行控股公司法及台灣金融控股公司法第56條，均賦于聯邦儲備理事會及行政院金融監督管理委員會於金融控股公司子公司於財務或業務上發生困難時，命控股公司作為子公司實力來源（source of strength）即命子公司提供協助之權力。唯此一設計，於理論及實務操作上，亦均受強烈挑戰。準此，本文第二部分擬自理論上對金融控股公司作為子公司實力來源之救助義務辯證入手，探討該義務存在之必要性，次於第三部分輔以比較法（美國法）之觀察，再於第四部分復還檢視台灣現行金融控股公司法之規範內容，試析其優劣，最末略抒己見，俾此制度之設計，真正得為監理機關於金融危機時所用。
主题分类 社會科學 > 法律學
参考文献
  1. The Joint Forum. Trends in Risk Management and Aggregation (2003) available at http://www.bis.org/publ/joint07.pdf
  2. 行政院金融監督管理委員會(96年)金管證二字第0960011621號令
  3. 「中華商銀擠兌情形說明」，http://www.fseey.gov.tw/news_detail2.aspx?ieuitem=2197392(最終瀏覽日2009年4月10日)
  4. Financial Service Authority, Review of the Interaction of Our Solo and Group Capital Requirements-Our Findings (2007) available at http://www.fsa.gov.uk/pubs/discussion/fs08_04.pdf
  5. Bloomberg News, , The WALL STREET JOURNAL, Sep. 15, 2008 available at http://online.wsj.com/article/SB122142278543033525.html?mod=special_coverage ( last visited Arr. 3rd, 2009).
  6. Tripartite Group of Bank, Securities, and Insurance Regulators, The Supervision of Financial Conglomerates (1995) available at http://www.bis.org/bcbs/jointforum.htm
  7. Alan D. Morrison, The Economics of Capital Regulation in Financial Conglomerates (2002) available at http://ssrn.com/abstract=331040
  8. 呂淑美，經濟日報(2007/12/11)四大金控損失準備362億，B1版
  9. Peter J. Wallison, Systemic Risk and the Financial Crisis, Fin. Serv. Outlook Oct. 2008 (2008) available at http://www.aei.org/publications/pubID.28872/pub_detail.asp
  10. 爰指定中央存款保險公司為亞洲信託投資公司接管人」，http://www.fseey.gov.tw/news_detail2.aspx?ieuitem=3790742(最終瀏覽日2009年4月10日)
  11. 金融監督管理委員會(97年)金管銀(一)字第09810000011號令
  12. 指定中央存款保險公司為寶華商業銀行接管人，http://www.fseey.gov.tw/news_detail2.aspx?ieuitem=3031452(最終瀏覽日2009年4月10日)
  13. BBC, Judge Approve 1.3 Billion Deal available at http://news.bbc.co.uk/2/hi/business/7626624.stm ( last visited Arp. 3rd, 2009).
  14. 「華山產物保險股份有限公司勒令停業清理新聞稿」，http://www.fscey.gov-tw/news-detail2.aspx?ieuitem=5356974(最終瀏覽日2009年4月10日)
  15. KyodoNews, Nomura pays only $2 for Lehman Brothers European unit, JAPANTODAY, Sep. 26, 2008 available at http://www.japantoday.com/category/business/view/nomura-pays-only-2-for-lehman-brothers-european-unit ( last visited Apr. 3rd, 2009).
  16. Eric J. Gouvin, Financial Holding Company Liability After Gramm-Leach-Bliley (2002) available at http://www1.law.wnec.edu/faculty/index.cfm?selection=doc.3146
  17. 行政院金融監督管理委員會(97年)金管銀(四)字第09740004850號函
  18. The Joint Forum, Risk Management Practice and Regulatory Capital: Corss-Sectoral Comparison (2001)..
  19. The Joint Forum, Intra-Group Transaction and Exposures Principles 8 (1999) available at http://www.iaisweb.org/1343ITE-principles.pdf
  20. Harold D. Skipper Jr., Financial Service Integration World Wide: Promises and Pitfalls (2000) available at www.oecd.org/dataoecd/56/21/1814980pdf.pdf
  21. Kenneth E. Scott, Does Bank Regulation Retard or Contribute to Systemic Risk? ( 2001) available at http://ssrn.com/abstract=257927
  22. Stephen R. Freedman, Regulating the Modern Financial Firm: Implications of Disintermediation and Conglomeration (2000) available at http://ssrn.com/abstract=253928
  23. Edmund L. Andrews, et al., Fed's $85 Billion Loan Rescues Insurer, The N. Y. TIMES., Sep. 16th 2008 available at http://www.nytimes.com/2008/09/17/business/17insure.html (lastvisitedApr.3rd,2009).
  24. Eric Dash & Julia Werdigier, Subprime Loan Crisis Causes Big Problems for Citigroup and UBS, INT'L HERLAND TRIBUNE, Oct. 1st, 2007 available at http://www.iht.com/articles/2007/10/01/business/web-profits.php ( last visited Apr. 3rd, 2009)
  25. BBC, Regulator sells WaMu to JPMorgan Chase available at http://news.bbc.co.uk/2/hi/business/7637026.stm ( last visited Apr. 3rd, 2009).
  26. 唐玉麟，中國時報(2009/03/22)破天荒台灣壽險業去年虧1443億，A2版
  27. Jenny Anderson et al. , Why a U.S. Subprime Mortgage Crisis Is Fe1t Around the World, The N.Y. TIMES, Aug. 31 th 2009, available at http://www.nytimes.com/2007/08/3l/business/worldbusiness/31derivatives.html?scp=44&sq=subprime%20loan%20crisis&st=cse
  28. 行政院金融監督管理委員會(96年)金管保一字第09602506421號令
  29. Barth, Jame R.(2006).RETHINKING BANKING REGULATION.
  30. Board of governors of the Federal Reserve System(2001).BANK HOLDING COMPANY SUPERVISION MANUAL.
  31. Calrke, Malcolm A.(1994).THE LAW OF INSURANCE CONTRACTS.
  32. Claessens, Stijn(2002).,未出版
  33. Dewatripont, Mathias,Tirole, Jean(1999).THE PRUDENTIAL REGULATION OF BANKS.
  34. Fallon, Kieran J.(1991).Source Of Strength Or Source Of Weakness?: A Critique Of The "Source-Of-Strength" Doctrine In Banking Reform.N. Y. U. L. Rev.,66,1344.
  35. Garten, Helen A.(1990).Subtle Hazards, Financial Risks, and Diversified Banks: An Essay on the Perils of Regulatory Reform.Md. L. Rev.,49,314.
  36. Goodhart, Charles(ed.)(2002).FINANCIAL CRISES, CONTAGION AND THE LENDER OF LAST RESORT.
  37. Groth, James F.(1991).Can Regulators Force Bank Holding companies to Bail Our Their Failing Subsidiaries?-An Analysis of the Federal Reserve Board's Source of Strength Doctrien.NW. U. L. Rev.,86,112.
  38. Gruson, Miehael(2002).GUIDE TO THE REGULATION OF FINANCIAL HOLDING COMPANIES.
  39. Gup, Benton E.(ed.)(2000).THE NEW FINANCAIL ARCHITECTURE BANKING REGULATION IN THE 21ST CENTURY.
  40. Havard, Cassandra Jones(1996).Back To The Parent: Holding Company Liability For Subsidiary Banks -A Discussion Of The Net Worth Maintenance Agreement, The Source Of Strength Doctrine, And The Prompt Corrective Action Provision.Cardozo L. Rev.,16,2353.
  41. Hawake, John D., Jr.(1987).The Limited Role Of Directors In Assuming The Soundness Of Banks.Ann. Rev. Banking L.,6,285.
  42. Jackson, Howell E.(1994).The Expanding Obligation of Financial Holding Companies.2353,107,507.
  43. Jerry, Robert H.(2002).UNDERSTANDING INSURANCE LAW.
  44. Keeton, Robert E.,Widiss, Alan I.(1988).INSURANCE LAW: A GUIDE TO FUNDAMENTAL PRINCIPLES, LEGAL DOCTRINES AND COMMERCIAL PRACTICES.
  45. Liang, Nellie,Savage, Donald(1990).No 159, Staff Studies from Board of Governors of the Federal Reserve SystemNo 159, Staff Studies from Board of Governors of the Federal Reserve System,未出版
  46. Llewellyn, David(1999).,未出版
  47. Luthardt, Constanee M.,Wiening, Eric A.(2005).PROPERTY AND LIABILITY INSURANCE PRINCIPLES.
  48. Mishkin, Federic S.,Eakins, Stanley G.(2000).FINANCIAL MARKET AND INSTITUTIONS.
  49. OECD(ed.)(1993).FINANCIAL CONGLOMARATES.
  50. OECD(ed.)(2008).FINANCIAL MARKET TRENDS.
  51. Stern, Gray H.(2004).TOO BIG TO FAIL: THE HAZARDS OF BANK BAILOUTS.
  52. Takahiro, Nagada,Yasuo, Maeda,Hiroaki, Imashigashi(2004).,未出版
  53. Van den Berghe, L. A. A.,Verweire, K.(1998).CREATING THE FUTURE OF ALL FINANCE AND FINANCIAL CONGLOMERATES.
  54. Vaughan, Emmett J.,Vaughan, Therese(2003).FUNDAMENTALS OF RISK AND INSURANCE.
  55. Walker, George(2001).INTERNATIONAL BANKING REGULATION-LAW, POLICY AND PRACTICE.
print cancel