Jump to ContentJump to Main Navigation
Show Summary Details
More options …

Journal of European Tort Law

Editor-in-Chief: Oliphant, Ken

Ed. by Karner, Ernst / Koch, Bernhard A. / Wendehorst, Christiane

3 Issues per year

Online
ISSN
1868-9620
See all formats and pricing
More options …

The Liability of Financial Supervisory Authorities*

Donal Nolan
Published Online: 2013-08-13 | DOI: https://doi.org/10.1515/jetl-2013-0014

Abstract

In the wake of the global financial crisis, this article considers the tort liability of financial supervisory authorities to depositors and other investors following the failure of a bank or other financial institution. The analysis is comparative, with the primary focus being on the member states of the European Union. Consideration is given to the five liability categories or standards which are employed by EU member states in such cases. These are (1) a public law illegality standard; (2) a standard of ordinary fault/negligence; (3) a standard of gross fault/negligence; (4) a requirement of bad faith; and (5) complete immunity from liability. It is also shown that on the application of general tort principles claims by depositors against financial supervisors face a range of obstacles, including difficulties in establishing fault and causation, and conceptual difficulties based on the nature of the damage (the pure economic loss issue), liability for omissions and for the deliberate acts of third parties, liability for the exercise of judicial or ‘quasi-judicial’ functions, and the ‘protective purpose of the norm’ principle. Finally, consideration is given to alternative means of redress which may be available to depositors in such cases.

About the article

Donal Nolan


Published Online: 2013-08-13

Published in Print: 2013-08-01


Citation Information: Journal of European Tort Law, ISSN (Online) 1868-9620, ISSN (Print) 1868-9612, DOI: https://doi.org/10.1515/jetl-2013-0014.

Export Citation

© 2013 Walter de Gruyter GmbH, Berlin/Boston. Copyright Clearance Center

Citing Articles

Here you can find all Crossref-listed publications in which this article is cited. If you would like to receive automatic email messages as soon as this article is cited in other publications, simply activate the “Citation Alert” on the top of this page.

[1]
Robert J. Dijkstra
European Journal of Law and Economics, 2017, Volume 43, Number 1, Page 59

Comments (0)

Please log in or register to comment.
Log in