Economic and Financial Committee and Financial Committee > Sub-Committee on EU Sovereign Debt Markets > Cac > CAC 2012

On-going work on CACs 2012

 http://europa.eu/efc/sub_committee/cac/cac_2012/index_en.htm

Following up to the conclusions of the European Council of 24/25 March 2011, a standardized and identical collective action clause (CAC) [66 KB] , including supplemental provisions [52 KB] , has been developed and agreed by the Economic and Financial Committee (EFC) on 18November 2011.

In accordance with Paragraph 3 of Article 12 of the ESM Treaty, the model CAC will become mandatory in all new euro area government securities with maturity above one year issued on or after 1 January 2013, and not 1 July 2013, as previously contemplated.

Its introduction will not affect any euro area government securities issued prior to that date unless those securities include a collective action clause that allows for their modification on a cross-series basis on the terms contemplated in the model CAC. As a result and except as just noted, euro area government securities issued prior to 1 January 2013 will not be subject to modification as part of a cross-series modification pursuant to the model CAC.

The Economic and Financial Committee has agreed on a schedule for the ESDM to monitor Member States' progress in implementing the model CAC, with a view to its timely introduction in all euro area government securities issued after 31 December 2012.

The ESDM expects to publish a report on the implementation of the model CAC prior to January 2013.

 Explanatory notes

• Supplemental Explanatory Note – 26 March  2012 [740 KB]
• Explanatory Note – 26 July 2011 [38 KB] 

ein erster Lesevorschlag: Collective Action Clauses for the Eurozone: An Empirical Analysis

Abstract
Among the policy initiatives designed to tackle the current sovereign debt crisis in the Eurozone is a requirement that all Eurozone sovereign bonds issued after January 1, 2013 include a set of new contract provisions. These provisions, referred to as Collective Action Clauses or CACs, are intended to enable an orderly restructuring of distressed sovereign debt, thereby reducing the need for third-party bailouts. However, making restructurings easier and cheaper could potentially increase the propensity of governments to borrow irresponsibly. A concern about the new CACs, therefore, is that they will result in increased borrowing costs, particularly for sovereigns in the weakest financial condition. By examining the historical relation between CACs and yields on bonds written under New York and English law, we attempt to shed light on what would be the effect of including CACs in Eurozone sovereign bonds. Contrary to previous research and common belief, we find little evidence that CACs increase the cost of capital. Moreover we find that the reduction in yields is larger for the sovereigns that are in the weakest financial condition.

Collective Action Clauses for the Eurozone:
An Empirical Analysis
Michael Bradley & Mitu Gulati1
Third Draft
May 7, 2012

Geldmuseum (Bundesbank) Vortrag: "Verwendung von Collective Action Clauses bei der Restrukturierung von Staatsschulden im Euroraum. Was steckt dahinter?"

 http://www.geldmuseum.de/veranstaltungen/veranstaltungen_museumsabend.php

 

"Verwendung von Collective Action Clauses bei der Restrukturierung von Staatsschulden im Euroraum. Was steckt dahinter?"

PD Dr. Christian Hofmann
Mittwoch, 9. Mai 2012, 18 Uhr

Hofmann war verhindert, so wurde der Vortrag von RAin Dr. Annabella Kolling (BuBa) gehalten.

Vorträge in 2012

• Verwendung von Collective Action Clauses bei der Restrukturierung von Staatsschulden im Euroraum. Was steckt dahinter?

um die rechtswidrigkeit der ZwangsCACerei in deutschen Verfahren zu belegen muss den Beteiligten die in Deutschland bis jetzt nicht üblichen CAC (collective action clauses) verdeutlicht werden

im angelsächsishen gibt es sehr viele Papiere dazu im weitläufigen netz...