Liability and Accountability

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LEGAL WORK ING PAPER SER IE

NO 12 / AUGUST 201

FINANCIAL SECTOR

SUPERVISORS’

ACCOUNTABILITY

A EUROPEAN PERSPECTIVE

by Phoebus Athanassiou



LEGAL WORK ING PAPER SER IES

NO 12 / AU GUS T 2011

FINANCIAL SECTOR

SUPERVISORS’ ACCOUNTABILITY

A EUROPEAN PERSPECTIVE

by Phoebus Athanassiou 1

1 Legal Counsel, European Central Bank (ECB). The views expressed in this article are those of the author and do not necessarily represent

those of the ECB or the Eurosystem. The author is grateful to Rinke Bax and to the paper’s referees and reviewers for their helpful

comments on earlier drafts of this paper and to Steven Harris, for his editing. The law is stated as it stood on 1 October 2010.

The manuscript was finalised on 9 August 2011.

This paper can be downl oaded without charge from http://www.ecb.europa.eu or from the Social Science

Research Network electronic library at http://ssrn.com/abstract_id=1807174.

NOTE: This Working Paper should not be reported as representingthe views of the European Central Bank (ECB).

The views expressed are those of the author and donot necessarily reflect those of the ECB.

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CONTENTS



ECBLegal Working Paper Series No 12August 2011

Abstract

Financial sector supervisors’ accountability is widely accepted as a sine qua non condition of

good governance and as a guarantor of supervisory independence. An arsenal of accountability-

inspired control instruments aims to ensure that supervisors are accountable to the legislature,

the executive, stakeholders and, last but not least, the judiciary. While the general right to

damages for losses arising from civil wrongs is well established, liability for faulty supervisory

acts or omissions is, in many respects, limited in scope. This paper examines the conceptual

underpinnings of financial sector supervisors’ liability and the current legal situation on

supervisory liability in the European Union, under both national and Union law. It also inquires

into an aspect of the debate that has attracted less attention than it deserves, but which is likely to

take on greater importance as the structure of financial supervision undergoes reforms, both at

the European Union level and in the Member States: the specificity of the Member States’

national central banks as banking supervisors and, in particular, the tension between their

independence and their potential third party liability for damages for supervisory faults.




August 2011

Introduction

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1 Supervisory liability: the current situation in the EU

1.1 Domestic financial supervisory liability regimes

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August 2011

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