May 24, 2019，The People's bet365 promo codes and the China Banking and Insurance Regulatory Commission announced the takeover of Baoshang Bank。Follows，On May 26th and 27th, the People’s bet365 promo codes and the China Banking and Insurance Regulatory Commission made successive statements，After the takeover, Baoshang Bank actually gained national credit，clarified the principles of disposal after takeover、Personal savings deposits are fully insured、Underwriting regulations for corporate deposits and interbank liabilities。June 2，The central bank made another statement，Will be financed by deposit insurance funds and central banks，Undertake acquisition，Provide adequate protection to all types of creditors of Baoshang Bank。and expresses，Funded by the Deposit Insurance Fund、The central bank’s “lender of last resort” supports it in accordance with the law，Implement acquisition and undertake，It is a relatively safe way。To this point，This is the first major takeover of a commercial bank in more than 20 years，The People’s bet365 promo codes and the China Banking and Insurance Regulatory Commission took decisive action，Introduce measures quickly，For stable market information，Played an important role in preventing systemic risks。However，There are a series of legal issues surrounding this incident，But there is a need for further sorting。

　　Analysis of the legal basis for central bet365 promo codes joint takeover

The central bank and the China Banking and Insurance Regulatory Commission have determined that the first principle for the disposal of Baoshang Bank after it is taken over is to carry out the takeover work in accordance with laws and regulations。However，Careful people will find out，This takeover of Baoshang Bank，Differences from the Banking and Insurance Regulatory Commission’s takeover of Anbao Group a year ago。The biggest difference is that the People’s bet365 promo codes took the lead in organizing the takeover of Baoshang Bank。my country's "Banking Supervision Law" and "Commercial Bank Law" have made clear provisions on bank takeovers。According to the provisions of Article 38 of the "Banking Supervision and Administration Law"，Banking financial institutions have or may have a credit crisis，Severely affecting the legitimate rights and interests of depositors and other customers，The banking regulatory agency of the State Council may take over the banking financial institution or promote institutional reorganization in accordance with the law，The takeover and organizational reorganization shall be carried out in accordance with relevant laws and regulations of the State Council。There are similar provisions in the "Commercial Banking Law"，Article 64 of the "Commercial Banking Law"，Commercial banks have or may have a credit crisis，When it seriously affects the interests of depositors，The banking regulatory agency of the State Council may take over the bank。

But，The People’s bet365 promo codes’s participation in the takeover of Baoshang Bank seems to have insufficient legal basis。Article 34 of the "People's bet365 promo codes Law" revised in 2003，When banking financial institutions encounter payment difficulties，When it may cause financial risks，To maintain financial stability，The People's bet365 promo codes approved by the State Council，The right to inspect and supervise banking financial institutions。What is stipulated here is “inspection and supervision”，Instead of taking over。In fact, after the original Banking Regulatory Commission was established in 2003，A large part of the financial regulatory power originally undertaken by the People's bet365 promo codes has been divested。This time Baoshang Bank was taken over, Zhou Xuedong, Director of the General Office of the Central Bank, served as the leader of the custody team，Instead of the China Banking and Insurance Regulatory Commission, which directly supervises banks, sending someone as the team leader。Should say，This time the People's bet365 promo codes and the China Banking and Insurance Regulatory Commission jointly took over Baoshang Bank，And the central bank official serves as the team leader，It seems to be insufficient in terms of legal basis。For the takeover and joint takeover of the People’s bet365 promo codes，Lack of provisions in laws and regulations。But judging from the responsibilities of the People’s bet365 promo codes，The People’s bet365 promo codes directly participated in the takeover of Baoshang Bank，Possibly performing its financial stability function，It is also the embodiment of the function of the lender of last resort。In addition，The People's bet365 promo codes is also performing the duties of the deposit insurance fund management agency and the Financial Stability and Development Committee。

However，Current laws and regulations are still too vague，What measures need to be taken by the regulatory authorities after the takeover，How to introduce new shareholders、Inject liquidity、Improving corporate governance structure to resolve risks from several angles，Lack of clear rule guidance，Large room for human control。These regulations，Basically all the provisions regarding takeovers in current laws and regulations。As for the disposal procedures and measures after the takeover，Almost no regulations。Such a situation occurs，Mainly due to the delay in achieving results in relevant legislative work，Two important legal documents are missing，That is, the "Regulations on the Bankruptcy Disposal of Banking Financial Institutions" and the "Implementing Rules bet365 promo codes Deposit Insurance Regulations"。

　　Lack of legal basis and improvement bet365 promo codes lender of last resort

The People’s Bank of my country is the central bank of our country，Assume the function of lender of last resort，Need to provide liquidity support to rescue problem banks。Providing liquidity assistance is an important means for the central bank to respond to crises，It is the specific embodiment of the function of lender of last resort。However, there is no word "lender of last resort" in our country's laws，No clear provisions are given for this important function。One of the responsibilities of the People's bet365 promo codes stipulated in Article 32 of the "People's bet365 promo codes Law" is the right to inspect and supervise the behavior of financial institutions and other units and individuals related to the special loans of the People's bet365 promo codes。The People’s bet365 promo codes special loan here，refers to the loans issued by the People’s bet365 promo codes to financial institutions for specific purposes as determined by the State Council。This provision regarding “special loans” is considered to be the legal basis for the lender of last resort in our country。In addition，Provisions of the "Interim Measures for the Management of Emergency Loans of the People's bet365 promo codes" issued in 1999，To help urban commercial banks experiencing payment crisis alleviate payment pressure、Restore confidence，Prevent systemic or regional risks，Emergency loans can be issued。And approved by the Head Office of the People’s bet365 promo codes，To City Commercial Bank、City Credit Union、Commercial banks and other non-bank financial institutions other than rural credit cooperatives issue emergency loans，This method can also be applied。The emergency loan here also has the nature of a lender of last resort。

The reasons for the takeover given in the announcements of the People’s bet365 promo codes and the China Banking and Insurance Regulatory Commission，That is, Baoshang Bank has suffered serious credit risk，It is likely to induce serious liquidity risks，Central bank provides emergency loans as lender of last resort，Need to intervene and take over。The lender of last resort system in our country’s laws seems to be intentionally vague，To enhance the flexibility of the People’s bet365 promo codes。But in order to give the market stronger confidence，It is indeed necessary to clearly stipulate the function of the lender of last resort in the "People's Bank Law"。The triggering criterion for the lender of last resort function should be determined as “systemic risk”，Make it clear that the People’s bet365 promo codes will not provide last resort loans to rescue individual commercial banks，Unless necessary to prevent systemic crisis。For the final loan amount、Expiration、Interest rate and whether to provide guarantee，No need to specify clearly，It only needs to be stipulated to be determined by the People's bet365 promo codes based on specific circumstances，This is also a relatively common "presumption of fuzzy method"。What needs to be clearly defined in the law is the decision-making process for the lender of last resort function，Ensuring the fairness of the system，At the same time, it should be determined that the lender of last resort function is activated，Detailed decisions should be made public，Confidence to stabilize the market。

　　Changes and analysis of deposit bet365 promo codes coverage limits

The deposit insurance fund management agency is served by the People’s bet365 promo codes，The deposit insurance fund management agency is responsible for taking early corrective measures and risk disposal measures。According to Article 7 of the "Deposit Insurance Regulations" promulgated in 2015，One of the responsibilities of the deposit insurance fund management agency is to take early corrective measures and risk disposal measures in accordance with the provisions of these regulations。Based on international experience，Deposit insurance fund management can use deposit insurance funds，Bail out troubled banks。After the incident，The deposit insurance fund management agency was quickly established，The Deposit Insurance Fund Management Co., Ltd. initiated and established by the central bank has been officially approved for business on May 24，The company’s registered capital is 10 billion yuan。The deposit insurance fund management institution is materialized，The deposit insurance fund management agency will be given more powers in the future。

This statement on the coverage and limits of deposit insurance，There is a process of development and change。People's bet365 promo codes on May 24、The person in charge of the China Banking and Insurance Regulatory Commission said，People's bet365 promo codes、The China Banking and Insurance Regulatory Commission and the Deposit Insurance Fund fully protect the principal and interest of personal savings deposits，Freedom of personal access，No changes。But，People's bet365 promo codes on May 27、The China Banking and Insurance Regulatory Commission’s caliber has undergone major changes。For personal savings deposits、Treat corporate deposits and interbank liabilities differently。After takeover，The principal and interest of personal savings deposits before the takeover shall be controlled by the People's bet365 promo codes、Fully guaranteed by the China Banking and Insurance Regulatory Commission and the Deposit Insurance Fund，All business will be handled as usual，Not affected in any way。Corporate deposits and interbank liabilities below 50 million yuan (inclusive)，Full protection of principal and interest；Corporate deposits and interbank liabilities of more than 50 million yuan，Equal negotiation between the receivership group and creditors，Guaranteed according to law。According to the provisions of Article 4 of the Deposit Insurance Ordinance，Insured deposits include RMB deposits and foreign currency deposits absorbed by insured institutions。But，Interbank deposits from financial institutions、Except for the deposits of senior managers of the insured institution with the insured institution and other deposits that are not insured by the deposit insurance fund management agency。And in this incident，Interbank liabilities are included in the insurance coverage。

In addition，Article 5 of the "Deposit Insurance Regulations"，Deposit insurance implements limited reimbursement，The maximum reimbursement limit is RMB 500,000。In this incident, the principal and interest of personal savings deposits will be fully protected，For corporate deposits and interbank liabilities，Treat them separately based on 50 million yuan。This is also in line with the "Deposit Insurance Regulations" that "the People's bet365 promo codes, together with relevant departments of the State Council, may according to economic development、Changes in deposit structure、Adjustment of the maximum reimbursement limit due to financial risk conditions and other factors，Regulations on "promulgation and implementation after approval by the State Council"。The coverage and coverage limits are specified here，It can be said that the central bank and the China Banking and Insurance Regulatory Commission are trying to enhance market confidence，Prevent deposit runs，Decision made in accordance with the law。But it is also to suppress the existing moral hazard，Efforts to break the rigid redemption of interbank deposits，Increase the risk of corporate deposits，Also to strengthen market discipline。

　(Author’s affiliation: Beijing Technology and Business University bet365 promo codes School)