# kaal:claim:2061166-004

**Claim.** Purely national crisis measures proved ineffective during the financial crisis because they could not reach cross-border banking operations or contain contagion, as the failures of Lehman Brothers, Fortis, the Icelandic banks, Northern Rock and Hypo Real Estate Holding demonstrated.

**Type.** failure  **Support.** evidenced

**Holds when.**

- bank failures with cross-border operations
- 2007 to 2009 financial crisis

**Source quote.**

> national measures proved ineffective and failed to address cross-border banking operations or contagion.

**From.** Christoph K. Henkel, Wulf A. Kaal, *Contingent Capital in European Union Bank Restructuring* (2012), II. INTERNATIONAL MITIGATION INITIATIVES, RESOLUTION TOOLS AND FRAMEWORKS, page 9

**Cite as.** Christoph K. Henkel, Wulf A. Kaal, Contingent Capital in European Union Bank Restructuring (2012). SSRN: https://ssrn.com/abstract=2061166

**Verify.** sha256 of source PDF `43625ea260d0fc045e86d3435df50c9d0ca4abf8542e6085a6165be6653b4a7b` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Henkel%20and%20Kaal%20-%202012%20-%20Contingent%20Capital%20in%20European%20Union%20Bank%20Restructuring.pdf

**Failure mode.** National-only crisis measures cannot reach cross-border operations  (family: jurisdictional-conflict)

**Topics.** systemic-risk

**Keywords.** national-measures, contagion, cross-border-banking, financial-crisis, bank-failure

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