By their very nature, resolution actions under the legal framework for the management of bank insolvencies created by the European Bank Recovery and Resolution Directive (BRRD) and the Regulation establishing the Single Resolution Mechanism (SRMR) come with infringements of rights of shareholders and creditors. Just as any expropriation of private property by public authorities, resolution actions therefore have to comply with the principle of proportionality, as required by the applicable provisions of the EU Charter on Human Rights and the European Convention on Human Rights. Analysing parallels and differences between general insolvency law on the one hand and the special resolution framework on the other hand, the present article explores the functions and operationalisation of the principle of proportionality in bank resolution. Special attention is given to the ‘public interest test’ which, as part of the statutory ‘conditions for resolution’ under both the BRRD and the SRMR, translates general proportionality considerations into a clear-cut set of requirements designed to prevent the application of the resolution tools to cases that do not give rise to systemic stability considerations. Within the Single Resolution Mechanism, the Single Resolution Board’s decision, in 2017 and 2018, not to initiate formal resolution procedures with regard to banking institutions whose failure and liquidation under national insolvency laws were not expected to trigger systemic implications clearly demonstrates both the practical relevance of considerations of proportionality in the context of bank resolutions and the need for clear-cut principles for the interpretation of the relevant parts of the framework.

中文翻译：

---

解决阶段的比例性：解决措施的校准和公共利益测试

就其性质而言，根据欧洲银行复苏和处置指令 (BRRD) 和建立单一处置机制 (SRMR) 的规定制定的银行破产管理法律框架下的处置行动侵犯了股东和债权人的权利。正如公共当局对私有财产的任何征用一样，解决行动必须遵守相称性原则，正如欧盟人权宪章和欧洲人权公约的适用条款所要求的那样。本文一方面分析一般破产法与特别处置框架之间的异同，探讨比例原则在银行处置中的功能和可操作性。特别关注“公共利益测试”，作为 BRRD 和 SRMR 下法定“解决条件”的一部分，将一般比例考虑转化为一套明确的要求，旨在防止应用不引起系统稳定性考虑的案例的解决工具。在单一决议机制内，单一决议委员会于 2017 年和 2018 年做出的决定，