LEADER 06639oam 22006015 450 001 9910810357903321 005 20161024011046.0 024 7 $a10.1596/978-1-4648-0874-6 035 $a(CKB)3710000000731246 035 $a(EBL)4557041 035 $a(OCoLC)952247369 035 $a(MiAaPQ)EBC4557041 035 $a(The World Bank)210874 035 $a(US-djbf)210874 035 $a(EXLCZ)993710000000731246 100 $a20160615d2016 uf 0 101 0 $aeng 135 $aurcn||||||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 10$aPublic Asset Management Companies : $eA Toolkit /$fCaroline Cerruti 210 1$aWashington, D.C. :$cThe World Bank,$d2016. 215 $a1 online resource (157 pages) 225 1 $aWorld Bank Studies 300 $aDescription based upon print version of record. 311 $a1-4648-0874-0 311 $a1-4648-0875-9 320 $aIncludes bibliographical references. 327 $aFront Cover; Contents; Executive Summary; Glossary of Technical Terms; Abbreviations; Introduction; PART I The AMC Toolkit; Chapter 1 Why a Public AMC? Preconditions for Public AMCs; Commitment to Comprehensive Reforms; Systemic Crisis and Public Funds at Risk; Solid Diagnostic and Critical Mass of Impaired Assets; Tradition of Institutional Independence and Public Accountability; Robust Legal Framework for Bank Resolution, Debt Recovery, and Creditors' Rights; Note; Chapter 2 The Design: Legal and Institutional Framework; Mandate and Powers; Scope; Governance and Funding 327 $aSafeguards Mechanisms and SupervisionNotes; Chapter 3 Building Effective Operations in an AMC; Organization and Staffing; Strategic Planning and Asset Management; Internal Controls and Transparency; Closing the AMC; Notes; PART II Case Studies: Three Generations of Public AMCs; Chapter 4 The First Generation: The RTC and Securum; The RTC, United States; Securum, Sweden; Notes; Chapter 5 The Second Generation: KAMCO, IBRA, Danaharta, and the SDIF; Korea Asset Management Corporation (KAMCO), Republic of Korea; Indonesian Bank Restructuring Authority (IBRA), Indonesia; Danaharta, Malaysia 327 $aSavings Deposit Insurance Fund (SDIF), TurkeyNotes; Chapter 6 The Third Generation: NAMA, AMCON, and SAREB; National Asset Management Agency (NAMA), Ireland; Asset Management Corporation of Nigeria (AMCON), Nigeria; Sociedad de Gestio?n de Activos Procedentes de la Reestructuracio?n Bancaria (SAREB), Spain; Notes; Bibliography; Boxes; 1.1 The Latvian Case: Proper Analysis Leads to Different Conclusions; 2.1 Incentives from Bank Negara Malaysia for Danaharta; 2.2 NAMA Valuation Process; 2.3 Czech Revitalization Agency: Good Design Overwhelmed by Poor Implementation; 4.1 Asset Disposition Methods 327 $a5.1 Korean Standards for Loan Classification and Provisioning5.2 Estimating the True Magnitude of NPLs; 5.3 Facilitating Corporate Restructuring; 5.4 IBRA's Extrajudicial Powers; 5.5 Jakarta Initiative Task Force; 5.6 Initiatives to Promote NPL Restructuring; Figures ; 0.1 Key Design Issues to Enhance AMC Performance; I.1 Two Schematic Types of Public AMC; 2.1 Typical Cash Used over AMC Lifetime (Asset-Purchasing); 3.1 Loan Restructuring Process; 3.2 Out-of-Court Restructuring Framework; 5.1 Danaharta: Asset Management and Disposition; 6.1 AMCON's Purchases; 6.2 NPL Ratios, 2008-11 327 $a6.3 Property-Related NPL Ratio6.4 Evolution of Housing and Land Transactions, 2006-13; 6.5 Design Options for the Creation of SAREB; 6.6 SAREB's Financial Structure; Tables ; 0.1 Good Practices for AMCs; 3.1 Danaharta: Recovery Rates from Various Recovery Methods, September 2005; 3.2 Recovery Strategies by Loan Type; 3.3 Key Characteristics of AMCs; 4.1 RTC Resolution Methods, 1989-95; 4.2 RTC Recoveries by Asset Type, 1989-95; 4.3 The Experience of Sweden's Major Banks during the Banking Crisis; 4.4 Crisis Resolution Solution by Bank; 4.5 Securum and Retriva's Portfolios 327 $a5.1 Selected Financial Sector Indicators 330 3 $aThis toolkit is designed for policy makers and stakeholders who are considering the establishment of a publicly funded asset management company (AMC). An AMC is a statutory body or corporation, fully or partially owned by the government, usually established in times of financial sector stress, to assume the management of distressed assets and recoup the public cost of resolving the crisis. AMCs were first used in the early 1990s in Sweden (Securum) and the United States (the RTC), and again during the Asian crisis (for instance, Danaharta in Malaysia, KAMCO in the Republic of Korea). The 2008 financial crisis marked a renewal of the use of this tool to support the resolution of financial crises (for instance, NAMA in Ireland, SAREB in Spain). The toolkit does not address broader bank resolution issues. It has a narrow focus on the specific tool of a public AMC established to support bank resolution, and with the objective of providing insight on the design and operational issues surrounding the creation of such AMCs. It seeks to inform policy makers on issues to consider if and when planning to establish a public AMC through: An analysis of recent public AMCs established as a result of the global financial crisis; Detailed case studies in developed and emerging markets over three generations; A toolkit approach with questions and answers, including questions on design and operations that are critical for authorities confronted with the issue of whether to establish an AMC; An emphasis on "how to?" that is, a practical versus a principled approach. The toolkit is structured as followed: Part I summarizes the findings on the preconditions, the design, and the operationalization of public AMCs. Part II provides case studies on three generations of AMCs, whose lessons are embedded in Part I. The case studies cover emerging and developed markets, and have been selected based on the lessons they offer. 410 0$aWorld Bank e-Library. 410 0$aWorld Bank Studies 606 $aBailouts (Government policy) 606 $aGovernment financial institutions 606 $aFinancial crises$xGovernment policy 615 0$aBailouts (Government policy) 615 0$aGovernment financial institutions. 615 0$aFinancial crises$xGovernment policy. 676 $a338.6 700 $aCerruti$b Caroline$01670817 702 $aNeyens$b Ruth 801 0$bDJBF 801 1$bDJBF 906 $aBOOK 912 $a9910810357903321 996 $aPublic Asset Management Companies$94032904 997 $aUNINA