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Author: Cheryl Williamson Gray
Publisher: World Bank Publications
ISBN:
Category : Banking law
Languages : en
Pages : 48
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Book Description
Author: Cheryl Williamson Gray
Publisher: World Bank Publications
ISBN:
Category : Banking law
Languages : en
Pages : 48
Get Book Here
Book Description
Author: Cheryl Williamson Gray
Publisher: World Bank Publications
ISBN:
Category : Banking law
Languages : en
Pages : 48
Get Book Here
Book Description
Author: W. Cheryl Gray
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
September 1996 Poland's Enterprise and Bank Restructuring Program, adopted in 1993, halted the deterioriation of the country's commercial banks, but its bank-led workout process has done little to further the operational restructuring or privatization of enterprises. Continued work is needed to build strong banks that can impose effective corporate governance. Since 1992, Poland has been considered a model of commercial banking reform among transition economies. Its Enterprise and Bank Restructuring Program (EBRP), adopted by Parliament in 1993, tried to force state-owned commercial banks to build institutional capacity and to take concrete steps to resolve their problem loans -- through workouts (conciliation), liquidation, loan sales, or payback of the problem loans. To find out if the workouts have lived up to their promise, Gray and Holle reviewed the process and initial outcomes of the bank-led conciliation process in a sample of 62 enterprises -- part of a larger sample of 139 firms subject to the EBRP. A companion paper looks at experience with the other resolution paths (bankruptcy, state enterprise liquidation, court conciliation, payback, and sale of debt) under the EBRP. The outcome of Poland's first experiment with bank-led restructuring is decidedly mixed. The EBRP forced banks to confront their problems, helped them build institutional capacity, and furthered the difficult task of weeding out and closing clearly unviable firms. These are important achievements in this early period of transition, and the Polish approach can serve in many ways as a model for other transition economies. Despite these strengths, the data suggest that the bank-led conciliation process has had limited power to promote needed restructuring or privatization in firms. The agreements themselves were relatively unsophisticated and included few tangible requirements for operational or management change. The first two years of implementation saw a slowdown (over earlier years) in the rate of layoffs, a decline in average operating profitability, and very little real privatization. The main impact of conciliation appears to have been to reduce debt service and thereby give firms breathing room. Weaker banks in particular tended to be more lenient, swapped more debt for equity, and had greater difficulty forecasting future enterprise performance. The EBRP was a good start, but continued work is needed to build strong banks that can impose effective corporate governance on enterprises that need to restructure. This paper -- a product of the Finance and Private Sector Development Division, Policy Research Department -- is part of a larger effort in the department to understand the process of transition in former socialist economies.
Author: Cheryl W. Gray
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
Poland's Enterprise and B ...
Author: Cheryl W. Gray
Publisher:
ISBN:
Category :
Languages : en
Pages : 48
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Book Description
Poland has neglected trad ...
Author: Cheryl Williamson Gray
Publisher:
ISBN:
Category : Banking law
Languages : en
Pages : 36
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Book Description
Author: Fernando Montes Negret
Publisher: World Bank Publications
ISBN:
Category : Bancos - Polonia
Languages : en
Pages : 54
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Book Description
Author: Marinela E. Dado
Publisher: World Bank Publications
ISBN:
Category : Banks and banking
Languages : en
Pages : 60
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Book Description
Countries that have experienced banking crises have adopted one of two distinct approaches toward the resolution of nonperforming assets--a centralized or a decentralized solution. A centralized approach entails setting up a government agency--an asset management company--with the full responsibility for acquiring, restructuring, and selling of the assets. A decentralized approach relies on banks and other creditors to manage and resolve nonperforming assets. Dado and Klingebiel study banking crises where governments adopted a decentralized, creditor-led workout strategy following systemic crises. They use a case study approach and analyze seven banking crises in which governments mainly relied on banks to resolve nonperforming assets. The study suggests that out of the seven cases, only Chile, Norway, and Poland successfully restructured their corporate sectors with companies attaining viable financial structures. The analysis underscores that as in the case of a centralized strategy the prerequisites for a successful decentralized restructuring strategy are manifold. The successful countries significantly improved the banking system's capital position, enabling banks to write down loan losses; banks as well as corporations had adequate incentives to engage in corporate restructuring; and ownership links between banks and corporations were limited or severed during crises. This paper--a product of the Financial Sector Operations and Policy Department--is part of a larger effort in the department to examine the resolution of financial crises.
Author: John P. Bonin
Publisher:
ISBN:
Category :
Languages : en
Pages : 21
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Book Description
Author: Montes-Negret
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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