Lessons learned from Asian experiences: Public AMCs and Addressing the NPL problems

Thursday, October 3, 9:00 to 10:30 am

Presenters
Ms. Cyn-Young Park, Director, Regional Cooperation and Integration, ADB


The event will take place at the Joint Vienna Institute, room 700 A, 7th floor, 
Mariahilfer Straße 97, 1060 Vienna.

The 1997 Asian financial crisis (AFC) was a watershed moment for many Asian economies’ financial systems. Nonperforming loans (NPLs) were particularly critical issues for the crisis affected countries due to their bank-based financial systems. To address the NPL issues, many economies established public asset management companies (AMC) that acquire, manage and dispose of impaired bank assets. Establishing an AMC involved addressing many structural and legal issues including its institutional capacity, transparency and governance, and the legal framework for its proper functioning to resolve NPLs. The corporate governance, timely and efficient bankruptcy regime, collateral registration/secured transactions, and well-functioning judicial system are essential elements of the legal infrastructure, while policy support should be provided for key areas such as insolvency reforms, resolution frameworks, financial sector restructuring and bailout among others. The lecture will share Asian experiences of using public AMCs and other policy options to address the NPL problems and how Asia has implemented reforms for resolving the NPL issues. Though there is no-one-size-fits-all remedy, the lessons from Asian experiences can shed light on strategic directions as well as policy options for European economies to consider in dealing with NPLs. 

Cyn-Young Park is Director of the Regional Cooperation and Integration Division in the Economics Research and Regional Cooperation Department of the Asian Development Bank. She manages a team of economists to examine economic and policy issues related to regional cooperation and integration (RCI). During her career within ADB, she has been a main author and contributor to ADB’s major publications. She received her Ph.D. in Economics from Columbia University. She holds a bachelor degree in International Economics from Seoul National University.

We hope that you will be able to join us, and look forward to your participation. If you are unable to attend, we would kindly ask you to forward the invitation to another representative or colleague whom you may want to nominate. To participate, please register by September 24, 2019 to events@remove-this.jvi.org.

Thomas Richardson
Director, Joint Vienna Institute

 

 

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