2024-10-20-世界银行-塞尔维亚和乌克兰存款担保基金不良资产管理和撤资实践（英）_44页_1mb

The report analyzes the asset management and divestment experiences of deposit guarantee funds (DGFs) and asset management companies (AMCs) in Central, Eastern, and South-Eastern European (CESEE) countries and beyond, focusing on cases like Serbia and Ukraine for DGFs, and Ireland, Spain, and Slovenia for AMCs. It examines the role of these agencies in resolving distressed assets from failed banks to enhance financial stability, reduce risks to banking systems, and support economic growth. Key findings include the importance of sound governance, clear legal frameworks, active asset management with safeguards, prudent valuation, and transparent sales processes. The DGFs in Serbia and Ukraine demonstrated challenges with valuation and time-bound sales, while European AMCs like NAMA, Sareb, and BAMC offered insights into strategies such as portfolio structuring and renovation for higher recovery values. Recommendations emphasize strengthening governance protections, setting realistic timeframes for asset disposal, optimizing valuation methods, and using electronic platforms to increase transparency and competition in sales. The report underscores the need for tailored strategies based on local legal and market conditions to maximize asset recovery and minimize financial instability.

2. Key Insights from Country Experiences
   a. Serbia and Ukraine DGFs:

   • Serbia's Deposit Insurance Agency (DIA) faced issues with asset valuation, poor recovery rates due to legal constraints, and delays in bankruptcy proceedings.
   • Ukraine's DGF utilized online platforms like Prozorro.Sales for increased transparency but saw low recovery rates attributed to poor loan underwriting and lengthy legal processes.
     b. European AMCs:
   • Ireland's NAMA employed active asset management, such as developing real estate, to enhance asset values, achieving high returns in high-demand sectors.
   • Spain's Sareb restructured loans and properties to prepare for sales, benefiting from a focus on real estate concentration.
   • Slovenia's BAMC provided new financing for semi-viable borrowers and handled diverse asset portfolios with an emphasis on realistic valuation.

3. Core Recommendations for Bank Liquidation Agencies

   • Implement robust governance and legal protections to allow staff to maximize asset recovery without undue liability.
   • Develop comprehensive asset management and sales strategies, including clear timebound milestones for divestment and portfolio structuring to attract investors.
   • Adopt prudent valuation policies, using independent experts and considering net present value calculations.
   • Promote transparency through electronic sales platforms and detailed asset disclosures to foster high competition and optimal pricing.
   • Encourage active asset management where justified, with safeguards to mitigate risks and align with commercial goals.

4. Broader Context and Annex Highlights
   The annexes provide insights into CESEE bank resolution frameworks, showing variations from administrative to court-based liquidation processes. They also summarize global AMC examples, highlighting how different mandates and asset portfolios influenced success in distressed asset resolution post-Global Financial Crisis.