Bank Restructuring and Resolution

A. MICHAEL ANDREWS Head of Consultancy, A. Michael Andrews and Associates, USACHARLES A. ENOCH Deputy Director, Monetary and Financial Systems Department, International Monetary Fund (IMF), USAEDWARD J. FRYDL Senior Economist, Financial Systems Surveillance Division II, Monetary and Financial Systems Department, International Monetary Fund (IMF), USAANNE-MARIE GULDE Advisor, African Department, International Monetary Fund (IMF), USADANIEL C. HARDY Deputy Division Chief, Financial Surveillance Policy Division, Monetary and Financial Systems Department, International Monetary Fund (IMF), USADONG HE Division Head, External Department, Hong Kong Monetary Authority, Hong KongSTEFAN INGVES Governor, The Riksbank, SwedenMATS ARNE JOSEFSSON Advisor, Monetary and Financial Systems Department, International Monetary Fund (IMF), USACHUNGWON KANG Former Visiting Scholar, International Monetary Fund (IMF), USAGEORGE G. KAUFMAN Professor, School of Business, Loyola University, Chicago, USAROSS B. LECKOW Assistant General Council, International Monetary Fund (IMF), USAMARC G. QUINTYN Advisor and Technical Assistance Area Chief, Monetary and Financial Systems Department, International Monetary Fund (IMF), USASTEVEN A. SEELIG Advisor, Monetary and Financial Systems Department, International Monetary Fund (IMF), USAINWON SONG Senior Financial Sector Expert, Financial Supervision and Regulation Division, Monetary and Financial Systems Department, International MonetaryFund (IMF), USA

• PART I: OVERVIEW OF CRISIS RESOLUTION AND BANK RESTRUCTURING POLICIES The Resolution of Systemic Banking System Crises; S.Ingves & D.S.Hoelscher The Benefits and Costs of Intervening in Banking Crises; E.J.Frydl & M.G.Quintyn PART II: OPTIONS FOR BANK RESTRUCTURING Techniques of Bank Resolution; S.A.Seelig Issuing Government Bonds to Finance Bank Recapitalization and Restructuring: Design Factors that Affect Banks' Financial Performance; A.M.Andrews What Happens After Supervisory Intervention? Considering Bank Closure Options; A.M.Andrews & M.A.Josefsson Post-Resolution Treatment of Depositors at Failed Banks: Implications for the Severity of Banking Crises, Systemic Risk, and Too-Big-To-Fail; G.G.Kaufman & S.A.Seelig The IMF/World Bank Global Insolvency Initiative-Its Purpose and Principal Features; R.B.Leckow PART III: OPTIONS FOR ASSET MANAGEMENT Prudential Treatment of Restructured Loans; I.Song Issues in the Establishment of Asset Management Companies; S.Ingves, S.A.Seelig & D.He PART IV: COUNTRY EXPERIENCES From the Front Lines at Seoul Bank: Restructuring and Reprivatization; C.Kang The Banking Crises and Bank Resolution: Experiences in Some Transition Economies; C.A.Enoch, A-M.Gulde & D.C.Hardy Interventions in Banks during Banking Crises: The Experience of Indonesia; C.A.Enoch The Role of KAMCO in Resolving Nonperforming Loans in the Republic of Korea; D.He The Public Sector Recapitalization Program in Turkey; M.A.Josefsson

'The majority of papers in the book are practical guides to specific aspects of dealing with crises. They discuss, inter alia , the principles that should be used in seperating viable from non-viable banks... There are also a number of case studies of systematic crises in particuar countries...Government officials in these countries should keep this volume readily at hand for the next time the sky begins to darken.' - The Financial Regulator