Title Public Asset Management Companies
Subtitle A Toolkit
Author Caroline Cerruti & Ruth Neyens
ISBN 9781464808746
List price USD 35.00
Price outside India Available on Request
Original price
Binding Paperback
No of pages 158
Book size 178 x 254 mm
Publishing year 2016
Original publisher The World Bank
Published in India by The World Bank
Exclusive distributors Viva Books Private Limited
Sales territory India, Sri Lanka, Bangladesh, Pakistan, Nepal, .
Status New Arrival
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Description:

Public Asset Management Companies 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 has a narrow focus on the specific tool of a public AMC established to support bank resolution, 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 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.
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.

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 • Safeguards Mechanisms and Supervision • Notes
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 • Savings Deposit Insurance Fund (SDIF), Turkey • Notes
Chapter 6 The Third Generation: NAMA, AMCON, and SAREB: National Asset Management Agency (NAMA), Ireland • Asset Management Corporation of Nigeria (AMCON), Nigeria • Sociedad de Gestión de Activos Procedentes de la Reestructuración Bancaria (SAREB), Spain • Notes
Bibliography

Target Audience:

People interested in Economics, Finance and Financial sector development.
 
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