Thailand, Indonesia, South Korea and other countries have adopted this model. 1997 after the financial crisis, southeast Asian countries devoted themselves to rectifying the financial order and dealing with bankrupt financial institutions through domestic and international joint investment. 1997 10, the Thai government adopted a comprehensive financial reform plan, established the Financial Reform Bureau of Thailand to clean up and close bankrupt financial institutions, and the newly established asset management company was responsible for receiving bad debts. In addition, the International Monetary Fund (IMF) provided $ 172 billion in aid funds. The Indonesian government also closed1997165438+10/6 banks with serious bad debts in June. On February 3, 65438+KLOC-0, the Indonesian government announced that it would merge four state-owned banks into two through merger and privatization, and its non-performing assets would be taken over by the newly established credit clearing company. During the crisis, Indonesia received a total of $23.9 billion from the International Monetary Fund, and the government also encouraged foreign banks to invest in other state-owned banks in Indonesia. When South Korea announced that it would suspend the business operations of five insolvent banks and securities companies, it launched a series of financial countermeasures, such as the government allocating 350 million won to buy bad debts of banks and financial institutions and merging institutions that could not help themselves. In order to obtain IMF assistance, the South Korean National Assembly also passed a reform plan on the afternoon of February 29th 1997, and decided to reorganize domestic financial institutions according to international standards. The closure of financial institutions in Southeast Asian countries is intertwined with other problems, and the measures taken are of a first-aid nature. In order to obtain international assistance, it had to accept the restructuring arrangements of the International Monetary Fund, such as further opening up the domestic financial market and allowing foreign financial institutions to enter domestic business, which gave domestic banks. However, the IMF suggests to improve the transparency of the banking system and strengthen the supervision of the financial system to meet the capital adequacy requirements stipulated in the Basel Accord, which is of positive significance for improving the asset status of financial institutions.

In the process of dealing with bankrupt financial institutions, all countries have set up special reorganization companies or liquidation institutions. Some of these institutions are independent companies, and some are set up within the problematic financial institutions, but their functions are basically the same, mainly for asset takeover, asset evaluation, asset transfer, asset preservation and asset disposal of bankrupt financial institutions. Specifically, the main measures taken by these institutions in the process of dealing with bankrupt financial institutions are:

(1) Asset takeover, evaluation, transfer or acquisition. In the United States, RTC will take over the closed S&; L .RTC is responsible for S&; L On the basis of evaluating the value of assets and collateral, accept the corresponding assets, take full responsibility, and set up an asset transfer committee (members include S&; L and RTC personnel) decide to transfer assets from S&; L everything is transferred to RTC. For existing or potential loan defaults, RTC may require borrowers to increase collateral to preserve assets. In Japan, the bad debts of 162 funded financial institutions (mainly residential finance professional companies) were initially handled by joint creditor acquisition companies. The main process is as follows: firstly, evaluate the non-performing creditor's rights secured by real estate of investment institutions; Then, the non-performing creditor's rights are acquired at the evaluation price, and the cost is recorded as the loan of the investment institution to the joint creditor's rights company to guarantee the transfer of real estate; Finally, the joint creditor's rights acquisition company sells the collateral and returns the loan from the investment institution. From March 1993 to September 1996, 9075 creditor's rights were acquired, and the bad creditor's rights of129.2 billion yen were handled. 1In July 1996, seven professional residential finance companies declared bankruptcy, with total liabilities of 13. 12 trillion yen, of which 6.4l trillion yen was hopeless creditor's rights, which were made up by the parent banks of professional residential finance companies, other financial institutions and the government. It is estimated that the remaining 6.7 1 trillion yen will be acquired by the residential financial creditor management institution and auctioned, and the losses incurred during the auction will be borne by the government and the deposit insurance institution in half. 1996 In September, the Bank for Rectification and Rehabilitation took over bankrupt financial cooperation organizations such as Dongying Sheikh, Safety Credit Rating and Jin Yao Credit Cooperative, and acquired 390 billion yen of bad debts.

(2) A large amount of capital injection, share expansion and capital increase, institutional restructuring and stripping of bad debts. On the afternoon of 1994, credit lyonnais's bad debts reached $27 billion, so the French government set up a special purpose company (SPBL) to implement the rescue plan. First, the government injected 23 billion francs into the bank and assumed 43 billion francs in bad debts; Subsequently, CDR Company was established and became a wholly-owned subsidiary of credit lyonnais, which assumed all liabilities of the bank and was responsible for the liquidation and sale of assets. After that, credit lyonnais provided SPBL with a loan of 65.438+0.45 billion francs at a preferential interest rate (calculated at 85% of the Paris market interest rate), of which SPBL provided CDR with a loan of 65.438+0.3/kloc-0.0 billion francs to make up for its losses when selling and selling assets, and CDR repaid SPBL's loan with the funds after selling assets, and the losses in asset restructuring were guaranteed by the government. In the process of dealing with the non-performing assets of Bank of Naples, Italy has also taken measures of large-scale capital injection by the government. Nabler Bank is a commercial bank partially owned by the government, with a loss of 36,543.8+0.995 lira. In order to save the banks, the Bank of Italy, Italy's central bank, arranged temporary loans worth 2.5 trillion lira from 65,438+065,438+0 banking groups, and the interest rate was 25 basis points higher than the interbank lending rate in 10. 1In March 1996, the Italian Ministry of Finance injected 2 trillion lire into the bank, and the bank was completely privatized in 1997. Swedish banks separate their bad assets through a large amount of capital injection from the government, and then the government promises to issue new shares to increase their assets, or sell "excellent banks" to the highest bidder through auction. Norwegian banks cancel common shares, issue preferred shares to institutional investors, separate bad debts and sell state-owned shares to the public.

(3) Actively and properly dispose of non-performing assets. American RTC has achieved remarkable results in dealing with bankrupt financial institutions, handling a large number of S&; L Non-performing assets mainly adopt securitization, capital participation, "packaged" sale and national loan auction; For a small amount of non-performing assets, RTC will sign an agreement with private institutions to deal with them.

① Securitization. With the assistance of investment banks, accounting firms, law firms, securities rating agencies and other intermediaries, RTC has formulated and implemented a set of asset securitization plans for different types of benign or non-performing assets such as single-family mortgages, multi-family mortgages, commercial mortgages, commercial loans and consumer credit, as the preferred method for selling assets. For benign assets with higher ratings, the interest rate is several tens of basis points higher than that of fixed-term treasury bonds, and they are sold according to different maturity combinations. For non-performing assets with low rating, when issuing securities, 20% ~ 30% of the total amount of securities is injected as securities repayment reserve through financial allocation or RTC to make up for the possible losses when issuing securities. RTC has securitized $49 billion of different types of assets.

② Capital participation. The capital participation strategy is characterized by limited liability partnership, which is mainly used to deal with non-performing assets, and later also used to deal with real estate-related assets. In each asset disposal contract, RTC becomes a limited partner with assets as shares, and private institutions become general partners through bidding, responsible for managing or selling assets, and bear limited liability with their share capital. The cash flow generated from asset disposal is distributed between RTC and limited partners according to the agreed equity ratio after deducting expenses.

3 "package" for sale. RTC first locks an asset "package" to create and issue medium-term bonds, and at the same time selects a qualified asset manager as a shareholder from the bidders. The asset manager subscribes for 49% of the shares at most and manages the assets for RTC (the shares he owns cannot exceed 565,438+0%). RTC chooses the opportunity to sell according to the specific situation of assets.

(4) the national loan auction. The auction is conducted by RTC in the national sales center, and classified auctions are conducted according to the category, amount and location of benign assets and non-performing assets, so that RTC can sell a large number of similar assets at one time. Eight loan auctions were held nationwide, and benign assets with a book value of $800 million and bad assets with a book value of $2.8 billion were sold.

⑤ Sign agreements with private organizations. For a small amount of non-performing assets, RTC can sign a standard asset management sale agreement with private institutions, and the private institutions will manage and dispose of the assets according to the contract. In order to shorten the disposal time of assets as much as possible, RTC provides financing facilities for the sale of some assets, and the net loss of assets is compensated by the government as appropriate.

In short, although the background of bad debts of financial institutions in different countries is different, the reasons for the closure of financial institutions are different, and the specific methods of handling them are different, they also have something in common: government participation is usually combined with market operation, and the government plays a leading role; Legislation first, business according to law, and immediately investigate and deal with illegal and criminal acts; Set up special institutions to restructure bad debts and deal with closed financial institutions, thus establishing an effective bridge between monetary assets and physical assets; Sell good assets (creditor's rights) and bad assets (creditor's rights) separately at a discount, and digest bad assets (creditor's rights) as soon as possible; And a large amount of capital injection, and make full use of national credit to raise funds, especially national debt and government-guaranteed loans.