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Southeast Asian Debt Restructuring Institutions: The Lessons


Code : ITF0012

Year :

Industry : General Business

Region : :Asia

Teaching Note:Not Available

Structured Assignment : Not Available

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Indonesian Bank Restructuring Agency In Indonesia, the early response to the 1997 crisiswas closing down of 16 commercial banks. Therewas a panic among the domestic banks, which compelled ‘Bank Indonesia’, the central bank of Indonesia, to extend liquidity support to banks and issue a blanket deposit guarantee to the depositors of those banks. During the crisis period, the interest rates in the country went up from 20%to 60%per year. The currency exchange rate against USD went up from Rupiah (Rp) 2,500 to Rp 15,000. Around 250,000 small andmedium-sized companies needed to be restructured. Inflation rate had gone up by 20%in 1997 to 60%at the peak of crisis. For the year 1998, the country recorded a negative growth of 18%.3 The weak financial systemin the country compelled the government to establish a governing body under the authority of theMinistry of Finance tomanage the restructuring and rehabilitation of troubled banks...

Thailand Asset Management Corporation Thailand can be associatedwith the origin of theAsian crisis.According to the industry experts, the problems in Thailand triggered the Asian crisis. Problems in the financial institutions that became evident in early 1997were the first indicators of the Thai financial crisis. The Bank of Thailand suspended 58 out of 91 financial institutions and provided liquidity support to other financial institutions through the Financial Institutions Development Fund...

Korea AssetManagement Corporation The KoreanGovernment was quick in understanding the intensity of the 1997 crisis. It acted rapidly and aggressively to resolve the financial crisis.Among the affected countries,Koreawas the first to announce a ‘basic restructuring framework’ in 1998, to stabilize financialmarkets and to strengthen the efficiency of the banking sector. The Korean Government, in associationwith the IMF, implemented numerousmeasures for the quick revival of the ailing banking sector...

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Danaharta, the National Asset Management Company of Malaysia The impact of the Asian Crisis onMalaysia’s financial and corporate sectors was not as severe as compared to that of Indonesia andKorea.TheGovernment’s immediate response in thewake of substantial capital outflows, a rapidly depreciating currency and deteriorating business conditions was to issue a blanket deposit guarantee and extend liquidity support to banks...

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