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Bank Restructuring: Lessons from the 1980S / Edited by Andrew Sheng

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Bank Restructuring: Lessons from the 1980S / Edited by Andrew Sheng 10UUm 0 _ Public Disclosure Authorized i - : f I~~~~~~- Public Disclosure Authorized OC ~E3 w II, Public Disclosure Authorized Public Disclosure Authorized BANK RESTRUCTURING Lessonsfrom the 1980s Edited by Andrew Sheng THE WORLD BANK WASHINGTON,D.C. C 1996 The International Bank for Reconstruction and Development/The World Bank 1818 H Street, N.W., Washington, D.C. 20433, U.S.A. All rights reserved Manufactured in the United States of America First printing January 1996 The findings, interpretations, and conclusions expressed in this publication are those of the authors and do not necessarily represent the views and policies of the World Bank or its Board of Executive Directors or the countries they represent. The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to the Office of the Publisher at the address shown in the copyright notice above. The World Bank encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to copy por- tions for classroom use is granted through the Copyright Clearance Center, Inc., Suite 910, 222 Rosewood Drive, Danvers, Massachusetts 01923,U.S.A. The complete backlist of publications from the World Bank is shown in the annual Index of Publications,which contains an alphabetical title list (with full ordering information) and indexes of subjects, authors, and countries and regions. The latest edition is available free of charge from Distribution Unit, Office of the Publisher, The World Bank, 1818 H Street, N.W., Washington, D.C. 20433,U.S.A., or from Publications, The World Bank, 66, avenue d'1ena, 75116 Paris, France. Andrew Sheng is Deputy Chief Executive (Monetary) of the Hong Kong Monetary Authority. Libraryof Congress Cataloging-in-PublicationData Bank restructuring: lessons from the 1980s / edited by Andrew Sheng. p. cm. Includes bibliographical references. ISBN 0-8213-3519-7 1. Bank management. 2. Bank failures-Case studies. 3. Banks and banking-United States-Case studies. 4. Banks and banking-Spain- Case studies. 5. Banks and banking-Developing countries-case studies. I. Sheng, Andrew. HG1615.B3515 1996 332.1-dc2O 95-49776 CIP Contents Foreword v Acknowledgments vi Introduction 1 1. Banking Fragility in the 1980s: An Overview 5 Andrew Sheng 2. Bank Restructuring Techniques 25 Andrew Sheng 3. Resolution and Reforn: Supervisory Remediesfor Problem Banks 49 Andrew Sheng 4. The United States: ResolvingSystemic Crisis, 1981--91 71 Andrew Sheng 5. Bank Restructuring in Spain, 1977-85 87 Andrew Sheng 6. Structural Weaknessesand Colombia's Banking Crisis, 1982-88 99 Fernando Montes-Negret 7. Malaysia'sBank Restructuring, 1985-88 109 Andrew Sheng 8. Ghana's Financial Restructuring, 1983-91 123 Andrew Sheng and Archibald A. Tannor 9. Yugoslavia:Financial Restructuring in a Transition Economy, 1983-90 133 Andrew Sheng 10. Financial Liberalization and Reform, Crisis, and Recoveryin the Chilean Economy, 1974-87 147 Andrew Sheng 11. Argentina'sFinancial Crises and Restructuring in the 1980s 161 Luis A. Giorgio and SilviaB. Sagari 12. Post-LiberalizationBank Restructuring 175 Andrew Sheng iii About the authors Andrew Sheng is Deputy Chief Executive Luis A. Giorgio is Deputy Director, Center for (Monetary) of the Hong Kong Monetary Authority. Latin American Monetary Studies. Fernando Montes-Negret is Principal Financial Silvia Sagari is Chief, Industry and Energy Economist, Financial Sector Development Division, Western Africa Department, at the World Department, at the World Bank. Bank. Archibald A. Tannor is Director, Banking Supervision, Bank of Ghana. iv Foreword The decade of the 1980s saw major stresses and Gerard Caprio, Jr., Izak Atiyas, and James Hanson, strains in the developing world. Fiscal adjustment, and Banking Institutions in DevelopingMarkets, by trade liberalization,financial deregulation, and priva- Diana McNaughton, are companion publications to tization were major policy reforms that sought to deal this book. The first deals with the policy reform with the problems of high debt overhang, balance of agenda in financial sector policy, the second with payments problems, and slow growth in many devel- institutional reforms in individual banking institu- oping countries. The financial sector in many coun- tions. This book surveys experiencewith systemwide tries witnessed tumultuous change as bank balance bank restructuring, focusing on the policy and sheets reflected the devastatingeffects of external and process of the legal, institutional, financial,and man- internal shocks as well as major policy responses to agerial restructuring demanded by systemic bank such adjustments. Major initiatives were undertaken problems. in financial sector refotm: the building of new legal Bank restructuring is a process, not an event. The and regulatory frameworks,strengthening of banking causes of bank failure are often country specific, and and financialinstitutions, removalof interest rate and the solutions to bank failure may require specialcon- exchange rate restrictions, liberalization of market sideration of country conditions. However, lessons entry into the financialsector, commercialization and from international experience suggest that there are privatization of state-owned financial institutions, common techniques and approaches that can help and opening of financial markets to greater domestic clarify the issues,reduce their complexity,and identi- and foreign competition. fy possiblesolutions. During this period banking systems in industrial Given the magnitude of bank losses in many and developingcountries alike underwent fundamen- industrial and developing countries today, we hope tal change. Many banks were devastatedby the bur- that Bank Restructuring:Lessons from the 1980swill be den of nonperforming loans, brought on by a variety a useful guide for policymakers, bank supervisors, of causes.A centerpieceof financialpolicy reform was and bankers for dealing with these pressingproblems bank restructuring,as policymakerssought to improve of the 1990s and beyond. the process of financial intermediation that would fund and fosterstronger growth. This book is part of a series of research studies Gary Perlin stemming from World Development Report 1989: Director Financial Systems and Development. Two books, Financial Sector DevelopmentDepartment Financial Reform: Theoryand Experience,edited by The World Bank v Acknowledgments Having moved from the World Bank's development of the Bank, who helped identify, conceptualize,and advisory function to the core central bank function research the intricaciesof financial sector market fail- of regulating and promoting financial markets in ure. Much of the research in this volume was under- Hong Kong, one of the freest of market economies, I taken by Susan Hart, who helped extensivelyin the have had the opportunity to reflect on what went study on the United States and sharpened many of right, what went wrong, and what should have been the arguments. Izabela Rutkowska continued where done during the banking crises in developing coun- Susan left off, and Bo Wang created many of the tries in the 1980s. Extrapolating lessons from the tables and figures. past runs the danger of boiling down essential truths Gerard Caprio, Yoon Je Cho, Samuel Talley, to such bland cliches that the advice becomes tauto- MelanieJohnson, and Ross Levine read chapters and logical. To say that macroeconomicstability was crit- offered valuable insights, comments, and suggestions. ical to recovery merely states the obvious-if there Helpful comments were also provided by several had been macroeconomic stability in the first place, anonymous referees. banking systems wouldn't have gotten into the mess Maria Raggambi, Wilai Pitayatonakarn, and they did. Karin Waelti, at the World Bank, and Helen Moy at This volume had its genesis in the pioneering the Hong Kong Monetary Authority, were able to work of Millard Long, who directed the World Bank's make out my unintelligiblescrawls and assemblethe WorldDevelopment Report 1989: FinancialSystems and drafts with great cheerfulness and accuracy. The Development.I was brought on board as the author for chapters were edited by Meta de Coquereaumont and the paper on the Malaysian case, and was delighted Paul Holtz and laid out by Christian Perez, of that a group of people, led by Manuel Hinds and AmericanWriting Corporation. Aristobulo de Juan (then at the World Bank), was Finally, encouragement and support came from exploring banking problems in developing countries. Nancy Birdsall, Johannes Linn, and Jean-Fran,ois This volume forms part of three massiveworks that Rischardof the Bank, the more so for sparing me the emanated from these forays:Gerard Caprio'sFinancial valuable time to complete this task. Since moving to Reform: Theoryand Fxperience,Diana McNaughton's Hong Kong, I have learned considerably about the Banking Institutions in DevelopingMarkets, and this impact of the marketplace and free competition on attempt at understandingthe techniques used in bank banking systems from my colleagues, David Carse restructuringin the 1980s. and Joseph Yam. To all the above, credit is due. All This volume therefore owes its intellectual debt to debits, errors, and omissionsare mine. the above persons, but also to Alan Gelb, Vince Last but not least, my wife Suan Poh deserves Polizatto, Silvia Sagari,and Dimitri Vittas, colleagues thanks for putting up patiently with the trials
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