The former head of the Agency for banking supervision of Turkey Engin Akchakocha said that in the prepared draft law allowed the state to create the company on management of distressed assets. This writes FinClub.

“The bill we allow the state to create the company on management of distressed assets. The company will work exclusively with distressed assets of state-owned banks”, – he said.

It will also require the approval of international financial institutions – IFC, IMF, the world Bank.

“We need to clearly define what should be this company, what are the standards of corporate governance, at what price will be transferred to the new structure for the troubled assets Oschadbank, Ukrgasbank, PrivatBank and Ukreximbank”, – said Akchakocha.

The idea of establishing a state company on management of distressed assets (GCUP) he thinks is right, given that “political” loans cannot be sold on the market.

“But first you need to pass a law that sets the rules of corporate governance of state-owned banks. Without this bill, the bad assets will not work. Need an independent Supervisory Board, and probably independent evaluators who recognize and appreciate these assets. And only then will be created GRUPA, which will ask for financing from MFIs,” he notes.

Appraisers should not be associated with the state-owned banks. “Individual legal act, you need to determine how you can become an appraiser, who they can be, what are the requirements, what does “independent” appraiser, etc. all need to consider that son-brother-brother someone of the leaders of state-owned banks could not become the appraiser of the assets, which sell the state Bank,” concluded Akchakocha.

Ukraine will be able to create a state company on management of bad assets 02.10.2017

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