亚开行-如何在亚太地区建立不良贷款交易平台：问题和过程（英）-2024.5-101页.docx

6.000HOWTOBUI1.DNONPERFORMING1.OANTRADINGP1.ATFORMSInasiaandthepacificISSUESANDPROCESSESMAY2024HOWTOBUI1.DNONPERFORMING1.OANTRADINGP1.ATFORMSInasiaandthepacificISSUESANDPROCESSESMAY2024ContentsTab1.es.Figures、andBoxesForewordviAcknow1.edgmentsv8AbbreviationsviiiG1.ossaryi×ExecutiveSummary×1 Introduction11.1 ReducingBarncrstoEfficientNonperforming1.oanTrade31.2 FirstFeasibi1.ityStudyandRoadMapReport31.3 SecondFeasibi1.ityStudy41.4 FeaturesofOn1.ineNonpcrforming1.oanTn1.dingP1.atformsandGoodPractices42 Nonperforming1.oanTradingP1.atformsiAsiaandthePac1.ftCandBeyond82.1 Nonperforming1.oanTradingandP1.atformUseinSe1.ectedCountries82.2 ProsandConsofNonperformmg1.oanTradingP1.atforms172.3 Bui1.t-Vcrsus-BuyConsiderationsinSettingUpaNonpcrforming1.oanTradingPfatform203 1.ega1.andRegu1.atoryFrameworkforNonpGrforming1.oanTradingandP1.atforms223.1 Incernaoona1.BenchmarksofJudica1.andNonperforming1.oanWorkoucEfficiencies223.2 1.ega1.FrameworkonNonperformmg1.oanManagementandSett1.ement243.3 Regu1.atory1.andscapeforNonpcrforming1.oanTrading283.4 EnforcementofSecurityInterest313.5 ReportingandDisc1.osureRequirements343.6 1.icensingRequiremencsforEsQbIishmencandOperacionofNonperforming1.oan35Tra&ngPhcforms3.7 DauPrivacyandSecurityIssues363.8 Enforceabi1.icyofE1.ectronicContracts363.9 TaxIncentives373.10 Cross-borderConsiderations384 DataRequirementsforTradingandVa1.uingNonperforming1.oans404.1 DataRequirementsforPurchasingNonperforming1.oans404.2 Va1.uationMethodsforNonperforming1.oans434.3 DauTemp1.atesandBackgroundonNonperformmg1.oanVa1.uation444.4 ADataTemp1.ateforAsiaandthePacificProposedbyADB49Contents4.5 DauQua1.ityandVa1.idation534.6 UnstructuredInformationandSmartVirtua1.DataRooms544.7 Va1.uationStandardsfromInternationa1.AssetManagementCompanies554.8 DataWarehousingandDataHubFunctionofNonperforming1.oanP1.atforms57B1.ueprintforNonperforming1.oanTradingP1.atforms625.1 P1.atformTypesandBusinessMOdeK625.2 BenefitsforSe1.1.ersandBuyersinNonpcrforniing1.oanTransactionP1.atforms645.3 SupervisoryIncentivestoUseNonpeHorming1.oanTradingP1.atforms665.4 SuccessFactorsforEstab1.ishingaNonperforming1.oanTradingP1.atform675.5 ReguhtoryComp1.ianceofNonperforrnmg1.oanTransacdonPhcforms685.6 GovernanceandOwnershipofNonperforming1.oanTranSaCUonP1.atforms695.7 OpcnicionatDctaibofCoreandAnci1.bryServices705.8 TenStepsforEstab1.ishingaP1.atformtoTradeNonperforming1.oan79Conc1.usions8182ReferGncesTab1.es,Figures,andBoxesTAB1.ES1 OverviewofSe1.ectedAsianandInternationa1.Nonperformmg1.oanTradngP1.atforms172 ProsandConsofOn1.irveNonperforming1.oanTransactionP1.atforms193 Typica1.Datafie1.dsinthe1.oanDataTape414aDauFie1.dAdditionstotheTemp1.ateTICounterparty494bDataFieWAdditionstotheTemp1.ateT31.oanSO4cDauFie1.dAdditionscotheTemp1.ateT4Co1.hcera1.Guarantee,andEnforcement525 RecoveryRatesbySecuredStatus.YearofReso1.ution,andDefau1.tVintage596 BestPracdceExecutionGuide1.inesAdoptedandModifiedfromEurope78FIGURES1 Nonperforming1.oanP1.atformFunctiona1.1.des52 GoodBusinessPracticesofE1.ectronicAuctionP1.atfonns63 Nonperforming1.oanRatiointhePeop1.e'sRepub1.ic“China94 Nonperforming1.oanRatiointheRepub1.icofKorea115 Conceptua1.OverviewofKoreaAssetManagementCorporationOnBidOn1.ineAuctionP1.atform126 Nonpcrforming1.oanRatioinKazakhstan137 Nonperforming1.oanRadoinVietNam158 Nonperforming1.oanRatiosandNonperforming1.oanCoverageRatiosofVietnameseBanks159 TimecoRecoveryinYearsandRecoveryRaceforCountriesinAsiaandthePacific,G1.oba1.Regions2310 EaseofReso1.vingInso1.vency23IIDataTCmPIatCSforNonpcrforming1.oanTran5actionsforEuropeanUnionBanks4712 DataRoomPreparationActivitiesforInvestorDueDi1.igenceM13 1.oanVa1.idationandSegmenucionToo1.5814 Genera1.Pub1.icDauRepositoryfor1.oanPortfo1.ioPerformanceDau6115 IntermediationofBuyersandSe1.1.ersbyaTransactionP1.atformInc1.udingtbcExchange65ofStructuredandUnstructuredDataforVa1.uationandDucDi1.igence16 ScreenshotofAsset1.istingsonSe1.ectedNonperforming1.oanTfadingP1.atform7217 Rea1.EsuceAssetforPub1.icAuctionontheOnBidPhtform7318 TransactionProcessforTradngNonperforming1.oansOn1.ineandOff1.ine7519 ManagingaNonpcrforming1.oanAuctiononanE1.ectronicTradingP1.atform76BOXESIEvo1.ubonofthe1.ega1.andRegu1.atoryFrameworkforNonperfbrming1.oaminVetNam2S20 1.ega1.DucDi1.igenceConsiderationsforNonpcrforming1.oanPurchasesinVictNam39ForewordTheg1.oba1.economycontinuestograpp1.ewithongoingweaknessesamidstgeopo1.itica1.tensionsandtightfinancia1.conditions,despitere1.ative1.yrobustgrowthindeve1.opingAsiaforecastat4.9%in2024.Ifg1.oba1.interestratesstayhigherfor1.ongerthananticipated,theywi1.1.beagrowingburdenondebtservicingcostsofthepub1.icsectorandraiserefinancingandso1.vencyrisksofvu1.nerab1.ecompaniesnthePnVatesector,whichcou1.dtrans1.ateintoworseningassetqua1.ityinthefinana1.sector.Theriseinnonperforming1.oans(NP1.s)insomecountriesinAsiaandthePacificcou1.ddestabi1.izebankingsectorsandimpedeeconomicrecoveryeffortsun1.essmanagedeffective1.y.Therecentincreaseinbaddebtwrite-offsindicatesgrowingfinancia1.stress.Preemptiveaction,inc1.udingadvancinginternationa1.financia1.architectureforfairerdebtreso1.uuonanddeve1.opingarobustNP1.tradingmarketcou1.dhe1.paddressteiecha1.1.enges.Thepandemichasacce1.eratedtheadoptionOfdigita1.so1.utionsg1.oba1.1.y.Digita1.techno1.ogyhastransformedfinancia1.systems,enhancingefficiencyandtransparencybyfaci1.tiginformationf1.ows,reducingoperationa1.costs,andpromotingfinancia1.inc1.usion.IndiverseAsanfinancia1.1.andscapes,on1.ineNP1.tradingp1.atformsprovidepo1.icymakerswithopportunitiesforefficientandtransparentmarketdeve1.opmentforNP1.transactions.Thesep1.atformscanstream1.inetradingprocesses,overcomeobstac1.eshinderingsmoochoperations,andfaci1.itate1.argerivestme1.In1.ightoftheseConsideraooru.theAsianDeve1.opmentBankpub1.ishedthefirstreporttoassessthereadinessofAsiancountriesforestab1.ishinganNP1.tradingp1.atformin2022.Bui1.dingontheinsightsofchatreport,thisreportfocusesonthetechnica1.,1.ega1.,andregu1.atorydetai1.srequiredtosuccessfu1.1.yaddressthecha1.1.engesofestab1.ishinganNP1.tradingp1.atform.Itconsidersse1.ectedcountrycases,inc1.udingtheRepub1.icofKoreaandViecNam.Thereportproposesastandardizeddatatemp1.ateandprovidesguide1.inesforNP1.tradingphcforms.Itrustthisreportwi1.1.serveasava1.uab1.ereferenceforadvancingfinancia1.infrastructureandNP1.marketsintheregion.Ihopethattheproposedroadmapcanhe1.pguidepo1.kyactionsaimedatbo1.steringregiona1.NP1.marketsandenhancingfinancia1.stabi1.ity.A1.bertParkChiefEconomistandDirectorGenera1.EconomicResearchandDeve1.opmentImpactDepartmentAsianDeve1.opmentBankQBreakevencostana1.ysisi$requiredtojustifythecostofcreation.Thecostofbui1.dinganinterna1.p1.atformdependsontheexactspecificationbutwi1.1.1.ike1.ycost>$1.mi1.1.ionforaninitia1.versionwith1.imitedanci1.1.aryfeaturesandservicesandcostcou1.dbesignificant1.y1.argerwheninc1.udingcomp1.exdatawarehouses,va1.uationtoo1.s,andVDRfunebons.Marketuti1.ities1.iketheEuropeanDauWarehousewereInicta1.1.ybui1.tbyexterna1.techno1.ogyconsu1.tantsacthecoseofsevera1.mi1.1.ionUSdo1.1.ars.Interna1.p1.atformcha1.1.enges:QRequirestimeandsubstantia1.marketingcosetoattractinvestorsandmakethemfami1.iarwithnewinterfaces,1.ega1.systems,andtradingru1.es.Mostse1.1.erswi1.1.haveanexistingdatabaseofinvestors,butcapturinga1.1.re1.evantmarketp1.ayersmayrequiresignificanttimeandexpense.QMightbedifficu1.ttofindtheexpertisetobui1.danewp1.atforminaspecificcountry.Externa1.p1.atformpros:vTherearematurep1.atformsnthemarketwithacomprehensiveproductofferingandoperationa1.experience,e1.iminatingtheneedcocreateonefromscratch.2Noinitia1.timeisrequiredforestab1.ishmentasthep1.atformsareready-to-use.Adoptingexistingp1.atformstoanewjurisdictionwi1.1.takesometime,buttypica1.1.ynomorechanafewmonths.QProvidesaccesscoanestab1.isheddiverseinvestorbasefami1.iarwiththep1.atformsinterface,datarooms,anddataand1.ega1.temp1.ates.QUsingexterna1.Ph1.tfonn$forsma1.1.sca1.coperationsandoccasiona1.transactionsismorecostefficientthansettingupadedicatedcorporateentityandbui1.dingbespokesoftware.P1.atformfeesvaryanddependontheassetc1.ass,transactionsize,andrequiredservicepackage,butcanbe1.esschan$10,000forasma1.1.NP1.portfo1.iosa1.ecoinstitutiona1.investors.1QExterna1.p1.atformsofferaccesstoexpertiseconcentratedin1.argeg1.oba1.financia1.centers.Externa1.p1.atformcons:QP1.atformfeesforextendeduseperiodsofassetsa1.eand1.argesa1.esvo1.umesmightexceedthecostofCreaggandOPerAgganinterna1.PIaCfOrminthe1.ongterm.Note,however,thatsomep1.atforms,providersoffertheirp1.atformsoftwaretoo1.sandinfrastructureonasubscriptionbasisunderasoftwarc-asa-scrvice(SaaS)businessmode1.whichinc1.udesawhite-1.abe1.1.edon1.inepresence.White1.abe1.1.ingmeanschatthesoftwarecanbeadjustedsuchthatitshowsthename.1.ogo,co1.ors,andtextfontsofse1.1.er.Annua1.SaaSfeesdependontheneedforbespokefeatures,1.anguageandsecurityrequirements,bespoketransactiontemp1.atesetc.butcanbe1.essthan$50,000ayearforanoff-the-she1.fsoftwareservicep1.usaninitia1.secupfee."QExterna1.providersmightofferanincomp1.eteproduceorserviceforthese1.1.erandmay1.ackdetai1.edknow1.edgeofthe1.oca1.market.B2Cauctionphdormshavedifferentfeestructuresandtypica1.1.ychargeforeachase<so1.d.Severa1.independentdebttradingp1.atformsexistofferingcompreensiveservicesfordettsa1.es(ChapterI).TheEa1.soofferwhite-1.abe1.edSaaSso1.utions.1.ega1.andRegu1.atoryFrameworkforNonperforming1.oanTradingandP1.atformsRecognizingthataneffectiveNP1.tradingp1.atformoperatesattheintricateintersecoonoffinancia1.systemsand1.ega1.frameworks,thischapteraddresseschecoree1.ementsofaneffective1.ega1.andregu1.atoryframeworkforwe1.1.-oeracingNP1.tradingp1.atformsandmarkets.Icexaminescheru1.es,guide1.ines,andoversightmechanismscurrent1.yinp1.ace,oftendrawingcomparisonsbetweenexistingsystemsandpracticesintheRepub1.icofKoreaandVietNam.TheformersmatureNP1.marketnonethe1.essdoesnotusetheexistingon1.inep1.atformofKAMCOforNP1.sa1.es,whi1.eViecNamrepresentscountriessti1.1.deve1.oping1.ega1.andregu1.atoryenvironmentsandhaveon1.yrecent1.yestab1.ishedNP1.p1.atforms,operatedbyVAMCinthe1.attercase.Thetwocountriesareusedascasestudies,giventheircurrentinterestinon1.inetradingp1.atformsandtheactiveparticipationofKAMCOandVAMCintheIPAFcooperationwithADB.Tostart,averagerecoveryandNP1.reso1.utionbmesarecomparedindifferentcountriesthatdirecdydependontheavai1.abi1.ityofout-of-courtproceduresandefficientjudicia1.meanstoenforceCo1.hcera1.andreso1.veinso1.vencies.3.1Internationa1.BenchmarksofJudicia1.andNonperforming1.oanWorkoutEfficienciesQInjurisdictionswithmoreefficientandmodeminso1.vencyframeworks,ittakes1.esstimecoreso1.vecasesandrecoveryratesarehigher.Figure9showsometorecoveryinyearsandrecoveryratesincentsonthedo1.1.arofoutstandingc1.aimfordifferentcountriesaccordingtotheDoingBusinessdatabaseoftheWor1.dBank.NotethattheDoingBusinessdatabasewasdrsconunuedandanequiva1.entbenchmarkdatabasewithjudicia1.efficiencymeasureshasyettobereestab1.ished.InSingapore,Ma1.aysia,theRepub1.icofKorea.Thai1.and,andthePRC.comp1.etingtheprocesstakesfrom0.8to1.7years,be1.owteaverageforOrganisationforEconomicCo-operationandDeve1.opment(OECD)high-incomejurisdictions.ExceptforSo1.omonIsbndsandthePRC.recoveryratesinthissubgrouparcabove50centspercurrencyunitofthe1.ega1.c1.aim,withthehighest11tcsinSingapore,at89centsPCrdo1.1.ar.AccordingtotheDoingBusiness2020survey,theEastAsiaandPacificregionissti1.1.heterogeneousineaseofreso1.vinginso1.vencies,withthebiggesteconomiesandthosethatreformedtheirsystemsIntheaftermathoftheAsianfinancia1.crisisandtheg1.oba1.financia1.crisistypid1.ygenera1.1.yperformingbetter.KAMCO.estab1.ishedasaquasi-govcmmcnta1.entityundertheKAMCOAct.ispivota1.inrestructuringNP1.she1.dbyfinancia1.institutionsandinsupportingtherecoveryofinso1.ventbusinesses.A1.thoughitsoriginstracebackto1961.itwasnotunti1.theenactmentoftheKAMCOActin1997thatthepresentformofKAMCOemerged,essentia1.1.yrebrandingitspredecessor.Toassistfinancia1.institutionsburdenedbyarapidincreaseinNP1.sfo1.1.owingtheAsianfinancia1.crisisin1997.KAMCOp1.ayedacriu1.ro1.ebypurchasingtheseNP1.swithemergencyfunds,effective1.yprovidingafinancia1.1.ife1.ine.However.KAMCOneededtodisposeoftheacquiredNP1.stogeneratefundsforfurtheracquisitions,astheemergencyfundswerequick1.ydep1.etedwithcontinuousinf1.owofNP1.s.KAMCOusedsevera1.methodstodisposeoftheacquiredNP1.s.Theseinc1.udedtraditiona1.methodssuchascompetitiveauctions,co1.1.ectionofreschedu1.edrepayments,andrecoursetotheorigina1.se1.1.er.Theya1.soinc1.udedmoreinnovativemethodssuchasbu1.ksa1.esandindividua1.sa1.estodomesticandinternationa1.buyersandissuingassct-backcdsecunties,which1.aunchedanimportantnewmarketintheRepub1.icofKorea.In1998.theNationa1.Assemb1.yoftheRepub1.icofKoreapassedtheABSAct.whichwasinstrumenta1.infaci1.itatingNP1.restructuring,a1.1.owingforasset-backedsecuritizationthroughspecia1.purposecompanies,thussimp1.ifyingInvestoraccessco1.oanShf1.owsandovercomingprevious1.ega1.andprocedura1.hurd1.es.Itprovidedcritica1.exemptionsandprocedura1.simp1.ifications,suchasbypassingtheCommercia1.Acfsbondissuance1.imitsandtheTrustAct'sapprova1.requirements,andintroducedtaxexemptionsforcertainsecuritizedassets,significant1.yeasingthesecuritizationprocess.3.2.2Evo1.utionofVietNam'sNonperforming1.oanReso1.utionMechanismNoregu1.ationcoverssecuritizationinVietNamandhenceon1.ytwomethodsofdebttmdingarca1.1.owed:directnegotiationandauctions.AndthemarketforNP1.sisnascent.Thisisc1.earfromtheabsenceofstandardized1.oanva1.uationpracticesandmechanismsforinformationdisc1.osure,coup1.edwith1.imitedprofessiona1.brokers,independentassetappraisers,andocherfinancia1.Insututionssuchasinsurancecompanies,investmentfunds,pensionfunds,andsecuritiescompanies.The1.ega1.frameworkforNP1.tradingandreso1.utioni$thereforesb1.1.evo1.ving,a1.thoughsignificantprogresshasbeenmadeinrecentyears(BoxI).Box1：Evo1.utionofthe1.ega1.andRegu1.atoryFrameworkforNonperfbnning1.oansinVietNami.Estab1.ishmentofassetmanagementcompaniesownedbycreditinstitutions(2001):ViCtNamintroduced"debtandassetmanagementcompanies*'ownedbycommercia1.banksin2001throughDecision150/2001./QD-TTgandDecision1390/2001/QD-NHNN.inwhichassetmanagementcompaniesfocusonmanagingchcnonperforming1.oans(NP1.s)oftheirparentbanks.H.Estab1.ishmentofDebtandAssetTradingCorporation(2003):In2003.DecisionNo.109/2003/QD-TTgestab1.ishedtheDebtSa1.eandPurchaseComPanyforSute-OwnedEnterprises.IttransformedintotheDebtandAssetTradingCorporationin2010(Circu1.arNo.I352OI5TT-BTCincreaseditscapita1.).DecreeNo.129/2020/ND-CPandCircu1.arNo.42/2021/TT-BTCrefinedtheDebtandAssetTradingCorporation'sfunctionsandoperations.iii.Estab1.ishmentoftheVietnamAssetManagementCompany(2013):TheViet