Banks reluctant over bad-debt settlement
plan
dautu, dtinews.vn
Although the newly-established Vietnam Asset Management
Company is hoped to resolve the problem of rising bad debts, banks have shown
little interest in the company.
Banks complain about 20%
contribution to risk prevention fund
VAMC would buy bad debts from banks via self-issued
bonds. The bonds would have no interest rate and credit institutions could
use them to apply for refinance loans.
Banks, on the other hand, are not enthusiastic that the
bonds are set with only a five-year time limit to resolve bad debts. In
addition, banks would be required to contribute 20% of the funds from VAMC
bonds towards risk prevention each year. If, after the five-year limit, bad
debts have not been successfully resolved, banks would be required to use the
bonds to retake the debts.
Many banks commented that the spending on risk
prevention fund was the main issue that made them reluctant about the VAMC
project.
Tay Han Chong, CEO of MeKongBank, said that the
measures being taken by VAMC only helps to delay dealing with the bad debt
issue.
Another bank leader in HCM City said VAMC will be a
powerful tool for institutions who are in need of a last resort, but that the
mandatory spending on risk prevention makes banks wary of accepting.
"Banks will have to spend their profits on contributions to the fund, so
there will not be many perks for those institutions who accept the
programme," he said.
Nguyen Gia Dinh, Vice Chairman of Sacombank, added,
"During times when so many businesses are experiencing financial trouble
banks must be somewhat patient and keep rates low. Our only option is to
nurse these bad debts for a while and extend payment deadlines if necessary.
Once the business environment recovers we will be able to recoup the
capital."
Cao Sy Kiem, member of the Monetary Policy Consultant
Committee, said, "Of course, spending on the risk prevention fund will
affect the banks' profits, however, banks banks are not earning much profit
in the current situation anyway. Banks and enterprises will have to work
together in order to forge a final solution to the bad debt
problem."
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Thứ Hai, 10 tháng 6, 2013
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