- July 2021
Electronic International Standard Serial Number (EISSN)
- This article examines the suitability of asset management companies (AMC) as a management strategy for non-performing loans (NPLs). First, we analyze the arguments in favor of AMCs in the European context, including the national experience of Ireland (NAMA), Spain (SAREB), Slovenia (DUTB) Hungary (MARK) and Italy, pre- and post-AMCO. Then we look at the problems of AMCs, such as the risk of them hiding subsidies to the industry, or socially damaging recovery strategies. Next, we explore the design of AMCs, including their centralized / decentralized and public / private nature, as well as the structure of their assets and liabilities. Among other conclusions, we advocate for a closer attention to the relationship between NPLs¿ (and AMCs¿) financial and social dimension, and to the complementarities between AMCs and securitization.
- activos dudosos; amcs; crisis bancaria; restructuración; unión bancaria; titulización; sareb; amco