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Participants at seminar on Banking Sector Reforms in Asia felt that, to effectively carry out banking reforms, problems related to nonbank financial institutions, corporate governance, and accounting and audit practices have to be addressed simultaneously. Also, without a legal environment that enables the enforcement of contracts, "banking sector reforms do not work."
Liu Mingkang, head of the China Banking Regulatory Commission, pointed out that reform is a process and requires a shared vision, carefully designed sequencing, and effective management. Change of ownership and mindset are going to be critical for successful bank restructuring, and improvements in corporate governance and credit culture.
Tarisa Watanagase, deputy governor of the Bank of Thailand, emphasized that transparency and communication were important to turn around market perceptions at the height of a crisis. Reforms are a long-term process. However, the market expected short-term solutions. Therefore clear communication of a convincing long-term restructuring plan was important.
Jeunglak Lee, Senior Executive Vice President of Kookmin Bank (KB), pointed out that Korean banking sector reforms have managed to eliminate structural risk factors and improve financial performance. Restructuring efforts in the future would need to address the lack of global competitiveness, nonperforming consumer loans, a weak long-term profit base, and the privatization of government-owned banks.
.... GO BACK TO PAGE 1
.... Asian Development Outlook 2004
.... Domestic Credit Rating Agencies in Asia - Roles, Issues, and Challenges
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