Po tem, ko se je vlada odpovedala Slovenskemu državnemu holdingu, ki bi hkrati združeval tudi naloge slabe banke, je v igri predlog agencije za sanacijo bank. Nekaj poudarkov o tem, kako naj bi ta agencija delovala in o pasteh, ki nas pri tem čakajo iz razgovora za Wirschaftsblatt. Ključne so tri svari: (1) katere slabe terjatve se bodo prenesele na agencijo, (2) kako se bodo slabe terjatve vrednotile, in (3) kdo bo upravljal s slabimi naložbami agencije.
There are two issues. The first is how the government should organize the bad bank, and the second one is how it will effectively turn the proposal to practice. In Slovenia there is always a big, very big difference between the two. What the government should do is simple. In the first step, the new agency should take over the bad assets from the banks and replace it with the long-term government bonds in the same amount. By doing this, however, an appropriate method of valuation of bad assets should be adopted that will value the bad assets as much as possible close to the market value. At the same time, current bank owners should be allowed to participate in this rehabilitation process. If they decide not to participate, then they should be expropriated. In the second step, an active management of the bad bank’s assets should begin in the sense of optimization of the bad bank’s portfolio (i.e. sell-off of assets in the market). This part should be done by the private market agent, i.e. the management of the bad bank should be outsourced to an investment fund.
In no case this asset management job should be done by the government agency. If so, the whole process will end up in a similar farce as we could follow it for years with all the asset management actions taken by KAD, SOD and AUKN.
My major fear is that in the end the bad bank solution will turn exactly into this direction, i.e. a government agency consisting of politically connected people will manage a great bulk of assets and will act according to the political directives and not according to the needs of efficient asset management. Of course, at the expense of the taxpayers.
Ko bomo v vladnem predlogu zakona videli opredeljene te tri ključne parametre, bo takoj jasno, kako draga in kako učinkovita bo sanacija bank za davkoplačevalce. Sploh pa če v predlogu zakona ne bo jasno navedeno, da bo s sredstvi agencije upravljal zasebni investitor. Če ne bo, bo jasno, da nas čaka novo desetletje političnih mahinacij s premoženjem, ki ga bomo primorani z našim denarjem sanirati davkoplačevalci.