BoT licenses joint ventures to handle banks’ bad debts
Effort based on long-term outlook
The central bank forecasts the impact of the pandemic is going to be long-lasting and could differ from past economic crises, such as the 1997 Asian financial collapse. (Reuters photo)
The Bank of Thailand announced conditions to establish a joint venture asset management company (JV AMC) to support financial institutions managing bad debt for the long term as the pandemic persists.
The conditions to create a JV AMC are effective from Thursday and financial institutions can apply for a licence for the next three years.
A licence is valid for 15 years, said Suwannee Jatsadasak, senior director of the Bank of Thailand.
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