Ulaanbaatar, April 12, 2010 - Following a request from the Bank of Mongolia, the World Bank Mongolia has invited several world class banking and financial sector restructuring and reform experts to Mongolia from April 08-10, 2010.
Due to the recent global economic downturn, a number of countries including Mongolia have faced difficulties within their financial and banking sectors.
Lessons learnt from similar banking and financial crises, such as the Asian financial crises in 1997 and other banking crises in Europe and the USA, will guide Mongolia in the recovery of its banking system.
The Government of Mongolia and the Bank of Mongolia are in the process of finalizing Mongolia’s banking restructuring strategy which will be submitted to the Parliament. This strategy outlines a framework of banking restructuring resolution techniques.
The experts visiting Mongolia will share their bank restructuring experiences with policy makers (Parliament members and high-level officials) and key stakeholders in Mongolia’s banking sector. This includes executives and experts of the Bank of Mongolia and commercial banks, economists, academics and representatives from CSOs and the media.
The following experts are coming to Mongolia:
• Mr. Mats Josefsson – an economist who has been influential in the restructuring of banking systems in Iceland, Turkey and Thailand
• Mr. Carl Lindgren – a world class expert on financial sector reform, bank restructuring and bank resolution. Mr. Lindgren has provided advice i to several governments on nancial and banking sector reform during their banking crises.
• Mr. Engine Akcakoca - Former Chairman and CEO of the Banking Regulation and Supervision Agency (BRSA) and the Savings Deposit Insurance Fund (SDIF) in Turkey. Mr Akcakoca has had hands-on experience in banking sector restructuring in Turkey during its banking crisis.
Their program of sharing experience includes, separate sessions with Members of the Parliament, meetings with high-level officials from the Government and discussions with commercial bank executives, economists and external partners. In addition, open public and media sessions about “Global experience on banking restructuring” will also take place. The public session is rescheduled at 10.00 AM on April 09 due to flight delay of international experts from Seoul to UB.
Arshad Sayed, Country Manager and Resident Representative, the World Bank in Mongolia “We are very pleased to respond to the request from BoM and Parliament to learn from the experiences of other countries bank restructuring process. This is a very important step being undertaken by the BoM to develop a comprehensive strategy to deal with the banking sector problems."
