Set up a structure and mechanism for managing the nonperforming loans (NPLs) that have been exchanged against government securities in the bank restructuring process.
P1R1 macroeconomic rationale: To recover part of the budgetary cost of securitizing of nonperforming loans (NPLs) and reduce the large stock of enterprise arrears and cross-debts. Given the complexity of the operation, for which the IMF and World Bank are providing technical assistance, the timetable has been extended by four months. At P1R2, testdate is revised to 12/31/2009. [This revised date will be reflected at the time of the third review.]