Bank Governance Contracts: Establishing Goals and by Richard P. Roulier

By Richard P. Roulier

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Extra info for Bank Governance Contracts: Establishing Goals and Accountability in Bank Restructuring (World Bank Discussion Papers ; 308)

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PERLIN DIRECTOR FINANCIAL SECTOR DEVELOPMENT DEPARTMENT FINANCE AND PRIVATE SECTOR DEVELOPMENT THE WORLD BANK Page vi Abstract The major obstacle to creating safe and sound banks in transitional economies is the absence of political will and of traditions and techniques for exercising governance and regulation of financial intermediaries. International lenders and donors have, in the past, financed recapitalization and institutional development programs for state-owned banks. More often than not, however, these banks have failed to improve their performance in line with the lenders and donors expectations.

Many provisions may precipitate extended debate and may require significant policy decisions. The value of debating specific provisions and of defining concepts in legal terms should not be underestimated. The final document is no more important than the debating and drafting process. If government officials were simply to adopt a "model" contract drafted by The World Bank, they would not build the understanding and arrive at the policy consensus which the contract aims to document. Page 9 Annotated Model Governance Contract Article I Background 1.

Management then rationalizes and justifies its poor lending decisions as having been made to meet developmental or social goals. Page 3 A confused mandate ("serve the needs of the state and develop the economy by financing state-owned enterprises" in contrast to "provide financial services based on market principles") encourages business practices which are inconsistent with safe and sound banking. Lending officers function as unelected politicians making decisions more appropriately debated in parliament.

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