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Cover IMF Policy Discussion Papers
Fiscal Accounting of Bank Restructuring
Mr. Andy M. Wolfe, Mr. Jeffrey M. Davis, and Mr. James Daniel

operations. 4 Consequently, current Fund practices have often differed from GFS guidelines. The varieties of assistance operations and their divergent classification for a sample of countries are presented in Table 1 . Table 1. Major Methods of Government Assistance in Resolving Banking Problems Method Country and date Budgetary classification Direct methods 1. Recapitalization A. Equity injection Cash 1. Egypt (1991) 2. Finland (1991-94) 3. Mauritania (1993) 4. Philippines (1986) 5. Tanzania (1995

Keywords:
PDP; bank; assistance operation; outlay; cash; debt; central bank loan; bank's liability; development expenditure; assistance cost; troubled bank
Cover IMF Policy Discussion Papers
Fiscal Accounting of Bank Restructuring
Mr. Andy M. Wolfe, Mr. Jeffrey M. Davis, and Mr. James Daniel
Current guidelines and practice for classifying government bank assistance operations inadequately capture in the fiscal balance some of the most common, and important, operations. The shortcomings result from the focus on the general government, the exclusion of non-cash operations, and divergences between the timing of cash outlays and the economic impact of assistance operations. Complementing the standard measures of the fiscal balance with an “augmented” balance would provide a definition that is transparent, comprehensive, and reasonably comparable across countries. The augmented balance would explicitly incorporate the major quantifiable fiscal costs of bank assistance operations that are not already included in current definitions of the overall balance.
Keywords:
PDP; bank; assistance operation; outlay; cash; debt; Fiscal; Accounting; Banks; augmented balance; bank assistance measure; interbank debt; bank assistance cost; banks equivalent; Fiscal stance; Quasi-fiscal operations; Currencies; Bank resolution