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The Polish Bank and Enterprise Restructuring Programme: Debt / Equity Swaps. Survey Results


  • M. Belka
  • A. Krajewska


This paper provides a detailed analysis of the Polish Bank Conciliation Agreement (BCA) and relations between state owned enterprises and banks during transition. The study is conducted from the perspective of the enterprises implementing BCAs with debt /equity swaps and regular BCAs using data from surveys conducted by the authors during 1994 to 1995. Results of the analysis suggest that bank conciliation agreements did not protect creditors and sometimes supported bad firms at the cost of good ones. However, there are also positive aspects of the restructuring programme including: the improved supervision and control of the banks and creditors over enterprises, banks being mobilised to restructure their bad debt portfolios which provided an impulse for the internal modernisation of bank structures. The BCA also encouraged the emergence of investment banking dealing both with equity investments and co-participation in the management of privatised firms.

Suggested Citation

  • M. Belka & A. Krajewska, 1997. "The Polish Bank and Enterprise Restructuring Programme: Debt / Equity Swaps. Survey Results," CERT Discussion Papers 9714, Centre for Economic Reform and Transformation, Heriot Watt University.
  • Handle: RePEc:hwe:certdp:9714

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    Cited by:

    1. Gerald A. McDermott, 2004. "The Politics of Institutional Learning and Creation: Bank Crises and Supervision in East Central Europe," William Davidson Institute Working Papers Series wp726, William Davidson Institute at the University of Michigan.

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