Saturday, February 21, 2009


Or its romanized acronym, TAMC, short for Thai Asset Management Corporation, is the 'bad bank' that was created after the 1997 crisis. The TAMC's website states its mission as follows (and it is a mouthful):
the objectives in managing impaired assets of financial institutions and of asset management companies, debt restructuring, and business reorganization by taking transfer of impaired assets of financial institutions and of asset management companies as well as any other rights over the property being held as collateral for debt repayments with respect to such impaired assets, or by applying any other measures for the purpose of reviving the economy or restoring national stability.

The impaired assets are also called NPL's - non-performing loans - and the website states that in 1999, two years into the crisis, 47.7% of loans from Thai banking institutions were in the NPL category.

What if the building projects that have now been abandoned 12 years after 1997 were thrown into the category of RNPL (R=really), and the goals of an alternate TAMC were to allow everyday Bangkokers to map their desires into and onto the buildings?

Relieved of 'return-on-investment' in a strictly financial sense, these shells are brought back into the social fold of the community, filling a void of services, creating a place for homegrown innovation, etc... Now looking for those who can invest time and energy, if not necessarily a pot of money.

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