The objective of the master thesis is to identify some of the main legal and fiscal obstacles that BAMC encounters while managing its assets and to uncover potential solutions arising from the process of transferring certain sets of assets to a (private) special purpose vehicle, as one of the possible measures, which can be applied by DUTB pursuant to the relevant provisions of ZUKSB. For that purpose, the first part of the master thesis focuses on recognition of the key factors contributing to the successful achievement of the bad bank's objectives and presentation of certain obstacles faced by BAMC in the course of its business, whilst simultaneously comparing BAMC with the Irish and Spanish bad bank models. These models will serve as the subject of comparison mainly due to their diametrical difference in the ownership structure and the nature of the transferred assets, namely; both bad banks are privately owned and the transferred assets are completely homogeneous. The second part of the master thesis is intended to review the scope and the type of assets managed by BAMC, the methods used in asset management process in accordance with the existing regulatory framework and assessment of certain exemptions from application of other laws vis a vis BAMC. On the basis of the findings in the first two parts, hereinafter, the master thesis builds on the assumption that certain positive effects generated by private ownership and a greater degree of unity in the management of assets could be achieved through the transfer of individual categories of assets to a special purpose vehicle in the form of a joint venture involving private investors. Accordingly, the process of spin-off, as a way of such transfer and as regulated by the general economic legislation is presented in more detail, as well as the potential advantages and impediments which may occur in this regard.
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