Meanwhile, the national asset-management company, Danaharta, has done a good job helping to clean up the banks' non-performing loans.

ECONOMIST: Rocky shores | The

Yet in December a local court ruled that Danaharta's special exemption from legal challenges to its restructuring plans was unconstitutional.

ECONOMIST: Rocky shores | The

NPLs, the offloading banks get zero-coupon bonds issued by Danaharta.

ECONOMIST: Lessons in dealing with duff loans

Danaharta is appealing against the ruling.

ECONOMIST: Lessons in dealing with duff loans