文 / 張震律師
本文上一篇曾經提到台灣金融機構的不良債權（NPL）總金額估計約在1兆7000億元到1兆8000億元之間，依目前的資料所示，單單今年（2002年）到年底為止，國內金融機構計劃釋出的NPL的總金額將遠超過1500億元。如此龐大的商機及市場大餅吸引了國內外龐大的資金及金融界優秀的人才紛紛投入這個市場，除了將帶動整個NPL市場結構性的改變，及其遊戲規則的磨合與重組之外，也必將帶動另類新興事業的興起。
NPL市場的蓬勃發展，首先蒙獲其利的，非本國銀行莫屬。何以言此？十年前政府一口氣開放 16家新銀行設立，一時之間新、舊銀行、基層金融機構充斥市場，彼此競爭益形劇烈，銀行為爭取客戶、提升業績，紛紛大規模開發客源，進而大手筆進行授信。其結果，造成嚴重的信用膨脹與泡沫經濟現象。而業績掛帥及人謀不臧的結果，造成徵信不實及超額貸款，直接導致了銀行今日嚴重的逾放問題與不良資產的問題。降低金融機構逾放比，提高資本適足率，已成為我國金融業的共同願景（金融局曾國烈局長於2002金融高峰會所提報告）。而引進國外AMC資金、標售金融機構不良債權，業已成為政府解決當今金融業問題的方案之一。銀行在標售NPL之後所立即可見的好處，就是逾放比的立即下降，並帶來所標售金額的現金流量。壞處則是會計帳上將因打消不良債權而造成帳面的虧損，進而減損銀行當年度的獲利。然長期來看，銀行的體質將因而改善，競爭力將因而提高，整體金融環境也會日趨健全。
其次，因NPL市場的開放，將獲得最大利益的，則非本國與外國的資產管理公司（AMC）莫屬。以目前市場上業已出售的各家銀行之NPL而論，標售的金額約在NPL帳面金額的二成五至三成之間（摩根史坦利日前以三成五的底價收購聯邦銀行的NPL合組AMC，則是目前市場中最高的收購價格）。很明顯的，AMC以三成不到的成本獲得十成的資產，縱使這些資產號稱「不良」，他日在市場上，AMC只需以高過三成的價格出售或處分這些資產，即可獲利。更何況AMC手握NPL的案源、客戶資料及資產明細，自然容易整合其下游的相關產業（不動產仲介、鑑價、及催收等行業），而成為一個完整的產業結構，在此結構之下，AMC實立於主導地位。本於其優勢的主導地位，加以專業的金融技術，以及比本國銀行更為靈活的NPL擔保品之銷售策略與處分方式，預期其NPL的轉售或處分價格應在五成以上似不為過，從而AMC的獲利在二到三倍之間，應屬可能。
NPL市場的開放以及產業結構的變動之下，也因而產生了新的行業與交易型態。財政部為了讓AMC收購NPL之後的處分更加靈活，也便於管理，特別在金融機構合併法第15條第1項第3款中設計了所謂「公證第三人」此一新的行業。依金融機構合併法及財政部所頒「公證第三人認可及其公開拍賣程序辦法」之規定，公證第三人可以辦理以下業務：1.AMC委託的不動產拍賣。2.由財政部請法院委託的不動產拍賣。3.金融機構申請的強制執行事件。4.金融債權的評價業務。顯而易見，財政部計劃以所謂公證第三人取代目前效率不彰且為人詬病的法院拍賣程序，並使之成為AMC的下游產業。其規定的資本額在新台幣10億元以上，且為特許行業。由銀行公會籌組，國內各主要行庫集資17億元，而於90年10月核准設立的台灣金融資產服務股份有限公司（FASC），即為目前財政部所唯一認可的「公證第三人」。至於財政部原先所規劃的FASC的角色與功能能否確實發揮，因涉及司法院的業務，必須顧及司法院的想法，目前市場尚在觀察當中。
NPL 不論各別標售與AMC，或日前有財經官員所提出的統一由金融重建基金（RTC）強制收購後再另行標售，關於NPL轉讓之後的後續處分及處理，尤其是在將不良資產于以變現的工作上，均不可能由RTC、AMC自行處理。換言之，關於如何與NPL之個別債務人、抵押人進行議價以獲得清償，且在議價不成之後，透過不動產仲介業者之行銷通路將擔保品之不動產在市場于以銷售，或是透過法院強制執行程序、或FASC等民間拍賣機構之機制，將形式上的權利轉換為實質上的現金收益，在在均需要其他業者提供助力，此等業者國外統稱「Collection Agent」，在此姑且稱之「金融催帳業」，以有別於時下的討債公司所稱的催帳業。而金融催帳業亦可說是在這一波NPL市場開放之下所興起的另一行業。展望未來，金融催帳業身為NPL的下游產業，欲拌演好AMC所賦予的角色與使命，除了本身對於金融產業及生態需有相當的了解之外，對於法院強制執行程序及不動產市場行情亦應有深入的了解，尤其重要的也是最困難的，仍在於其對不動產仲介業之整合及其行銷通路之掌握。透過金融催帳業對下游各項資源之整合，AMC 方能在NPL的處分上達到「快速、精準、效率」的產業要求。以目前市場情況而論，AMC大多把注意力擺在NPL的標售上，卻忽略了標購之後的問題將如何解決，尤其目前市場上有能力、有經驗的Collection Agent均限於信用帳款的催收領域，能勝任上述角色與功能的業者實不多見，將來能夠成功整合下游、掌握通路的Collection Agent勢必為各方所競逐，而炙手可熱。
(待續)
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