?one reason that the four big commercial banks established four asset management companies was that Provisions on the Management of Asset Management Companies could provide them with some flexibility in disposing of NPLs, flexibilities that were beyond the reach of commercial banks. For example, asset management companies could do debt equity swap, but commercial banks were not allowed.
2  For more information, see Board of Governors of the Federal Reserve System (2009), “Federal Reserve Adopts Policy Statement Supporting Prudent Commercial Real Estate (CRE) Loan Workouts”, press release, October 30. 3  For more information, see Board of Governors of the Federal Reserve System (2010), “Regulators Issue Statement on Lending to Creditworthy Small Businesses”, press release, February 5.