The operational risk of transferring this task to another agency would be very considerable. Even if ultimate ownership of the loan assets might possibly be shifted at some point in order to improve the balance sheets of the banks and hence their standing in wholesale markets, I foresee that they would in practice continue to manage most of the restructurings.
One of the recommendations of the literature is that the private sector should be involved as much as practical in the restructuring process. Private sector restructuring specialists can have the high-powered incentives to find quick and profitable solutions. Of course the process is costly.