ISBN: 3540288767
TITLE: When There Was No Money
AUTHOR: Clark
TOC:

Map of Cambodia and ACLEDA Bank Operations VI
Foreword VII
Acknowledgments IX
List of Illustrations XVII
Abbreviations XIX
Introduction 1
PART I: HERITAGE
Prologue 11
CHAPTER 1: Cambodia and the Banking System 15
The Khmer Rouge: 1975-1979 15
The People's Republic of Kampuchea: 1979-1990 17
UNTAC - United Nations Transitional Authority in Cambodia 21
CHAPTER 2: The Accidental Organization 25
The Small Enterprise and Informal Sector Promotion Project (SEISP) 25
The First Project Strategy 26
The First LEDA Staff 27
The First Breakthrough: Affinity and Fiat 29
The First Door: The Option to Build 30
The First Challenge: Owning the Process 31
The First Mantra: Beginnings of Corporate Culture 32
PART II: DISCOVERY
Prologue 37
CHAPTER 3: Exploring the "Marketspace" 41
A Classic Model 41
Changes in Attitudes 42
Who Are We? Who Are They? 42
Targeted Credit: Bull's Eye or Broken Dart? 43
Verifying Credit Use, and Then What? 44
How Many Pigs in a Poke? 45
Many Questions, One Answer 46
Experimenting with Products at the Core 47
Neighborhood Banks 47
Mandatory Savings 49
Medium-Sized Loans 50
Lessons 50
CHAPTER 4: Crossroads 53
Forging the Infrastructure 53
Governance 53
The First Strategic Plan 54
1995: The Crossroads 55
1996: The Future 58
Sophisticated Consumers 59
Are They Poor? 60
ACLEDA's Customers 62
Shifting from Targets to Markets 64
Performance 66
Expectations 69
CHAPTER 5: Latitude to Grow 71
Performance: 1994-1997 71
Corporate Soul 77
1993 78
1994-1996 79
Taking Ownership 82
Lessons 83
PART III: VELOCITY
Prologue 89
CHAPTER 6: Confidence: The "Flywheel" Turns 95
Capacity to Expand: The First Growth Period - Bigger, 1995-1997 96
The Great Liquidity Crisis: 1996 98
Liquidity Crisis into Solid Plans: Lessons 99
Funding Strategy 100
They Are Here Now 100
Branch for Sale 101
And One Day They Will Leave 102
The Risk Takers: A New Round of Donors 102
A PC in Every Branch 105
And Now, It's a Calf 108
Pattern Recognition 108
Corruption! 110
And Transparency 112
The Changing Capital Structure 113
CHAPTER 7: Union 115
Comrades: Policy and Regulation 115
Growth of Microcredit Programs in Cambodia 116
Enter the Credit Committee for Rural Development 118
The First Policy on Rural Credit 119
Enter the Rural Development Bank 120
Enter the NBC MFI Supervisory Unit 122
The Future and Past Close in an the Present 124
The Right Technical Assistance 125
Capacity to Sustain Growth: The Second Growth Period- Bigger and Better 1997-2000 126
Hand in Hand: Ownership & Governance 127
Conflicts of Interest and Conflicts 129
Guns an the Table 130
The Hands Went Up 132
The Failure of Recipes 133
PART IV: ODYSSEY
Prologue 139
CHAPTER 8: To Play by the Rules of the Game 141
A Member of the Club 141
What Is NGO Transformation? 142
Reasons to Transform 143
Why Not Transform? 145
The NBC Rules 146
"The Prakas" 147
The Specialized Banking License 149
A Similar Pattern 151
CHAPTER 9: Inspiration: From the Andes to the Mekong 153
The Plan 156
Innovation 159
Benefits, Risks and Costs 159
Uno, Dos, Tres 161
Owners and Workers 161
Competition 163
Preservation of Donor Capital 165
CHAPTER 10: Invitation 167
The Domino Theory 168
What Investors Look Par 169
Return an Investment 170
Ownership Structure 172
Strong Institution; Risky Environment 180
Management 184
And Staff 186
The Exit 188
Interlude: The Third Transformation 190
Performance 191
Lessons 194
PART V. MOMENTUM
CHAPTER 11: The Bank You Can Trust 199
Inside ACLEDA Bank 199
The Great Delinquency Crisis of 2001 201
Tracing the Origins of the Crisis 204
The Big Balloon Inflates 204
When the Balloon Bursts 205
Heart 206
Resolving the Crisis 207
Preventing Another 208
Lessons 210
CHAPTER 12: Commercial Microfinance and Poverty 213
Dogma and Business 213
The Push for a Respectable Rate of Return 213
Mission Drift: Why Continue to Serve the Original Market? 215
Inadequate Measures for a Fuzzy Concept 215
H. Igor Ansoff Frames the Choices for Market Expansion 216
The Market of Last Resort? 217
Mission Drift in a World of Options 218
Existing Markets, Existing Products 219
New Markets, Existing Products 222
Existing Markets, New Products 223
New Markets, New Products 224
Mission Evolution 225
CHAPTER 13: Yesterday, Today and Tomorrow 227
Yesterday - The Nebulous Concept 227
The Customers 228
The Microfinance Institutions 229
The Policy Makers 231
Today - Building an Inclusive Financial Sector 233
And Tomorrow 235
The ACLEDA Legacy 237
Bibliography 241
Technical Note 249
Index 253
END
