MICHAEL STEPHEN BORISH
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CURRICULUM VITAE
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Name: |
Michael Stephen Borish |
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Profession: |
President, Michael
Borish and Company, Inc. Consultants in
Banking and Finance Telephone: (613)
744-3159 Fax: (613) 744-3569 Email: mborish@rogers.com |
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Years with Firm: |
Fourteen years |
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Nationality: |
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KEY QUALIFICATIONS
- President
of a consulting firm that bears his name—Michael Borish and Company, Inc.
- Director
of International Housing Finance at Canada Mortgage and Housing
Corporation since 2007.
- MBA
from the University of Chicago (1985).
- Expertise
in a range of business and financial sector areas, with focus on
developing, emerging and transition markets since the late 1980s.
- More
than 15 publications in internationally recognized journals.
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Specific areas of focus have included financial
analysis and credit risk evaluation; banking sector reform; mortgage and
housing finance; rural finance; postal banking; SME lines of credit;
micro-finance; privatization; and securities market development.
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Additional work has included project
preparation and feasibility studies, post-project implementation reviews, and
specialized studies.
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Financial analysis and credit risk evaluation
have included commercial banking, rural finance, financial system evaluation,
and risk assessment at the loan, portfolio and country market level.
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Banking and financial sector assessments have
evaluated structural performance by country and region, as well as identified
key “macro-micro” and “macro-prudential” trends and risks that impact financial
stability, competitiveness and depth. This has included balance of payments and
funds flow issues, including transfers and remittances as well as portfolio and
foreign direct investment, and the impact of “informal” sector activity on
fiscal development, investment levels, and enterprise competitiveness.
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Clients
have included the World Bank, IFC, USAID, the Canada Mortgage and Housing
Corporation, Kreditanstalt fur
Wiederaufbau, Caribbean Development Bank, and many private companies.
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Assignments
have included extensive work in ex-Communist countries in Central and Eastern
Europe, Africa, Middle East, the Caribbean, and East, Central and
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Countries of on-site service have included Abu
Dhabi, Afghanistan, Albania, Antigua, Armenia, Australia, Azerbaijan, Bahrain, Barbados,
Belgium, Bosnia, Bulgaria, Cameroon, Canada, Côte d’Ivoire, Croatia, Denmark,
Dominica, Dubai, Ethiopia, Finland, France, FYR Macedonia, Georgia, Germany, Ghana,
Grenada, Hong Kong, Hungary, Japan, Kazakhstan, Kosovo, Kuwait, Kyrgyz
Republic, Montserrat, Morocco, Niger, Oman, Pakistan, Poland, Romania, Russia, Saudi
Arabia, Senegal, Serbia, Singapore, Slovak Republic, South Africa, Spain, St.
Kitts, St. Lucia, St. Vincent, Sweden, Syria, Tanzania, Togo, Trinidad &
Tobago, Ukraine, United Arab Emirates, United Kingdom, USA, Uzbekistan, Vietnam,
and Zimbabwe.
PROFESSIONAL EXPERIENCE
MICHAEL BORISH AND COMPANY, INC., President,
1996-
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Assisted
team in developing a business and implementation plan for establishment and
operation of a mortgage default insurance company in South Africa for the
National Housing Finance Corporation of South Africa and the Canada Mortgage
and Housing Corporation.
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Reviewed
Syrian government reform plans in housing and housing finance markets, and made
recommendations for sector development for the government and Canada Mortgage
and Housing Corporation.
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Directed
training and facilitated strategic planning discussions for the Real Estate
Bank of Syria as part of engagement via Canada Mortgage and Housing Corporation.
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Coordinated
business plan for General Housing Authority of Saudi Arabia and Canada Mortgage
and Housing Corporation involving beneficiaries, programs, budget, operations,
risk management, performance indicators, and market analysis functions.
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Summarized
11 housing agency models for the General Housing Authority of Saudi Arabia and
Canada Mortgage and Housing Corporation.
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Assessed
Serbian economy and made recommendations to USAID for future assistance to the
financial sector.
·
Designed
Basel II implementation framework for the banking supervision agencies of
Bosnia-Herzegovina, as well as guidance on coordination with the central bank
regarding financial stability indicators as part of USAID contract. Drafted
strategy for Working Groups for implementation.
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Evaluated
market prospects for establishment of a new SME non-bank lending institution in
Barbados for the Barbados market for DFL Finance Limited.
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Worked
with a majority-private development bank in Trinidad and Tobago to develop a
strategic plan and budget for small enterprise lending in multiple Caribbean
markets for DFL Finance Limited.
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Conducted
a Basel Core Principles assessment in Bosnia-Herzegovina for banking
supervision agencies and USAID, identifying gaps in compliance as well as
developing a road map for eventual compliance with Basel II requirements. The
assignment also highlighted gaps in compliance with recognized practices of the
European Union.
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Worked
with the Canada Mortgage and Housing Corporation to develop a business plan for
a non-bank mortgage finance company in Saudi Arabia.
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Directed
mortgage lending training effort sponsored by the State Bank of
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Prepared
banking sector and micro-finance policy notes in
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Assessed
mortgage covered bond and residential mortgage-backed securities markets of
advanced EU and Asia/Pacific economies and compared with US and Canadian models
regarding housing finance costs and home ownership patterns for the Canada
Mortgage and Housing Corporation.
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Provided
guidance for a certified institutional banker training program in
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Coordinated
effort to draft a new Financial Institutions Law in
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Reviewed
investment climate in the Vietnamese banking sector for Bank Turan Alem
Investments (
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Worked
with a team to assess prospects for mortgage backed-securities market
development in
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Reviewed
financial sector developments in
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Worked
with a team to upgrade credit risk management and institutional capacity at the
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Updated
banking and financial sector assessment in
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Reviewed
role of mortgage default insurance as part of larger Basel II Capital Accord
for the Canada Mortgage and Housing Corporation.
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Assessed
institutional capacity for multi-country coordination on financial stability
issues in
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Delivered
several financial sector training modules in banking, insurance and related
case studies to economic development officers of USAID (under contract to IBM
and Abt Associates) over a period of several years.
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Assisted
Human Development Network of World Bank with strategic planning, performance
indicators and management reporting.
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Developed
credit and portfolio risk management manuals and training materials for
Vietnamese bankers with the
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Directed
international housing finance study of 23 countries for the Canada Mortgage and
Housing Corporation.
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Evaluated
programs and made recommendations related to the promotion of foreign direct
investment into emerging markets for the Multilateral Investment Guaranty
Agency and PricewaterhouseCoopers.
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Provided
guidance on corporate governance principles for state enterprises based on OECD
guidelines and lessons from numerous country experiences to the Government of
Kazakhstan and the World Bank.
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Developed
recommendations for SME finance and development activity for USAID in
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Directed
a financial sector assessment of Armenia reviewing banking and non-bank credit
organizations (micro-finance, mortgage, leasing, etc.), insurance, pension and
securities markets, and made comprehensive recommendations for reform to
increase intermediation for SMEs for USAID (and the World Bank and IMF prior to
an update of the Financial Sector Assessment Program).
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Drafted
policy notes for the World Bank on financial sector reform priorities in
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Evaluated
housing and commercial property finance market in FYR Macedonia, and made
recommendations on how Working Groups could make the financial system work more
efficiently and move to secondary markets.
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Assessed
capital markets in
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Developed a comprehensive methodology
for the assessment of banking sectors and non-bank financial services, including
a risk rating system and comparative performance measures across
countries/regions. Reviews conducted (at least once) in
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Drafted
financial and private sector strategy notes on
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Reviewed
current financial sector strategy of
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Assessed
the direct fiscal costs of recapitalizing state banks in 14 transition
countries and evaluated economic impact as well as impact on banking system
development and solvency for the World Bank.
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Pr
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Worked
with USAID to evaluate remittance flows and impact on financial sector of
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Worked with the World Bank to design a
commercial bank restructuring effort in
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Conducted a financial sector assessment in
Bosnia-Herzegovina for Kreditanstalt fur
Wiederaufbau of
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Presented a comprehensive paper on
corporate bond market trends and developments around the globe, with focus on
transition country markets, for a USAID-sponsored debt market conference.
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Directed an assessment of postal banking
and payments prospects in
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Assessed effectiveness of World Bank
indicators in the assignment of country ratings for financial sector
development and private sector development, and made recommendations on
improvements.
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Conducted comprehensive assessment of
mortgage insurance systems around the world for the Canada Mortgage and Housing
Corporation.
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Provided background for private and
financial sector strategy development for the World Bank in the Europe Central
Asia and Latin America/Caribbean regions.
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Prepared detailed administrative
framework for a $1 million line of credit agreement for a farmers’ association
in Bosnia-Herzegovina and its bank.
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Reviewed leasing and mortgage finance
markets in
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Designed survey, conducted background
research, and made policy recommendations to the Government of Bulgaria on
post-privatization reforms and effectiveness.
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Assessed prospects for market-based
mortgage finance market in
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Conducted global assessment of mortgage
finance trends and products to design a framework for mortgage finance
development in transition and emerging economies for USAID.
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Reviewed status of Kosovo micro-finance
and banking sector, and made recommendations to the World Bank on legal,
regulatory and institutional issues to strengthen links to support increased
levels of prudent lending to small-scale businesses.
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Assessed the local Treasury bill market
in
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Evaluated the credit information bureau
of the National Bank of
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Reviewed restructuring and privatization
programs of the remaining state banks in
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Assessed financial, managerial and
operational status of two state-owned banks in
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Conducted a brief vulnerability
assessment of the Ukrainian banking sector for the World Bank.
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Designed pre-privatization strategies
for CIS banks and enterprises and post-privatization assistance for EU
candidates for the World Bank.
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Assessed options for banking sector
privatization and resolution in
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Designed lines of credit for small-/medium-sized
enterprises in Bosnia-Herzegovina and Kosovo for the World Bank.
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Developed a financial strategy involving
a revolving fund, term facilities, and broader domestic and regional capital
markets development for cocoa sector restructuring in
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Assessed banking sector restructuring
and privatization strategy for the World Bank in
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Managed data base development and
financial sector review for World Bank department responsible for 27 countries
in Europe and
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Assessed corporate and financial
restructuring in seven East Asian economies for World Bank.
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Developed financial sector database for
27 countries in Europe and
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Finalized financial sensitivity model
regarding interest rate scenarios and provided recommendations to the Hong Kong
Monetary Authority on appropriate timing for the decontrol of interest rate
rules.
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Edited newsletter for a large international
accounting firm on financial sector regulatory issues.
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Oversaw feasibility study for building
materials manufacturer in Bosnia-Herzegovina.
WORLD
BANK, Financial Analyst, 1993-1996
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Managed financial sector reform
component of $110 million credit to Government of Bosnia-Herzegovina based on
review of banking sector regulatory and supervisory needs, and banks’ financial
condition, organizational structures and operating procedures.
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Designed and supervised $23 million line
of credit to small-scale businesses in Bosnia-Herzegovina based on financial
assessments and reviews of preliminary business plans.
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Designed private Regional Investment
Fund project for investment in
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Established comprehensive banking sector
data bases, and advised on banking and business sector reform in
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Co-authored publications on banking and
enterprise reform, private sector development, foreign direct investment, and
prospects for market integration of ex-socialist countries into the European
Union.
J.E.
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Managed financial accounts, reported to
Board, and devised strategic planning options for company management based on
internal costing and external market assessments.
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Directed private sector assessments in
nine African countries for USAID linked to company-devised methodology to feed
into logical framework analysis, and presented strategic options based on
findings from assessments and USAID budgetary resources and cost constraints.
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Supervised specialists in the design of
management advisory services to agribusinesses in
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Designed Enterprise Development Fund for
investment in SMEs in
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Developed financial projections and
analyses for prospective private foreign investment in the wholesale and retail
ice cream business in
TECHNOSERVE, INC.,
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Managed market surveys and feasibility
studies of 13 agro-processing cooperatives in the maize and oil palm
sectors.
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Developed credit programs for
cooperative members and organizations to finance agricultural production, processing
and marketing.
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Trained local staff in financial and
business management techniques.
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Provided business and financial advisory
services to micro- and small-scale enterprises.
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Directed 350-page Rural Finance study on
banking, credit unions, micro-finance and informal savings associations for the
World Bank, USAID and Ministries of Agriculture and Finance.
CONTINENTAL ILLINOIS BANK, Credit
Analyst, 1985-1987
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Assessed business and financial risks of
Florida-based firms and played support role in marketing relationships with
banking, shoe manufacturing, beverage distribution, consumer electronics,
transportation, and entertainment firms.
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Attended eight-month corporate bank
training program.
BANK OF
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Analyzed construction equipment industry
to help structure the bank's regional credit portfolio.
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Reported on leading products and
services, company market shares, production and distribution capabilities, and
foreign exchange implications for domestic producers.
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EDUCATION |
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La
Sorbonne, Certificate in French, 1981 |
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PUBLICATIONS
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M. Borish, Strategic Requirements for
Next Stage Financial Sector Reform in
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M. Noël, R. Shojai and M. Borish, Capital
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K. Sherif, M. Borish and A. Gross, State-Owned
Banks in the Transition: Origins, Evolution, and Policy Responses, World
Bank, 2003
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K. Sherif, M. Borish and G. Clarke, Structural
Adjustment in Transition: Lessons from the Case Studies of Albania, Azerbaijan,
Kyrgyz Republic and Moldova, World Bank, 2001
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M. Borish, Transition Troubles in the
CIS Region: A Snapshot of Banking Sector Problems in the Former Soviet Union,
The Financial Regulator,
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M. Borish, Multilaterals, Disclosure
and Compliance with the Basle Core Principles, The Financial Regulator,
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M. Borish, W. Ding, and M. Noël, The
Evolution of the State-owned Banking Sector During Transition in Central Europe,
Europe-Asia Studies, Glasgow, UK,
1997
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M. Borish and W. Ding, Movement
Towards
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M. Borish and F. Montes-Negret, Methods
of Restructuring Distressed Banks in Transitional Economies: Lessons from
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M. Borish, W. Ding, and M. Noël, A
Review of Bank Performance During Transition in Central Europe, Communist Economies & Economic
Transformation, London, UK, 1997
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M. Borish, W. Ding, and M. Noël, Legal
and Regulatory Developments in Bank Supervision in Central Europe, The Financial Regulator,
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M. Borish, W. Ding, and M. Noël, Restructuring
the State-owned Banking Sector: A Comparative Assessment of Approaches in
Central Europe, MOCT-MOST,
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M. Borish and M. Noël, Private Sector
Development in the Visegrad Countries, Finance
& Development, Washington, DC, 1996
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M. Borish, W. Ding, and M. Noël, On
the Road to EU Accession: Financial Sector Development in Central Europe, World Bank,
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M. Borish and M. Noël, Ahead and
Still Gaining? Where the Private Sector Stands in the Visegrad Countries, MOCT-MOST,
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M. Borish and M. Noël, Private Sector
Development During Transition, World Bank, Washington, DC, 1996
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M. Borish, M. Long, and M. Noël, Lessons
from Bank and
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M. Borish, M. Long, and M. Noël, Banking
Reform in Transition Economies,
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M. Borish, M. Long, and M. Noël, Restructuring
Banks and Enterprises: Lessons from Transition Economies, World Bank,
References,
performance reviews, descriptions of experience and skills available upon
request.