They finally announced the reorganization plan for the Agricultural Bank of China (ABC). This has been the last of the SOE dinosaurs to be dealt with, and it was the last because it had some, uh, irregularities on its balance sheet (i.e. lots of NPLs). So, it looks like the price tag will be about $100b.

Background can be found here.

Well, the good news is that this is one of the last huge hurdles in the SOE bank NPL saga. Things are a heck of a lot better than they were several years ago. I have fond memories of when the "ITICs" went bust six or seven years ago. Time flies. Now we just have to worry about all those municipal and provincial banks that are flying under the radar and racking up NPLs, but that's another story.