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Multi-Year Rescheduling Agreement


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(MYRA)

Agreements made in the 1980s in which outstanding loans from developing countries were rescheduled by clearing banks throughout the world in order to ease the financial burden on the developing nations and to avoid the banks having to write off the loans as bad debts. Deals often involved interest-only payments, even part-interest-only payments, or transferable bonds in other currencies. Some developing countries stopped servicing their debts altogether, but by the mid-1990s most had begun to make some form of repayment. In the UK, the clearing banks were heavily exposed and were forced to make provisions or complete write-offs of the debts in their balance sheets. This had a major impact on shareholders' dividends. See also London Club.

Subjects: Financial Institutions and Services.


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