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First used in reference to the Asian Financial Crisis of 1997, possibly coined by the economist Edward Kane.
- (finance, banking) A bank that is insolvent but is propped up by government intervention
- 1997, December 30, “Martin Mayer”, in Why Secrecy is Bad for Banking:
- But governments and central banks vouched for the zombie banks, which were able to keep borrowing dollars from banks in other countries.