A process for the production of polycarbonates by melt transesterification is disclosed. Accordingly, polycarbonate waste is dissolved in monophenols and at an elevated temperature and in the presence of a catalyst degraded to yield oligocarbonates, diaryl carbonates and diphenols. Following the optional separation of fillers and other additives there is produced by partial recondensation and the distillation of monophenol a higher viscosity oligocarbonate having a OH and aryl carbonate terminal groups and a weight average molecular weight of 8000 to 18000, the oligocarbonate thus produced is then polycondensed to form a polycarbonate resin.