Under the Basel II framework, Standardized Approach for Credit Risk allows consideration of External Credit Ratings for the calculation of risk weighted assets/capital charge. This presentation provides an overview of the approach as prescribed for Indian Banking Industry by RBI.
Under the Basel II framework, Standardized Approach for Credit Risk allows consideration of External Credit Ratings for the calculation of risk weighted assets/capital charge. This presentation provides an overview of the approach as prescribed for Indian Banking Industry by RBI.
Presentation for the International Working Group on Export Finance, chaired by the European Commission in Brussels, by Ralph Lerch, Chair of the Export Credit Working Group of the European Banking Federation.
This was the first occasion on which the EBF had been invited to speak in this forum. The EBF’s intervention reported from the commercial banking sphere on export credit conditions.
The IWG originated in a meeting between President Barack Obama and China’s then Vice-President Xi Jinping, in February 2012. They agreed to create an international working group among major providers of government-backed loan guarantees, which would discuss guidelines for export credit financing. The initiative was confirmed at the Sino-US Strategic and Economic Dialogue on 3-4 May 2012.
This multilateral process brings together the Participants to the OECD Arrangement (the existing framework for government-supported export credit) and other major export credit providers including China, Brazil, the Russian Federation, Turkey, Malaysia and Israel. For the European Commission, the forum represents a new challenge in its “outreach activities”, aimed at engaging new international players in the export credit activity in international disciplines on export credits.
Basel III timelines extend for almost another decade. So, if you don’t
know Basel III, you will be out of conversation for next many years
Live web based training provided by Basel experts.
Presentation for the International Working Group on Export Finance, chaired by the European Commission in Brussels, by Ralph Lerch, Chair of the Export Credit Working Group of the European Banking Federation.
This was the first occasion on which the EBF had been invited to speak in this forum. The EBF’s intervention reported from the commercial banking sphere on export credit conditions.
The IWG originated in a meeting between President Barack Obama and China’s then Vice-President Xi Jinping, in February 2012. They agreed to create an international working group among major providers of government-backed loan guarantees, which would discuss guidelines for export credit financing. The initiative was confirmed at the Sino-US Strategic and Economic Dialogue on 3-4 May 2012.
This multilateral process brings together the Participants to the OECD Arrangement (the existing framework for government-supported export credit) and other major export credit providers including China, Brazil, the Russian Federation, Turkey, Malaysia and Israel. For the European Commission, the forum represents a new challenge in its “outreach activities”, aimed at engaging new international players in the export credit activity in international disciplines on export credits.
Basel III timelines extend for almost another decade. So, if you don’t
know Basel III, you will be out of conversation for next many years
Live web based training provided by Basel experts.
FULL TITLE:
What is the Cutting Edge for Microfinance in Rural Areas and Arid and Semi-Arid Land?
ROOM: Tsavo A
Translated session: English & French
PANEL:
Chair: Mr. Wolday Amha, Executive Director, Association of Ethiopian Microfinance Institution (AEMFI), Ethiopia
Panelist: Mr. Issa Barro, Inclusive Finance Specialist, United Nations Capital Development Fund (UNCDF), Senegal
Panelist: Mr. Mwangi Githaiga, Managing Director, Kenya Women Finance Trust (KWFT), Kenya
FULL TITLE:
Obtaining Funds from New Financial Instruments and New Tools for Managing Asset and Liabilities
ROOM: Aberdare Hall
FACILITATED BY: MFX Solutions
Mr. Howard Brady
Mr. Brian Cox
Ms. Sonia Mukhi
Direction and Focus of China's Land Management System Reform - Shouzhi Wang, ...AfricaChinaUrbanInitiative
Presentation by Shouzhi Wang, Ministry of Land and Resources, on Government's Land Reform as part of the "Panel on China's Land Management System Reform: Issues, Progress and Prospect" which took place during the annual World Bank Conference on Land and Poverty held in Washington DC from March 23 to 27, 2015.
http://urban-africa-china.angonet.org/content/shouzhi-wang-governments-land-reform
Presentation by Zhi Liu on Land Municipal Finance & Housing as part of the "Panel on China's Land Management System Reform: Issues, Progress and Prospect" which took place during the annual World Bank Conference on Land and Poverty held in Washington DC from March 23 to 27, 2015.
Adoption of the international model of a well-governed land expropriation sys...AfricaChinaUrbanInitiative
"Adoption of the international model of a well-governed land expropriation system in China: problems and the way forward" by Linlin Li, Ph.D. Candidate, University of Groningen, the Netherlands.
Presented as part of the "Panel on China's Land Management System Reform: Issues, Progress and Prospect" which took place during the annual World Bank Conference on Land and Poverty held in Washington DC from March 23 to 27, 2015.
http://urban-africa-china.angonet.org/content/linlin-li-and-eric-yeboah-discussion
Dr. Zhou Mi - Chinese investment in residential construction in Africa: The r...AfricaChinaUrbanInitiative
"Chinese investment in residential construction in Africa: The role of ABTs" presentated by Dr Mi Zhou at the African Union for Housing Finance (AUHF) Conference, November 17-18, 2014 in Cape Town.
In the past year, economic situation has changed a lot, developing countries are facing much more challenges. The Sino-African relationship is getting stronger. Real estate is becoming more and more important in Chinese outward FDI, which is 3.67% of all in 2013, reaching the peak high in the past decade. As to the real estate industry, more capital has flown into the developed countries for long-term investment.
Africa needs more houses to meet different kinds of demand, based on climates, habits and income, while in most cases, land is not the first factor to consider. Chinese contractors have accumulated quite some experiences in ABT field, which would be quite helpful for the building in Africa. With rapid development, there is huge space for building in Africa, ABT should be considered if applicable.
Key message of the presentation:
• Sino-African cooperation in building has quite some space
• China has quite some experiences in ABT
• ABT should be important when considering the different factors
Dr Mi Zhou is the Deputy Director of the Institute of World Economy, CAITEC. He is a Senior Research Fellow. He has published more than 200 articles and books within his research fields on Outward Investment, Contracting and Trade in Services. He finished his post-doc research in Fudan University and visited Stanford University.
His presentation sponsored by the Africa-China Urban Initiative (http://urban-africa-china.angonet.org).
http://www.sbs.co.za/auhf2014/
African Union for Housing Finance Conference: Structuring Public Private Part...AfricaChinaUrbanInitiative
African Union for Housing Finance Conference: Structuring Public Private Partnerships in housing: Shelter Afrique09/12/2013 by Alassane Ba- CEO, Shelter Afrique.
African Union for Housing Finance Conference: Donor perspectives on housing f...AfricaChinaUrbanInitiative
African Union for Housing Finance Conference: Donor perspectives on housing finance investment in Africa 09/12/2013, by Stefan Nalletamby- Co-ordinator, MFW4A Donor Working Group.
African Union for Housing Finance Conference: Getting a rating to raise fundi...AfricaChinaUrbanInitiative
Presentation by Kecia Rust, Centre for Affordable Housing Finance in Africa as part of the 29th annual conference of the African Union for Housing Finance.
Pro-Poor Urban Development: China and Africa Workshop - "Affordable Housing F...AfricaChinaUrbanInitiative
Pro-Poor Urban Development: China and Africa Workshop - "Affordable Housing Finance in Africa", Jiang Wu - Transport Infrustructure & Poverty Reduction, 07/30/2012
http://urban-africa-china.angonet.org/
Pro-Poor Urban Development: China and Africa Workshop - "Affordable Housing F...AfricaChinaUrbanInitiative
Pro-Poor Urban Development: China and Africa Workshop - "Affordable Housing Finance in Africa ", Kecia Rust 07/30/2012
http://urban-africa-china.angonet.org/content/theme-2-financing-social-housing
Pro-Poor Urban Development: China and Africa Workshop - "Participatory mappin...AfricaChinaUrbanInitiative
Pro-Poor Urban Development: China and Africa Workshop Introductory Session on "Participatory mapping of urban poverty", by Allan Cain, Director, Development Workshop, 07/30/2012
Pro-Poor Urban Development: China and Africa Workshop Session on China’s Invo...AfricaChinaUrbanInitiative
Pro-Poor Urban Development: China and Africa Workshop Session on China’s Involvement In African Urban Development, 07/30/2012.
Dr. Tang Xiaoyang, Tsinghua University, International Studies, Beijing: The impact of Chinese enterprises on Africa's urban employment.
Data on the impacts of Chinese trade and investment in Africa were presented and critically analyzed, responding to the challenge of how to establish an effective measurement system. In fact official statistics on employment levels are not always reliable, while the effects of local employment creation in Africa may be only temporary, as for example in construction where low or no skills are required, while the main basis of trade is minerals and oil. Such a trade is imbalanced and not sustainable, and a different path based on local manufacturing would have better outcomes for Africa. At present African manufacturing is negatively impacted by Chinese imports, as in the textile industry and local shoe production in Addis Ababa. Chinese telecom and auto industries in Africa affect only a small part of the value chain and are not relevant to the urban poor. China can export manufacturing industries to Africa where labor is ten times cheaper, but African SMEs cannot cope with such competition. On the other hand, despite low labor costs and tariffs allowing export to EU and USA, Africa’s weak infrastructure and logistical capacity mean productivity is lower than in Asian countries. To sum up, a transfer to manufacturing from construction is a challenge that must be orchestrated to benefit the urban poor.
African Union for Housing Finance Conference: Donor Perspectives on Housing F...AfricaChinaUrbanInitiative
Panel Discussion: Donor Perspectives on Housing Finance Investment in Africa.
With more than 46 cities in Africa swelling to populations of a million people or more — and 17 of the world's 100 fastest-growing cities located in Africa — there is an acute need to develop housing solutions for so many urban residents. But raising the capital to meet that growing demand for housing remains a significant challenge. In 2013, the African Union for Housing Finance (AUHF) will host a conference under the theme "Raising Capital for Housing Finance.” The Africa-China Urban Initiative will organize a conference panel discussion on "Understanding (and harnessing) Chinese investment interest." Chinese investment in residential development in Africa is increasingly having an impact and demonstrating a track record of opportunity and experience. Panelists invited include Chinese investors setting out their experiences and expectations for the market and an African corporation that has received Chinese financing.
http://urban-africa-china.angonet.org/content/29th-annual-conference-mobilising-capital-housing-finance
African Union for Housing Finance Conference: Housing Finance Workshop DID Mi...AfricaChinaUrbanInitiative
With more than 46 cities in Africa swelling to populations of a million people or more — and 17 of the world's 100 fastest-growing cities located in Africa — there is an acute need to develop housing solutions for so many urban residents. But raising the capital to meet that growing demand for housing remains a significant challenge. In 2013, the African Union for Housing Finance (AUHF) will host a conference under the theme "Raising Capital for Housing Finance.” The Africa-China Urban Initiative will organize a conference panel discussion on "Understanding (and harnessing) Chinese investment interest." Chinese investment in residential development in Africa is increasingly having an impact and demonstrating a track record of opportunity and experience. Panelists invited include Chinese investors setting out their experiences and expectations for the market and an African corporation that has received Chinese financing.
http://urban-africa-china.angonet.org/content/29th-annual-conference-mobilising-capital-housing-finance
With more than 46 cities in Africa swelling to populations of a million people or more — and 17 of the world's 100 fastest-growing cities located in Africa — there is an acute need to develop housing solutions for so many urban residents. But raising the capital to meet that growing demand for housing remains a significant challenge. In 2013, the African Union for Housing Finance (AUHF) will host a conference under the theme "Raising Capital for Housing Finance.” The Africa-China Urban Initiative will organize a conference panel discussion on "Understanding (and harnessing) Chinese investment interest." Chinese investment in residential development in Africa is increasingly having an impact and demonstrating a track record of opportunity and experience. Panelists invited include Chinese investors setting out their experiences and expectations for the market and an African corporation that has received Chinese financing.
http://urban-africa-china.angonet.org/content/29th-annual-conference-mobilising-capital-housing-finance
African Union for Housing Finance Conference: Keynote address - Locating hous...AfricaChinaUrbanInitiative
Keynote address: Locating housing finance in investor agendas – Richard Tait, Managing Director, Afrasia Corporate Finance.
With more than 46 cities in Africa swelling to populations of a million people or more — and 17 of the world's 100 fastest-growing cities located in Africa — there is an acute need to develop housing solutions for so many urban residents. But raising the capital to meet that growing demand for housing remains a significant challenge. In 2013, the African Union for Housing Finance (AUHF) will host a conference under the theme "Raising Capital for Housing Finance.” The Africa-China Urban Initiative will organize a conference panel discussion on "Understanding (and harnessing) Chinese investment interest." Chinese investment in residential development in Africa is increasingly having an impact and demonstrating a track record of opportunity and experience. Panelists invited include Chinese investors setting out their experiences and expectations for the market and an African corporation that has received Chinese financing.
http://urban-africa-china.angonet.org/content/29th-annual-conference-mobilising-capital-housing-finance
African Union for Housing Finance Conference: Unlocking the housing chain thr...AfricaChinaUrbanInitiative
Ms Isadora Bigourdan, Agence Francaise de Developpement (AfD). Panel discussion: Donor perspectives on housing finance investment in Africa. Panelists from the Making Finance Work for Africa (MFW4A) Donor Working Group on Housing Finance.
With more than 46 cities in Africa swelling to populations of a million people or more — and 17 of the world's 100 fastest-growing cities located in Africa — there is an acute need to develop housing solutions for so many urban residents. But raising the capital to meet that growing demand for housing remains a significant challenge. In 2013, the African Union for Housing Finance (AUHF) will host a conference under the theme "Raising Capital for Housing Finance.” The Africa-China Urban Initiative will organize a conference panel discussion on "Understanding (and harnessing) Chinese investment interest." Chinese investment in residential development in Africa is increasingly having an impact and demonstrating a track record of opportunity and experience. Panelists invited include Chinese investors setting out their experiences and expectations for the market and an African corporation that has received Chinese financing.
http://urban-africa-china.angonet.org/content/29th-annual-conference-mobilising-capital-housing-finance
Mr Britt Gwinner, International Finance Corporation (IFC). Panel discussion: Donor perspectives on housing finance investment in Africa. Panelists from the Making Finance Work for Africa (MFW4A) Donor Working Group on Housing Finance.
With more than 46 cities in Africa swelling to populations of a million people or more — and 17 of the world's 100 fastest-growing cities located in Africa — there is an acute need to develop housing solutions for so many urban residents. But raising the capital to meet that growing demand for housing remains a significant challenge. In 2013, the African Union for Housing Finance (AUHF) will host a conference under the theme "Raising Capital for Housing Finance.” The Africa-China Urban Initiative will organize a conference panel discussion on "Understanding (and harnessing) Chinese investment interest." Chinese investment in residential development in Africa is increasingly having an impact and demonstrating a track record of opportunity and experience. Panelists invited include Chinese investors setting out their experiences and expectations for the market and an African corporation that has received Chinese financing.
http://urban-africa-china.angonet.org/content/29th-annual-conference-mobilising-capital-housing-finance
Manilall Seetohul, Mauritius Housing Company.
With more than 46 cities in Africa swelling to populations of a million people or more — and 17 of the world's 100 fastest-growing cities located in Africa — there is an acute need to develop housing solutions for so many urban residents. But raising the capital to meet that growing demand for housing remains a significant challenge. In 2013, the African Union for Housing Finance (AUHF) will host a conference under the theme "Raising Capital for Housing Finance.” The Africa-China Urban Initiative will organize a conference panel discussion on "Understanding (and harnessing) Chinese investment interest." Chinese investment in residential development in Africa is increasingly having an impact and demonstrating a track record of opportunity and experience. Panelists invited include Chinese investors setting out their experiences and expectations for the market and an African corporation that has received Chinese financing.
http://urban-africa-china.angonet.org/content/29th-annual-conference-mobilising-capital-housing-finance
An astonishing, first-of-its-kind, report by the NYT assessing damage in Ukraine. Even if the war ends tomorrow, in many places there will be nothing to go back to.
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
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03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
El Puerto de Algeciras continúa un año más como el más eficiente del continente europeo y vuelve a situarse en el “top ten” mundial, según el informe The Container Port Performance Index 2023 (CPPI), elaborado por el Banco Mundial y la consultora S&P Global.
El informe CPPI utiliza dos enfoques metodológicos diferentes para calcular la clasificación del índice: uno administrativo o técnico y otro estadístico, basado en análisis factorial (FA). Según los autores, esta dualidad pretende asegurar una clasificación que refleje con precisión el rendimiento real del puerto, a la vez que sea estadísticamente sólida. En esta edición del informe CPPI 2023, se han empleado los mismos enfoques metodológicos y se ha aplicado un método de agregación de clasificaciones para combinar los resultados de ambos enfoques y obtener una clasificación agregada.
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
2. Business History
TUHF formed in June 2003 as:
A South African NBFI based on:
Shorebank Chicago’s Real Estate Lending Division
Local commercial property finance experience
Inner city rental housing experience
Loan cycle management approach
Set up as:
A National Urban Regeneration Fund,
A Commercial property financier,
Inner city specialist financier
Wholesale finance raised from:
Asset managers, -Futuregrowth Asset Management, the PIC, Cadiz
DFI’s such as NHFC and DBSA
Commercial Banks -- SBSA
3. Commercial Development Objectives
A good business doing good
TUHF restructured in September 2009 as:
A private commercial company :
Commercial objectives of shareholder value, ROE etc
Development objectives through scale in market niche
Shareholding
Controlling shareholder TUHF 21,Other major shareholder:- The NHFC
Shareholders :- PIC 12.5% , Futuregrowth Asset Management 12.50%,
Management & Staff 5.33%
Regeneration and Neighborhood development through:
Commitment regeneration initiatives (currently throughout Gauteng,
Durban and PE)
National Footprint Objective
Low income rental housing:- Economic, spatial, social integration
SME financier- access to finance
4. Development Impact
•
•
•
•
•
•
•
Urban regeneration –
Local economic development –
Job Creation
Low to moderate income Housing
17 097 residential units funded by TUHF creating 38 889 jobs
Enterprise Development –Access to finance
landlords in the business of rental housing
Environmental
Sustainability promoted through design, energy saving technology and water
saving
Public policy
TUHF is an invested stakeholder
4
5. Business Model
TUHF provides financing in mortgage, up to the value of R30 million. Ancilliary
products include:
Bridging finance – market making
Construction loans
Equity finance for BEE objectives
TUHF is not a micro lender nor a home loan financing company.
Commercial property financier i.e. finance the underlying cash flows of the business
Determine the security value of the asset (primarily)
As a fixed asset financier, TUHF offers mortgage security, has applicable margins
and is a low volume high value Non Bank Financial Institution (NBFI).
By specialising in rental housing and inner cities
deep and stable demand for rental housing
multi sector economies of inner cities and locations close to work and amenities.
5
6. Business Model
Debt capital and risk weighted capital adequacy ratios reflect it’s fixed asset
business.
Interest hedge
Debt Capital 88% (below 90%)
CAR > 25%
Exceed SARB and Basel III requirements
Borrow and lend floating
Term mismatches managed through mortgage profile agreements
Underwriting
Character, building, feasibility and property management
Obvious credit history, referencing etc
Covers the range of market, rights to build and trade, restrictions etc (security)
Detailed feasibility –determines debt levels
6
8. Business Model
Financial Hurdles
DCR of 1.3 and TUHF value LTV of 80%
Prime plus 3.5%
15years
First mortgage bond
Surety
Business case
Net interest margin 3.5%
Once off, once ever raising fee of 2%
Current book of R1.7 billion
Outperform commercial averages
8
9. Standard Loan Security Structure
Security is of the utmost importance to TUHF. They strive to protect all personal identifiable
information by adhering to industry standards and security practices.
9
11. South African Inner Cities
The state of:
Varying states of decline
Long history of title, Freehold, Section title and Shareblock
Recent difficulties of constitutional principles in property rights largely overcome
Very different markets
Same raison d’etre, much existing building stock at below replacement prices
Multi sector economies:
Resilient demand
Flexible tenure of rental
Well located
Most services available
11
20. Capital
Equity capital
Debt capital
Capitalization complete
Raised R165 million of investment
NAV at R212 million
BUT what is sufficiently capitalised?
DFI’s. Asset Managers and Commercial Banks
About 1/3 to each group
All SNLC on balance sheet
Reporting and covenants in 15 agreements
TUHF able to:
Off balance sheet structures
Agency work
Joint financing as lead or co investor
20
21. Funding Strategy
Current Funding Mechanism – Loan book of R 1.7 billion funded by 15 senior debt on
balance sheet facilities. Funders have a specific allocation of loan assets ceded to them
and all funders rank / treated equally.
Estimated loan book disbursements forecast at R 500 - R 600 million p.a. and growing
and current funding alone cannot support these levels
Long Term Funding Strategy –
- Continued support from existing funders mainly Futuregrowth Asset Management,
PIC, NHFC, GPF and DBSA.
- Broadening of funder base, particularly on institutional side by accessing capital
markets.
- Propose issue of Domestic Medium Term Note Program (DMTN) following feedback
from fund managers
21
22. Existing Lenders
15 on balance sheet loans
Secured by cessions of security Loan Book Performance
Collections for July 2013 of R 19.56 m
Average arrears for last quarter 2013 0.51%
Group loan loss provision of 2.10% of total book
Total pipeline of R 647 million
Loans in closing of R281.5 million
The loan book is financed by a number of significant institutions. These include:
NHFC (R345 million)
SBSA (R230 million)
DBSA (R350 million)
Futuregrowth (R350 million)
Cadiz (R50 million)
Public Investment Corporation (R300 million)
Mergence Investment Managers (R15 million)
Gauteng Partnership fund. (R45 million)
22
23. The Challenge of Capital
Access to debt capital is TUHF’s single largest constraint to growth
By a long margin
Importance of scale
Low volume, high value, low margin
High levels of security
Able to manage liquidity and cash flow – term of lending shortening
Direct access to the capital markets
Perceptions of lenders
Inner cities and low income housing
Independent NBFI in mortgage (commercial property finance)?
Distinction between micro finance, home loans and mortgage
Will rating be a more clinical assessment?
Borrowed covenants
Particularly a problem when dealing with foreign DFI’s
One size fits all – the five definitions of a business day syndrome
23
24. The Challenge of Capital
Access to debt capital is TUHF’s single largest constraint to growth
Lenders/debt capital
Capitalisation
Liquidity hangover from financial crisis
Basel III pricing banks out of property finance
Single party limits
The grand dis-intermediation question
What is appropriate for a fixed asset lender?
Borrowed covenants – micro lender- other?
Will rating remove perceptions
Relationship between DC and RWCAR
Local asset management industry
Support only as part of SRI
No large scale, main stream support in housing finance
24
25. The Challenge of Capital
Access to debt capital is TUHF’s single largest constraint to growth
Lenders/debt capital
Capitalisation
Liquidity hangover from financial crisis
Basel III pricing banks out of property finance
Single party limits
The grand dis-intermediation question
What is appropriate for a fixed asset lender?
Borrowed covenants – micro lender- other?
Will rating remove perceptions
Relationship between DC and RWCAR
Local asset management industry
Support only as part of SRI
No large scale, main stream support in housing finance
25
26. The Challenge of Capital
Access to debt capital is TUHF’s single largest constraint to growth
Lenders/debt capital
Capitalisation
Liquidity hangover from financial crisis
Basel III pricing banks out of property finance
Look through mentality
Single party limits
The grand dis-intermediation question
What is appropriate for a fixed asset lender?
Borrowed covenants – micro lender- other?
Will rating remove perceptions
Relationship between DC and RWCAR
Local asset management industry
Support only as part of SRI
No large scale, main stream support in housing finance
26
27. The Challenge of Capital
Access to debt capital is TUHF’s single largest constraint to growth
Structures
Security structures
On or off?
Securitisation
Institutional economics- more parties exponential increase in transaction costs
On BS pooled security
Indemnity mortgage because security divisible
Borrower indemnify’ s trust and offers mortgage in return
Credit enhancement
Hard or soft
CBA- on price and on liqudiity
Soft- SRI or FSC
27
28. Suggestions for future
Targeted information campaigns
Create knowledge on track record
Indicators of performance
Estimations of demand and affordability
Regular reporting
Identify successful initiatives
Emphasize governance
Target institutions
Funding is difficult to raise
Deal with the perceptions and myths
Find champions
28