Dieter Fleischer (Bürgschaftsbank Baden-Württemberg GmbH)
Dieter Fleischer's presentation at the Operational Training Session held on the 16/17 April 2015 in Maribor.
This document discusses bill discounting and the key parties and types of bills involved. It provides definitions and features of bill financing, where a method of financing trade activities involves discounting bills of exchange. The main parties to bills of financing are the drawer (seller), drawee (buyer), and payee. Common types of bills include demand bills, usance bills, documentary bills, and different delivery/payment terms. The document also compares bills discounting to factoring, noting differences in the services provided, acceptance and purchase of debts, types of financing agreements, and recovery of charges.
Factoring is a financial transaction where a business sells its accounts receivable to a third party called a factor in exchange for immediate cash. This differs from a bank loan in that factoring emphasizes the receivable's value rather than the firm's creditworthiness, it is a purchase of assets rather than a loan, and involves three parties rather than two. The three parties are the seller of the receivable, the debtor, and the factor. Factoring transfers ownership of the receivables to the factor, giving them the right to collect payment from debtors and bear the risk of nonpayment.
The document discusses bill discounting in India. It begins by defining key terms like drawer, drawee, payee, endorsement, and negotiable. It explains that a bill of exchange is a written order by the drawer (seller/creditor) directing the drawee (buyer/debtor) to pay a specified sum to the payee. The seller has the option to either hold the bill until maturity or discount it with a discounting agency to receive immediate funds. Discounting involves the seller transferring the endorsed bill to the agency in exchange for immediate cash payment at a discounted rate. The document outlines different types of commercial bills and advantages of bill discounting for investors and banks. It also discusses regulations from the R
Warrants are call options that give the holder the right to buy shares of common stock from a company at a fixed price for a set period of time. Warrants are often issued with bonds to make them more attractive to investors. They can be detachable, puttable if sold back to the company, or naked if issued on their own. Convertible bonds are similar to bonds with warrants but cannot be separated into different securities. Convertible bonds provide value from the straight bond, conversion option, and potential appreciation if converted to equity. They help align incentives of bondholders and stockholders.
The financing of physical trade is essential for ensuring the smooth flow of goods and commodities from the Middle East to the rest of the world. However, the complexity of the financial and regulatory landscape is increasing, and keeping pace with the many changes in the geopolitical sphere that have direct implications for financial institutions and their customers is becoming challenging. Through a day of workshops and presentations to an audience of lawyers and bankers, experts from Eversheds’ Trade Finance and Sanctions teams examined the legal and regulatory environment behind these international issues.
This document discusses bill discounting and the key parties and types of bills involved. It provides definitions and features of bill financing, where a method of financing trade activities involves discounting bills of exchange. The main parties to bills of financing are the drawer (seller), drawee (buyer), and payee. Common types of bills include demand bills, usance bills, documentary bills, and different delivery/payment terms. The document also compares bills discounting to factoring, noting differences in the services provided, acceptance and purchase of debts, types of financing agreements, and recovery of charges.
Factoring is a financial transaction where a business sells its accounts receivable to a third party called a factor in exchange for immediate cash. This differs from a bank loan in that factoring emphasizes the receivable's value rather than the firm's creditworthiness, it is a purchase of assets rather than a loan, and involves three parties rather than two. The three parties are the seller of the receivable, the debtor, and the factor. Factoring transfers ownership of the receivables to the factor, giving them the right to collect payment from debtors and bear the risk of nonpayment.
The document discusses bill discounting in India. It begins by defining key terms like drawer, drawee, payee, endorsement, and negotiable. It explains that a bill of exchange is a written order by the drawer (seller/creditor) directing the drawee (buyer/debtor) to pay a specified sum to the payee. The seller has the option to either hold the bill until maturity or discount it with a discounting agency to receive immediate funds. Discounting involves the seller transferring the endorsed bill to the agency in exchange for immediate cash payment at a discounted rate. The document outlines different types of commercial bills and advantages of bill discounting for investors and banks. It also discusses regulations from the R
Warrants are call options that give the holder the right to buy shares of common stock from a company at a fixed price for a set period of time. Warrants are often issued with bonds to make them more attractive to investors. They can be detachable, puttable if sold back to the company, or naked if issued on their own. Convertible bonds are similar to bonds with warrants but cannot be separated into different securities. Convertible bonds provide value from the straight bond, conversion option, and potential appreciation if converted to equity. They help align incentives of bondholders and stockholders.
The financing of physical trade is essential for ensuring the smooth flow of goods and commodities from the Middle East to the rest of the world. However, the complexity of the financial and regulatory landscape is increasing, and keeping pace with the many changes in the geopolitical sphere that have direct implications for financial institutions and their customers is becoming challenging. Through a day of workshops and presentations to an audience of lawyers and bankers, experts from Eversheds’ Trade Finance and Sanctions teams examined the legal and regulatory environment behind these international issues.
Credit insurance protects companies that sell goods or services on credit from losses due to customer insolvency or default. It indemnifies policyholders for unpaid invoices if a customer becomes insolvent or defaults. Coverage is written on an annual basis and premiums are calculated as a percentage of estimated annual credit sales. Credit insurance is beneficial as it allows companies to increase sales by offering credit to customers, facilitates bank financing, and reduces bad debt expenses.
This document provides information about ANV Global Services Ltd., a specialty insurance company focused on M&A insurance solutions. It discusses ANV's history, operations in multiple countries, and financial ratings. The document then summarizes what a Warranties & Indemnities (W&I) insurance policy covers for buyers and sellers in M&A deals. It also outlines the underwriting process, required documentation, pricing factors, and recent CEE/CIS deals that ANV has worked on. The document concludes with an overview of the global M&A insurance market and contact information.
This document discusses various sources of short-term finance for working capital, including trade creditors, factoring, invoice discounting, bank overdrafts, and counter trade. It focuses on trade creditors, explaining that suppliers providing credit effectively act as bankers by advancing goods before payment. The costs and terms of trade credit vary by industry and company circumstances. Factoring and invoice discounting are also described as alternatives to raise funds from accounts receivable. A number of factors that influence working capital requirements are outlined, such as the nature of business, scale of operations, business cycles, and credit policies.
This document provides an overview of loan trading practices across various jurisdictions globally. It discusses the main methods for transferring loans, including assignment, novation, and participations. It also addresses key issues like guarantees and security, confidentiality, tax implications, and regulatory compliance considerations for each jurisdiction. The document aims to provide loan market participants with insights into local law issues to consider when trading loans internationally. It covers 19 jurisdictions in Europe, Asia, North America, and elsewhere.
This document provides an overview of factoring and forfaiting. It defines factoring as the financial transaction where a business sells its accounts receivable to a third party called a factor at a discount. Forfaiting refers to the financing of receivables related to international trade where the right to export receivables is purchased by a financial intermediary without recourse. The document outlines the key parties involved in factoring and forfaiting, the different types of factoring arrangements, the functions of a factor, and the information and documents required by a forfaiter.
Merchant banking provides essential financial services that help corporate growth and economic development. It includes functions like issue management, pre-investment studies, corporate counseling, project counseling, loan syndication, portfolio management, project finance, and working capital arrangements. Registered merchant banks in India include Kotak Mahindra Capital, HDFC Bank, ICICI Bank, and IDBI Bank.
A bank guarantee is a promise by a bank to pay a beneficiary if an applicant defaults on their obligations under a contract. It provides credibility and risk protection to the beneficiary. There are two main types - financial guarantees ensure debt repayment, while performance guarantees cover losses from non-delivery or non-performance. Beneficiaries receive assurance that due diligence was conducted on the counterparty, while applicants gain access to opportunities they may otherwise be denied due to size or risk level. Though they add complexity, bank guarantees facilitate business and growth for small companies. Courts generally avoid interfering with guarantees to preserve their purpose of swift compensation.
This document provides an overview and introduction to credit insurance. It discusses how credit insurance can help companies mitigate risks associated with accounts receivable by insuring against losses from customer non-payment. The summary explains that credit insurance allows companies to increase sales by extending more credit to existing customers or pursuing new customers, helps improve financing terms with lenders, and reduces bad debt reserves. It also notes that the primary benefit of credit insurance for most companies is enabling increased sales and profits without additional risk of loss from customer non-payment.
This document provides an overview and guide to trade credit insurance. It explains what trade credit insurance is, how it works, the types of policies available, benefits to businesses, and how to apply. Trade credit insurance provides coverage against the risk of customers not paying for goods or services. It allows businesses to extend credit confidently and access financing. The guide outlines the claims process, ongoing risk monitoring, and resources insurers provide to policyholders. Case studies demonstrate how credit insurance has benefited small businesses, exporters, multinationals, and helped firms through unexpected non-payments. It concludes with details on how to apply and purchase a policy through an insurance broker.
Ppp explication ou pppexplanation for company with docs to fill v17102013World Wide
The document provides information about a private placement program (PPP) for investors. Some key details:
1) The program involves buying and selling financial instruments like MTNs from banks to generate profits from price differences. Returns of up to 40% per week are possible for larger investments.
2) The process involves an investor transferring funds and signing agreements. A letter of credit is then used to purchase instruments which are sold for profits. Weekly returns are paid out over 40 weeks.
3) Investors can reinvest returns multiple times to generate even higher profits. Risk is minimized by pre-arranging purchase and sale agreements.
4) The program is facilitated by a team with banking experience who evaluate cases
Introduction to factoring, history, introduction to act, important features of the act, rights, obligation, responsibility, penality, shortcomings of the act.
Shiva sir factoring,discounting& forfaitingBarotlaxman
This document discusses factoring, forfaiting, and bill discounting as methods of short-term trade financing. It begins by outlining the objectives and structure of the unit. Factoring involves the sale of receivables to a factor who provides various services like financing, debt collection, and administration. Forfaiting allows exporters to receive funds by transferring debt rights to a forfaiter. Bill discounting allows financing through the acceptance of bill liabilities by a third party. The document then goes on to provide details on the operations, types, terms, advantages, and mechanics of factoring services.
Private placements programs.everything you wanted to know.2015 ilovepdf-compr...Vicente Piqueras
This document discusses private placement programs (PPP) and high yield investment programs. It provides information on understanding trading platforms that utilize qualified traders to purchase and sell investment-grade bank debentures. The document outlines the procedures to enter a PPP, including a personalized analysis, submitting required documentation like ID and proof of funds, conducting due diligence on assets, and options to block assets like using SWIFT messages or an administrative hold. It notes that once inquiries are completed, a program manager will contact the client within 48-72 hours.
The Only BUY-SELL Program of MTNS In The World from 1M Euros PPP/HYIP.Direct ...vicente piqueras
The Only BUY-SELL Program of MTNS In The World from 1M Euros
PPP/HYIP.Direct from the bank and Trader-Licenced Traders
lawyers.and.economists@gmail.com
The Only BUY-SELL Program of MTNS In The World from 1M Euros PPP/HYIP.Direct ...vicente piqueras
This document discusses private placement programs (PPP) and high yield investment programs that claim to generate high returns through trading bank instruments. It provides an overview of the purported trading process, explaining how traders are able to leverage client funds to make multiple purchases and sales in a day, generating profits of 50-100% weekly. However, it also notes that these returns may seem unlikely compared to traditional investments. The document outlines the procedures clients would need to follow to participate in a program, such as providing documentation, having their funds blocked, and signing contracts. However, it does not provide any evidence that these programs are legitimate or legal means of high investment returns.
The Only BUY-SELL Program of MTNS In The World from 1M Euros PPP/HYIP.Direct ...Vicente Piqueras
The Only BUY-SELL Program of MTNS In The World from 1M Euros
PPP/HYIP.Direct from the bank and Trader-Licenced Traders
lawyers.and.economists@gmail.com
Private placements programs.everything you wanted to know.2015 ilovepdf-compr...VICENTE PIQUERAS
This document discusses private placement programs (PPPs) and high yield investment programs. It provides information on understanding trading platforms that utilize qualified traders to purchase and sell investment-grade bank debentures. The document outlines the procedures to enter a PPP, including a personalized analysis, submitting required documentation like ID and proof of funds, conducting due diligence on assets, and options for blocking assets like using SWIFT messages or an administrative hold. It notes that once inquiries are completed, a program manager will contact the client within 48-72 hours.
Private placements programs.everything you wanted to know.2015 ilovepdf-compr...vicente piqueras
This document discusses private placement programs (PPPs) and high yield investment programs. It provides information on understanding trading platforms that utilize qualified traders to purchase and sell investment-grade bank debentures. The document outlines the procedures to enter a PPP, including submitting documentation, undergoing due diligence and asset verification, and options to block assets like using SWIFT messages or an administrative hold. It notes that once inquiries are completed, a program manager will contact the client within 48-72 hours to discuss the next steps.
The document provides an overview of the activities of AECM (Association of European Guarantee Institutions) from June 2018 to June 2019. It summarizes that AECM focused on future EU financial instruments, digitization, communication, impact measurement, statistics, and strengthening membership. It also discusses AECM's engagement in international relations and the exchange of best practices. Upcoming priorities include further political representation, digitization, impact assessment, statistics, and international collaboration.
AECM Annual Event in Antwerp 2019 (12/15 June)
Helen Kopman, Deputy Head of Unit, Digital Innovation and Blockchain, Directorate-General for Communications Networks, Content and Technology (DG CNECT), European Commission.
Credit insurance protects companies that sell goods or services on credit from losses due to customer insolvency or default. It indemnifies policyholders for unpaid invoices if a customer becomes insolvent or defaults. Coverage is written on an annual basis and premiums are calculated as a percentage of estimated annual credit sales. Credit insurance is beneficial as it allows companies to increase sales by offering credit to customers, facilitates bank financing, and reduces bad debt expenses.
This document provides information about ANV Global Services Ltd., a specialty insurance company focused on M&A insurance solutions. It discusses ANV's history, operations in multiple countries, and financial ratings. The document then summarizes what a Warranties & Indemnities (W&I) insurance policy covers for buyers and sellers in M&A deals. It also outlines the underwriting process, required documentation, pricing factors, and recent CEE/CIS deals that ANV has worked on. The document concludes with an overview of the global M&A insurance market and contact information.
This document discusses various sources of short-term finance for working capital, including trade creditors, factoring, invoice discounting, bank overdrafts, and counter trade. It focuses on trade creditors, explaining that suppliers providing credit effectively act as bankers by advancing goods before payment. The costs and terms of trade credit vary by industry and company circumstances. Factoring and invoice discounting are also described as alternatives to raise funds from accounts receivable. A number of factors that influence working capital requirements are outlined, such as the nature of business, scale of operations, business cycles, and credit policies.
This document provides an overview of loan trading practices across various jurisdictions globally. It discusses the main methods for transferring loans, including assignment, novation, and participations. It also addresses key issues like guarantees and security, confidentiality, tax implications, and regulatory compliance considerations for each jurisdiction. The document aims to provide loan market participants with insights into local law issues to consider when trading loans internationally. It covers 19 jurisdictions in Europe, Asia, North America, and elsewhere.
This document provides an overview of factoring and forfaiting. It defines factoring as the financial transaction where a business sells its accounts receivable to a third party called a factor at a discount. Forfaiting refers to the financing of receivables related to international trade where the right to export receivables is purchased by a financial intermediary without recourse. The document outlines the key parties involved in factoring and forfaiting, the different types of factoring arrangements, the functions of a factor, and the information and documents required by a forfaiter.
Merchant banking provides essential financial services that help corporate growth and economic development. It includes functions like issue management, pre-investment studies, corporate counseling, project counseling, loan syndication, portfolio management, project finance, and working capital arrangements. Registered merchant banks in India include Kotak Mahindra Capital, HDFC Bank, ICICI Bank, and IDBI Bank.
A bank guarantee is a promise by a bank to pay a beneficiary if an applicant defaults on their obligations under a contract. It provides credibility and risk protection to the beneficiary. There are two main types - financial guarantees ensure debt repayment, while performance guarantees cover losses from non-delivery or non-performance. Beneficiaries receive assurance that due diligence was conducted on the counterparty, while applicants gain access to opportunities they may otherwise be denied due to size or risk level. Though they add complexity, bank guarantees facilitate business and growth for small companies. Courts generally avoid interfering with guarantees to preserve their purpose of swift compensation.
This document provides an overview and introduction to credit insurance. It discusses how credit insurance can help companies mitigate risks associated with accounts receivable by insuring against losses from customer non-payment. The summary explains that credit insurance allows companies to increase sales by extending more credit to existing customers or pursuing new customers, helps improve financing terms with lenders, and reduces bad debt reserves. It also notes that the primary benefit of credit insurance for most companies is enabling increased sales and profits without additional risk of loss from customer non-payment.
This document provides an overview and guide to trade credit insurance. It explains what trade credit insurance is, how it works, the types of policies available, benefits to businesses, and how to apply. Trade credit insurance provides coverage against the risk of customers not paying for goods or services. It allows businesses to extend credit confidently and access financing. The guide outlines the claims process, ongoing risk monitoring, and resources insurers provide to policyholders. Case studies demonstrate how credit insurance has benefited small businesses, exporters, multinationals, and helped firms through unexpected non-payments. It concludes with details on how to apply and purchase a policy through an insurance broker.
Ppp explication ou pppexplanation for company with docs to fill v17102013World Wide
The document provides information about a private placement program (PPP) for investors. Some key details:
1) The program involves buying and selling financial instruments like MTNs from banks to generate profits from price differences. Returns of up to 40% per week are possible for larger investments.
2) The process involves an investor transferring funds and signing agreements. A letter of credit is then used to purchase instruments which are sold for profits. Weekly returns are paid out over 40 weeks.
3) Investors can reinvest returns multiple times to generate even higher profits. Risk is minimized by pre-arranging purchase and sale agreements.
4) The program is facilitated by a team with banking experience who evaluate cases
Introduction to factoring, history, introduction to act, important features of the act, rights, obligation, responsibility, penality, shortcomings of the act.
Shiva sir factoring,discounting& forfaitingBarotlaxman
This document discusses factoring, forfaiting, and bill discounting as methods of short-term trade financing. It begins by outlining the objectives and structure of the unit. Factoring involves the sale of receivables to a factor who provides various services like financing, debt collection, and administration. Forfaiting allows exporters to receive funds by transferring debt rights to a forfaiter. Bill discounting allows financing through the acceptance of bill liabilities by a third party. The document then goes on to provide details on the operations, types, terms, advantages, and mechanics of factoring services.
Private placements programs.everything you wanted to know.2015 ilovepdf-compr...Vicente Piqueras
This document discusses private placement programs (PPP) and high yield investment programs. It provides information on understanding trading platforms that utilize qualified traders to purchase and sell investment-grade bank debentures. The document outlines the procedures to enter a PPP, including a personalized analysis, submitting required documentation like ID and proof of funds, conducting due diligence on assets, and options to block assets like using SWIFT messages or an administrative hold. It notes that once inquiries are completed, a program manager will contact the client within 48-72 hours.
The Only BUY-SELL Program of MTNS In The World from 1M Euros PPP/HYIP.Direct ...vicente piqueras
The Only BUY-SELL Program of MTNS In The World from 1M Euros
PPP/HYIP.Direct from the bank and Trader-Licenced Traders
lawyers.and.economists@gmail.com
The Only BUY-SELL Program of MTNS In The World from 1M Euros PPP/HYIP.Direct ...vicente piqueras
This document discusses private placement programs (PPP) and high yield investment programs that claim to generate high returns through trading bank instruments. It provides an overview of the purported trading process, explaining how traders are able to leverage client funds to make multiple purchases and sales in a day, generating profits of 50-100% weekly. However, it also notes that these returns may seem unlikely compared to traditional investments. The document outlines the procedures clients would need to follow to participate in a program, such as providing documentation, having their funds blocked, and signing contracts. However, it does not provide any evidence that these programs are legitimate or legal means of high investment returns.
The Only BUY-SELL Program of MTNS In The World from 1M Euros PPP/HYIP.Direct ...Vicente Piqueras
The Only BUY-SELL Program of MTNS In The World from 1M Euros
PPP/HYIP.Direct from the bank and Trader-Licenced Traders
lawyers.and.economists@gmail.com
Private placements programs.everything you wanted to know.2015 ilovepdf-compr...VICENTE PIQUERAS
This document discusses private placement programs (PPPs) and high yield investment programs. It provides information on understanding trading platforms that utilize qualified traders to purchase and sell investment-grade bank debentures. The document outlines the procedures to enter a PPP, including a personalized analysis, submitting required documentation like ID and proof of funds, conducting due diligence on assets, and options for blocking assets like using SWIFT messages or an administrative hold. It notes that once inquiries are completed, a program manager will contact the client within 48-72 hours.
Private placements programs.everything you wanted to know.2015 ilovepdf-compr...vicente piqueras
This document discusses private placement programs (PPPs) and high yield investment programs. It provides information on understanding trading platforms that utilize qualified traders to purchase and sell investment-grade bank debentures. The document outlines the procedures to enter a PPP, including submitting documentation, undergoing due diligence and asset verification, and options to block assets like using SWIFT messages or an administrative hold. It notes that once inquiries are completed, a program manager will contact the client within 48-72 hours to discuss the next steps.
The document provides an overview of the activities of AECM (Association of European Guarantee Institutions) from June 2018 to June 2019. It summarizes that AECM focused on future EU financial instruments, digitization, communication, impact measurement, statistics, and strengthening membership. It also discusses AECM's engagement in international relations and the exchange of best practices. Upcoming priorities include further political representation, digitization, impact assessment, statistics, and international collaboration.
AECM Annual Event in Antwerp 2019 (12/15 June)
Helen Kopman, Deputy Head of Unit, Digital Innovation and Blockchain, Directorate-General for Communications Networks, Content and Technology (DG CNECT), European Commission.
AECM Annual Event in Antwerp 2019 (12/15 June)
Holger Wassermann, Professor for Controlling and Accounting, FOM University of Applied Science, Berlin
Sascha Frohwerk, Professor for IT-Management, FOM University of Applied Science, Berlin
Leonardo Nafissi has gained an experience of over 25 years about Confidi and works both in regional and national contexts. He’s member of the Technical Committee of Assoconfidi and since 2013 he has been head of Assoconfidi’s Secretariat. Assoconfidi is the Association of the National Federations of Confidi of all economic sectors and operates as a unanimous representative of Confidi towards national public Institutions.
At the same time Leonardo Nafissi is the Director of Fedart Fidi, the national Federation representative of Confidi operating in the craftsmanship sector, which he has been collaborating with since its constitution more than 20 years ago. He’s responsible for lobbying towards public institutions and banks, for several national projects aimed to elaborate a strategic address for associated Confidi on the main subjects of their interest. He is also responsible for the Annual Survey on handcraft Confidi, which for more than 20 years has been describing the main characteristics and trends of the system and has been identified as an important instrument of knowledge of handcraft Confidi for the different representatives.
This document provides information about the Guarantee Fund of the Autonomous Province of Vojvodina in Serbia. It summarizes the fund's purpose, governance structure, business processes, and key performance metrics from 2005-2014. The fund issues guarantees to support agriculture, exports, and women entrepreneurs in Vojvodina. Over this period, it issued over 1,500 guarantees totaling over 35 million euros. The largest areas of support were procurement of agricultural machinery and purchase of agricultural land. In 2014, the fund had 10.2 million euros in exposure and a guarantee potential of over 20 million euros.
Vice President
Fédération Nationale des SOCAMA, France
Plumbing and heating professional in Mende, Jean-Claude Depoisier is Administrator of SOCAMA for the Midi region. Born in 1949, he entered the Board of the National Federation of Socama in 1996 and became its Secretary in 2000. Assistant Treasurer in 2007, he is part of the council secretariat in 2008 and becomes Vice President in 2012.
He is Chairman of the Social Security Fund of the Municipality of Lozère (CPAM + CAF + URSSAF) and of CAP Employment.
Le Fonds Bruxellois de Garantie a pour mission de faciliter l’octroi de crédits professionnels dans la Région de Bruxelles-Capitale en fournissant aux organismes de crédit, moyennant le paiement d’une contribution forfaitaire unique, une part substantielle des garanties qu’ils exigent des PME et des indépendants.
Since October 2011 Alexander Schumann is Chief Economist and Head of Economic Policy Department at the Association of German Chambers of Industry and Commerce.
Previously, from 2006 to 2011, he was Head of Strategic Unit at the Federal Labour Agency, from 2005 to 2006 Project Manager at the Department of Economic and Social Policy Affairs of the Bertelsmann Foundation, from 2004 to 2005 Economist at the Banco Espírito Santo in Lisbon.
Alexander Schumann started his career as an editor at a newspaper and worked later also in the area of public relations. He studied Economics and made his PhD at the universities of Leipzig and Lisbon and worked as research associate.
Vice President of the Management Board, Bank Gospodarstwa Krajowego (State Development Bank), responsible for Corporate Banking Division, including relationship management, structured finance, export finance, product development and guarantee programs for SMEs.
Responsible for client base including both mid-caps and large corporates as well as public sector and financial institutions. Vice Chairman of bank’s Credit Committee, Member of Operational Risk Committee.
He has previously been Executive Director at bank PKO BP S.A. , General Manager and President of the Management Board of Rabobank Polska S.A., Senior Corporate and Investment Banker, Member of the Management Board of ABN AMRO Bank (Polska S.A)., Sales and Product Head for CEE Region Global Transaction Services (ABN AMRO Bank N.V. Head Office, the Netherlands), Deputy Director Corporate Banking (Citibank Poland S.A.) and Division Head (National Bank of Poland, Foreign Department).
Mr Szugajew participates in enhancement of corporate and investment banking operations, building local (Poland) and regional (CEE) corporate banking franchise, while working for leading international and Polish banks.
Alessandro Carano is Adviser to the deputy Director General of the European Commission Directorate for Economic and Financial Affairs. He works on the Investment Plan for the Europe and the European Fund for Strategic Investment.
He was previously Managerial adviser and Head of Unit at European Investment Bank, responsible for the institutional relationship with EU Institutions and other IFIs on policies and activities outside the EU. He led the negotiations on the new EIB External Lending Mandate for the period 2014-2020, allowing up to EUR 30bn in EIB financing in support of EU external action. He contributed to the establishment of the Western Balkans Investment Framework and other blending mechanisms. He worked on the Mid Term review of EIB external mandate including support to the steering committee of wise persons chaired by M. Camdessus, and subsequent codecision procedure. He has also worked in the Projects directorate of the EIB. Previously he worked for Procter & Gamble. He holds an MBA from Vlerick management school and engineering MSc degree from Turin Politechnic University.
Leonardo Nafissi has gained an experience of over 25 years about Confidi and works both in regional and national contexts. He’s member of the Technical Committee of Assoconfidi and since 2013 he has been head of Assoconfidi’s Secretariat. Assoconfidi is the Association of the National Federations of Confidi of all economic sectors and operates as a unanimous representative of Confidi towards national public Institutions.
At the same time Leonardo Nafissi is the Director of Fedart Fidi, the national Federation representative of Confidi operating in the craftsmanship sector, which he has been collaborating with since its constitution more than 20 years ago. He’s responsible for lobbying towards public institutions and banks, for several national projects aimed to elaborate a strategic address for associated Confidi on the main subjects of their interest. He is also responsible for the Annual Survey on handcraft Confidi, which for more than 20 years has been describing the main characteristics and trends of the system and has been identified as an important instrument of knowledge of handcraft Confidi for the different representatives.
Astrid Bartels works in the Directorate General for the Internal Market, Industry, Entrepreneurship and SMEs of the European Commission. She has been with the COSME Financial Instruments unit for the past three years where she is responsible for the co-ordination of the implementation of the COSME Financial Instruments. Prior to this position, she worked in the area of chemicals legislation where she was instrumental to the setting up of the European Chemicals Agency in Helsinki.
Before joining the European Commission she was a corporate relationship manager with Deutsche Bank for ten years and spent two years as a Management Consultant with Bain & Company. She holds an MBA from the Kenan-Flagler Business School of the University of North Carolina in Chapel Hill.
Pietro Calice is a Senior Financial Sector Specialist with the Finance & Markets Global Practice of the World Bank Group. In his capacity, Pietro manages the financial sector development work program in Libya, Palestinian Territories and Saudi Arabia. He also manages regional and global engagements. In particular, Pietro specializes on SME finance, state-owned financial institutions, including credit guarantee schemes, and bank competition policy. He has written extensively on financial stability issues and financial inclusion. Prior to joining the World Bank Group, Pietro served in different capacities at the African Development Bank, including as coordinator for the operational work with African development finance institutions, and worked at rating agencies and investment banks as a bank credit analyst. He has an MSc in Banking and Finance, an MPhil in Development Studies and is a PhD candidate in Economics.
Gunnar Mai is heading the EU Guarantee Facilities division at the European Investment Fund and is responsible for managing the COSME Loan Guarantee Facility and Erasmus+ Master Loan Guarantee Facility. His areas of expertise include financial guarantees, securitisation and structured credit products.
Gunnar started his career at Deutsche Bank London providing financing solutions to investors in commercial real estate throughout Europe. After five years at Deutsche, he joined Swiss Reinsurance to work mainly on financial guarantee transactions.
He studied Business Administration at WHU Otto Beisheim School of Management in Germany and Chile and participated in the MBA programme of Cranfield School of Management, England. Gunnar is a CFA Charter holder.
The document summarizes Lucia Cusmano's presentation at the AECM Annual Seminar in Berlin on June 19, 2015 about building a conducive environment for innovative small- and medium-sized enterprises (SMEs). It discusses challenges SMEs face such as access to finance and regulations, and how business investments have shifted to non-OECD countries. It also outlines an OECD project to benchmark SME performance and business environment policies across countries to help address these challenges.
- Globally, guarantee systems are a heterogeneous and internationally recognized reality that help improve access to financing for SMEs.
- Conceptually, guarantee systems help address information asymmetries between lenders and SMEs and can help classify risk to optimize financial institutions' management and regulatory requirements.
- Strategically, guarantee systems should be fully integrated into the financial system through a "strategic alliance" to best transfer credit risk from banks to the guarantee system and promote SME access to financing.
Kurt Leutgeb (Austria Wirtschaftsservice, aws) - session 16/04/2015
Kurt Leutgeb's presentation at the Operational Training Session held on the 16/17 April 2015 in Maribor.
(a new version of this presentation was uploaded on 2/07/2015 to include more data)
1. 1
How collaterals are dealt with in Germany
Operational Training Session (OTS) on
“Policies and Procedures for Collaterals”
Dieter Fleischer, Verband der Deutschen Bürgschaftsbanken (VDB)
Maribor, April 16th 2015
2. 2
Agenda
Characteristics of the German Guarantee Banks
Features of the offer
Collateral requirements
Collateral - procedure
3. 3
German Guarantee Banks – features of the offer
Non-profit and private self-help institution
Guarantee Banks are tax exempted due to their promotional mandate. Shareholders are all
major network partners in the economy: Chambers of Industry and Commerce, Chambers of
Craft Trades, trade and liberal profession associations, leading credit institutions / insurance
companies as well as the Banking Association. The Guarantee Banks operate in a
competitively neutral way.
Target group: founders of new businesses as well as small and medium-sized
enterprises (mainly on the basis of the EU definition: maximum of 250 employees,
maximum sales of EUR 50 million, maximum total assets of EUR 43 million)
Independent Guarantee Bank in each federal state
Counter guarantees granted by the federal government and the state of Baden-
Württemberg
4. 4
German Guarantee Banks – features of the offer
“House bank principle” is a basic requirement
Cooperation with all credit institutions (competitively neutral)
House bank has to bear at least 20 % of the risk
House bank must comply with the conditions and requirements of the Guarantee Bank
House bank enters into collateral agreements and administers the collateral
House bank has to manage the guaranteed loan and the accompanying collateral apart
from other businesses with the borrower
Changes in the credit relationship (house bank – customer) require approval of the
Guarantee Bank (maturities, release of collateral etc.)
5. 5
German Guarantee Banks – features of the offer
House bank has an obligation to provide periodic information (e.g.: outstanding
payments)
In the event of a default the house bank remains responsible for recovery
In the event of a default: house bank has the right to get a partial payment from the
Guarantee Bank (estimated default)
Default guaranties: House bank can only draw these down after the existing collateral
has been realised
6. 6
Process for granting loans – house bank principle
Company
Entrepreneur
House bank
Application
Guarantee Bank
Audit, possible discussions
Chambers, associations
Involvement
Guarantee document
Sent to the house bank
Implementation of the
financing with the company
7. 7
Why collateral?
For the borrower: In Germany collateral affects loan classification. In general, loan
classification is based on the financial condition of such entities as the borrower,
guarantor and collateral.
For the house bank: Collateral reduces the risk in case of default
For the Guarantee Bank: Reduction of risk and making sure, that house bank and
borrower do not shift all credit risks to the Guarantee Bank
8. 8
Collateral requirements
In principle, a guarantee is issued regardless of any collateral (however, the objective is
to obtain personal / business collateral where possible)
Only collateral relating to the specific project is generally available to the Guarantee Bank
(e.g. in the case of machinery financing: transfer of the machinery by way of security)
Personal liability is generally required (exceptions are possible)
Special collateral may not be provided for the non-guaranteed portion of the loan
Collateral applies to the guaranteed and non-guaranteed loans on a proportionate basis
If, at a later date, the house bank participates on additional collateral for the part of the
credit, which is not covered by the guarantee, she has to arrange with the borrower, that
this collateral shall be liable proportionately for the guaranteed part of the loan as well as
for the part not covered by the guarantee.
9. 9
Collateral requirements
Collateral may only be released or substituted with the consent of the Guarantee Bank
(no consent needed when cars or machinery are substituted when the value of the
collateral is not affected)
Collateral is valued very conservatively by Guarantee Bank
New: To simplify the house bank’s handling of collateral, the German Guarantee Banks
intend a marginal change of their general standard terms and conditions regarding the
duty of care of the house banks → the house bank is allowed to use the same degree of
care as it does in its own business (at present: higher degree of care required).
10. 10
Types of collateral
Property / assets Type of Collateral
Factory promises, residence Land charge
Machinery, vehicles Transfer by way of security / Chattel mortgage
Inventory, goods depot Transfer by way of security
Shop fittings Transfer by way of security
Customer claim / account receivable (Blanket) Assignment / cession
Third parties / other persons Guarantee
Life insurance Assignment / cession
Credit balance Seizure
11. 11
Collateral - procedure
Valuation of collateral
In determining the risk provision, collateral is valued in accordance with a defined
collateral valuation procedure (collateral catalogue). This valuation takes into account the
crucial commercial principle that the value of the collateral should be recoverable even in
the event of liquidation (principle of a loss-free valuation as defined in § 252 (2) no. 4 of
the German Commercial Code (HGB)).
12. 12
Collateral - procedure
Extract from the collateral catalogue
Collateral Valuation approach
Land charge:
- Factory promises
- Home / residence
60 %*
80 %*
Blanket assignment 10 % (basis: value from the last balance
sheet minus creditors)
Transfer of inventories by way of security 10 % (basis: value from the last balance
sheet minus creditors)
Transfer of business equipment and shop fittings by way of
security
10 % (basis: book value, if not older than 18
months, otherwise = 0)
Machines / vehicles (new purchases) 50 % of purchase price
Business equipment and shop fittings (new purchases) 20 % of purchase price
These valuation approaches are standard rates. Additional risks are taken into account on a
case-by-case basis and may result in a lower valuation.
* The basis for the valuation is the loan value determined by the house bank. The calculation of the loan value is identical for all types of
banks in Germany. But: each institution can determine the limit of this value as it pleases ( = the limit, up to which the house bank is
willing to encumber the collateral)