Asset Securitisation In Deutschland
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Asset Securitisation In Deutschland
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Author : Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft,
language : de
Publisher: Vahlen
Release Date : 2013-02-08
Asset Securitisation In Deutschland written by Deloitte & Touche GmbH Wirtschaftsprüfungsgesellschaft, and has been published by Vahlen this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-02-08 with Fiction categories.
Höchste Fachkompetenz zum Thema Securitisation. Deloitte (Hrsg.), Asset Securitisation in Deutschland 4. Auflage. 2012. ISBN 978-3-8006-4498-8 Asset Securitisation Dieses Handbuch liefert Ihnen Antworten auf die wesentlichen, bei einer Securitisation auftretenden Praxisfragen. Neben einem Überblick über gängige Securitisation-Strukturen und die Marktentwicklung in Deutschland werden vor allem die Rechnungslegung nach HGB und IFRS aus der Perspektive sowohl des Originators als auch des Investors vorgestellt. Zudem wird auf Bewertungsfragen eingegangen. Den als Reaktion auf die Finanzmarktkrise deutlich verschärften aufsichtsrechtlichen Anforderungen an Verbriefungstransaktionen wird besonderer Raum gegeben. Abgerundet wird das Buch durch Beiträge, die sich mit steuerlichen Aspekten sowie rechtlichen Fragestellungen und deren Lösungsmöglichkeiten beschäftigen. Alles zu Asset Securitisation: * Der deutsche Verbriefungsmarkt – Strukturen und Entwicklungen * Die Bilanzierung von ABS-Transaktionen beim Veräußerer nach deutschem Handelsrecht * Die Bilanzierung von ABS-Transaktionen beim Originator/Veräußerer nach IFRS * Bilanzierung von Verbriefungen beim Investor nach IFRS 9 * Bewertung von ABS-Transaktionen * Aufsichtsrechtliche Behandlung von Verbriefungen * Steuerliche Aspekte bei Asset-Backed-Securities-Finanzierungen * Rechtliche Aspekte bei Verbriefungen in Deutschland
Asset Backed Securitization In Europe
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Author : Theodor Baums
language : en
Publisher: Springer
Release Date : 1996-08-06
Asset Backed Securitization In Europe written by Theodor Baums and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-08-06 with Business & Economics categories.
Asset securitization is a modern finance technique, originally developed in the USA and increasingly finding use in Europe. Asset Backed Securitization in Europe sets out the legal and regulatory framework and tax issues of asset securitization in Austria, Belgium, Denmark, Finland, France, Germany, Great Britain, Greece, Italy, The Netherlands, Norway, Spain, Sweden, and Switzerland. The book is unique in providing an in-depth coverage of the legislation in all European countries where asset securitization plays a role. As ABS transactions often have international aspects, The book will be a useful source of reference since it covers the most important jurisdictions in Europe.
True Sale Securitization In Germany And China
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Author : Shengzhe Wang
language : en
Publisher: diplom.de
Release Date : 2005-05-02
True Sale Securitization In Germany And China written by Shengzhe Wang and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-05-02 with Business & Economics categories.
Inhaltsangabe:Abstract: The Master thesis for LL.M. at Goethe university s ILF titled True Sale Securitization in Germany and China is a comparative study about true sale securitization. The initial reason for a comparative study was the similarity of banking centred financial systems in these two countries. Another reason is connected with the True Sale Initiative (TSI), a plan composed by major German banks aiming at improving their financial situation. German banks start to be plagued by the non-performing loans (NPLs) since 2001 due to mediocre performance of German corporations and depreciation of banks investment to the east part during 1990s. Facing the competitions from other countries and under pressures from the International Convergence of Capital Measurement and Capital Standards: a Revised Framework (Basel II) issued by the Basel Committee on Banking and Supervisory Practice (Basel Committee) at the Bank for International Settlements, the German banks employed the TSI as one part of the bigger financial reform to regain competition in Europe and worldwide. December 2004, the first true sale securitization was successfully constructed in Germany after German federal government changed some of its formerly unfriendly legal, taxation and accounting rules. The German experiences with TSI can shed some light into how China to develop its asset-backed securities (ABS) market in order to save its heavy NPLs-burdened banks and find alternative funds for its corporations. Although securitization might be a possible solution, the Chinese current legal system and market infrastructure prevents it from fully utilizing this modern financing technique. What China can learn from Germany s experiences is, that a special securitization law is preferred to amending each relevant laws and rules in order to get rid of legal barriers and contradictions for true sale securitizations. In addition, strong governmental supports will facilitate and accelerate the process of true sale securitization market development. The similarities between the German and Chinese financial system is the main incentive for this study. Both Germany and China have a financial system that is dominated by banks and at the same time features a weak capital market. Banks are the main external financing sources for domestic corporations. Furthermore, in both countries banks are suffering losses and carrying burden of non-performing loans (NPLs), due to the bad [...]
Asset Backed Securities Abs Analyse Von Asset Backed Securities
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Author : Ugur Ataman
language : de
Publisher: GRIN Verlag
Release Date : 2013-10-30
Asset Backed Securities Abs Analyse Von Asset Backed Securities written by Ugur Ataman and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-10-30 with Business & Economics categories.
Studienarbeit aus dem Jahr 2013 im Fachbereich BWL - Investition und Finanzierung, Note: 2, FOM Hochschule für Oekonomie & Management gemeinnützige GmbH, Düsseldorf früher Fachhochschule, Sprache: Deutsch, Abstract: Seminararbeit in Financial Management Asset Backed Securities (ABS): Analyse von Asset Backed Securities Dozent: Prof. Dr. Thomas Holtfort Verfasser: Ugur Ataman Eingereicht am: 15. Januar 2013 Abbildungsverzeichnis Abkürzungsverzeichnis 1 Einleitung 1.1 Problemstellung 1.2 Zielsetzung 1.3 Vorgehensweise 2 Grundlagen von ABS 2.1 Definition und Grundidee 2.2 Entstehung und Entwicklung 3 Analyse 3.1 Kategorisierung von ABS nach Asset-Klassen 3.2 Arten des Risikotransfers bei ABS-Transaktionen 3.3 Entwicklung der ABS-Transaktionen in Deutschland 3.4 Hauptbeteiligte bei einer ABS-Transaktion 3.5 Weitere Beteiligte bei einer ABS-Transaktion 3.6 Struktur und Ablauf einer ABS-Transaktion 4 Kritische Würdigung 4.1 Vorteile 4.2 Nachteile 5 Fazit 5.1 Zusammenfassung der Ergebnis 1 Einleitung 1.1 Problemstellung Im Vergleich zum Ausland existierte in Deutschland in der Vergangenheit eine enge Bindung der einzelnen Unternehmen an nur jeweils wenige Banken. Diese Bank, mit der ein Bankkunde den größten Teil seiner Finanzgeschäfte abschließt, wird als Hausbank¡ und die enge Beziehung als Hausbankprinzip (engl.: Relationship Banking) bezeichnet. Der Vorteil ist dabei, dass im Laufe der Zeit für die Bank die Informationsasymmetrien abgebaut werden und für das Unternehmen bessere Konditionen angeboten werden können. Doch durch das Hausbankprinzip gibt es einen starken Fokus auf die klassischen Bankkredite und die Unternehmen sind somit abhängig vom Finanzsektor. Als es mit dem Basel II Abkommen zu Beginn des Jahrtausends schwieriger wurde Bankkredite aufzunehmen, weil diese teurer wurden, ist die Bedeutung von klassischen Bankkrediten gesunken und die von Asset Backet Securities, oder abgekürzt ABS-Transaktionen gestiegen. Durch die in den letzten Jahren steigenden ABS-Transaktionen, hat sich die Finanzierungsform zu einem Bestandteil der modernen und innovativen Unternehmensfinanzierung entwickelt. Denn ABS eröffnet neue Perspektiven für die Finanzierung von Unternehmen und bietet ein starkes wirtschaftliches Wachstum. 1.2 Zielsetzung Ziel dieser Seminararbeit ist es ABS eingehend zu analysieren. Bei dieser Analyse wird auf die Unterteilung der ABS-Transaktionen, deren Entwicklung in Deutschland, dessen Struktur, die Beteiligten und deren Aufgabengestaltungen ein starker Fokus gelegt. Zudem wird auf die Vor- und Nachteile der Finanzierungsform eingegangen.
Asset Securitisation In Deutschland
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Author :
language : de
Publisher:
Release Date : 2008
Asset Securitisation In Deutschland written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with categories.
Asset Securitization In Europe
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Author : Theodor Baums
language : en
Publisher: Springer
Release Date : 1994
Asset Securitization In Europe written by Theodor Baums and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Law categories.
Formerly an exclusively US finance technique, asset securitization is gradually gaining ground in Europe. The extent to which this technique has been introduced and developed in European countries varies, depending on economic and legal or institutional factors. Asset securitization is defined as the process of transferring certain receivables, such as bank loans, credit cards, receivables, or trade receivables from their owner to a separate entity which in turn issues and sells such securities representing interests in such receivables. After a description of the term, The situation pertaining to a number of legal and regulatory issues in five European countries is depicted. Finally there are a few observations of a more general nature which conclude this twentieth edition of Forum Internationale.
Asset Securitisation In Deutschland
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Author : M. Göttgens
language : de
Publisher:
Release Date : 1999
Asset Securitisation In Deutschland written by M. Göttgens and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
The book gives an overview of the market, structure and process of securitisation transactions as well as an introduction to German and international regulations. It is based on experiences in due diligence, legal and economical structuring, tax and accounting opinion, cash flow modelling and trustee services.
Commercial Mortgage Backed Securities
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Author : Jan Schimmel
language : en
Publisher: diplom.de
Release Date : 2004-05-12
Commercial Mortgage Backed Securities written by Jan Schimmel and has been published by diplom.de this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004-05-12 with Business & Economics categories.
Inhaltsangabe:Abstract: The securitisation of loans, backed by mortgage liens, has an impressive tradition. The technique was established 234 years ago, in line with the development of the German Pfandbrief . Compared to Germany, the US market has dealt with the securitisation of mortgage loans and the issuance of Mortgage-Backed Securities (MBS) since the 1970 ́s. Based on the success of MBS, non-mortgage assets were used for securitisation purposes, resulting in a market for Asset-Backed Securities (ABS). In 2003, the US market issued a total volume of 494 $ billion Asset-Backed Securities, whereas the amount of European issuances increased from 80 billion in 2000 to approximately 190 billion in 2003. Today, the US securitisation market accounts for 80% of the global ABS market, whereas Europe has a global market share of 10%. Within the European market, the United Kingdom is the biggest player, generating a market share of 41%. Germany, as being the largest European provider of corporate, retail and building loans, remains with a global market share of 1% and a European market share of 3%, far below its possibilities. Even though the underlying survey shows that 71% of the interviewed companies believe in a subordinated role of Commercial Mortgage-Backed Securities (CMBS) , the relevance of MBS for the European market is underlined by a differentiation of ABS asset classes. MBS, divided into Residential Mortgage-Backed Securities (RMBS), with a market share of 59%, and Commercial Mortgage-Backed Securities, with a market share of 6%, constitute the most important ABS type. In Germany, an analysis of the potential for true sale securitisations is reasonable. Only one quarter (237 billion) of all German mortgage loan portfolios is funded through the utilisation of Pfandbriefe. As a consequence the volume for securitisations amounts to approximately 750 billion. Additionally, mortgage banks have funded 61% of their portfolios by issuing Pfandbriefe, whereas the remaining was generated through uncovered instruments. As a result, they will be increased engagements in MBS and CMBS transactions. Currently, however, the financial sector and especially credit institutions reside in a reorientation phase. Eminently exposed to a highly competitive market, with increasing costs and declining margins, is the credit business. Here, a major problem occurs. During the past decades, credit institutions were engaged in a low margin-competition [...]
Asset Securitisation In Deutschland
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Author :
language : de
Publisher:
Release Date : 2004
Asset Securitisation In Deutschland written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with categories.
Asset Backed Securities A Solution For Financial Management In International Corporates
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Author : Gina Slabke
language : en
Publisher: GRIN Verlag
Release Date : 2008-02-08
Asset Backed Securities A Solution For Financial Management In International Corporates written by Gina Slabke and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-02-08 with Business & Economics categories.
Seminar paper from the year 2007 in the subject Business economics - Investment and Finance, grade: 1,5, Berlin School of Economics, course: Global Finance, language: English, abstract: Almost all companies do have an effective portfolio management nowa-days. Nevertheless, it is not unusual for companies to have very high values in receivables. Especially for companies with a turnover of more than 100 million EUR, the receivables grow to a value of 10 million EUR or more. This capital is usually unavailable for the company and may become available using Asset Securitisation to refinance the receivables. Nowadays, Securization is exercised in many branches, but the focus of this paper should be on ABS-projects with banks. The influence of Basel II on the behaviour of credit institutions further reinforces the importance of Asset Securitisation as a tool for companies to improve capital costs and the balance sheet rations. This again has implications for the rating of enterprises. Due to the growing interest in Asset Securitisation, a lot of research has been done by the European financial institutions. ABS might be designed in many different variants. To consider all of them, a realistic volume of this work would be exceeded. Target of this paper is to give an overview about the function of ABS and the affiliated possibilities and chances to use them in practice. In the first part of this paper, the question of definition and of the basic structure of Asset Backed Securities will be examined. Furthermore, the requirements for an Asset Securitisation in respect to the portfolio of as-sets will be explained. The second part is concerned with a detailed outline of the two groups of ABS, namely True Sale and Synthetic Sale and the allied key role of the KfW. Thereby, the questions of adding value and benefits for the differ-ent participants within structured finance transactions are examined. In the third part, general facts and figures as well as the advantages and disadvantages from the bank’s perspective are regarded. Finally, our conclusion informes about the current situation of the Euro-pean market for securization and ABS and its propable development as a modern financing insrument, especially for banks, in the future.
