Pooling järjestely autorahoituksessa

Pro Gradu -tutkielman tavoitteena on luoda uusien autojen kohdevakuudelliseen osamaksukauppaan pooling järjestely, joka mahdollistaisi aiempaa useammalle hakijalle myönteisen luottopäätöksen. Tutkielma tehdään autoliikkeen näkökul-masta. Työn teoriaosuus tutustuu vastaavien järjestelyjen hyödyntämiseen muun muassa vakuutusalalla ja toimitusketjun hallinnassa. Kerättyjen havaintojen avulla muodostetaan viitekehys autokauppaan soveltuvalle järjestelylle. Empiirisessä osuudessa muodostettua pooling järjestelyä testataan yksittäisen rahoitettavan auton case mallin avulla. Lisäksi järjestelyn potentiaalia arvioidaan eri näkökulmista. Saavutettujen tulosten perusteella voidaan todeta, että malli voi olla autoliikkeelle taloudellisesti kannattava ja antaa aihetta jatkotutkimukselle.

Asset-backed securities: The key to unlocking Europe's credit markets? Bruegel Policy Contribution 2014/07, 24 July 2014

The European market for asset-backed securities (ABS) has all but closed for business since the start of the economic and financial crisis. ABS (see Box 1) were in fact the first financial assets hit at the onset of the crisis in 2008. The subprime mortgage meltdown caused a deterioration in the quality of collateral in the ABS market in the United States, which in turn dried up overall liquidity because ABS AAA notes were popular collateral for inter-bank lending. The lack of demand for these products, together with the Great Recession in 2009, had a considerable negative impact on the European ABS market. The post-crisis regulatory environment has further undermined the market. The practice of slicing and dicing of loans into ABS packages was blamed for starting and spreading the crisis through the global financial system. Regulation in the post-crisis context has thus been relatively unfavourable to these types of instruments, with heightened capital requirements now necessary for the issuance of new ABS products. And yet policymakers have recently underlined the need to revitalise the ABS market as a tool to improve credit market conditions in the euro area and to enhance transmission of monetary policy. In particular, the European Central Bank and the Bank of England have jointly emphasised that: “a market for prudently designed ABS has the potential to improve the efficiency of resource allocation in the economy and to allow for better risk sharing... by transforming relatively illiquid assets into more liquid securities. These can then be sold to investors thereby allowing originators to obtain funding and, potentially, transfer part of the underlying risk, while investors in such securities can diversify their portfolios... . This can lead to lower costs of capital, higher economic growth and a broader distribution of risk” (ECB and Bank of England, 2014a). In addition, consideration has started to be given to the extent to which ABS products could become the target of explicit monetary policy operations, a line of action proposed by Claeys et al (2014). The ECB has officially announced the start of preparatory work related to possible outright purchases of selected ABS1. In this paper we discuss how a revamped market for corporate loans securitised via ABS products, and how use of ABS as a monetary policy instrument, can indeed play a role in revitalising Europe’s credit market. However, before using this instrument a number of issues should be addressed: First, the European ABS market has significantly contracted since the crisis. Hence it needs to be revamped through appropriate regulation if securitisation is to play a role in improving the efficiency of resource allocation in the economy. Second, even assuming that this market can expand again, the European ABS market is heterogeneous: lending criteria are different in different countries and banking institutions and the rating methodologies to assess the quality of the borrowers have to take these differences into account. One further element of differentiation is default law, which is specific to national jurisdictions in the euro area. Therefore, the pool of loans will not only be different in terms of the macro risks related to each country of origination (which is a ‘positive’ idiosyncratic risk, because it enables a portfolio manager to differentiate), but also in terms of the normative side, in case of default. The latter introduces uncertainties and inefficiencies in the ABS market that could create arbitrage opportunities. It is also unclear to what extent a direct purchase of these securities by the ECB might have an impact on the credit market. This will depend on, for example, the type of securities targeted in terms of the underlying assets that would be considered as eligible for inclusion (such as loans to small and medium-sized companies, car loans, leases, residential and commercial mortgages). The timing of a possible move by the ECB is also an issue; immediate action would take place in the context of relatively limited market volumes, while if the ECB waits, it might have access to a larger market, provided steps are taken in the next few months to revamp the market. We start by discussing the first of these issues – the size of the EU ABS market. We estimate how much this market could be worth if some specific measures are implemented. We then discuss the different options available to the ECB should they decide to intervene in the EU ABS market. We include a preliminary list of regulatory steps that could be taken to homogenise asset-backed securities in the euro area. We conclude with our recommended course of action.

Introduction to the US Definition of Asset-Backed Securities

This chapter examines the definition of asset-backed securities under US securities regulations as of August 2014, together with relevant case law prior to and from 2009 edition of this work.

Introduction to EU Asset Backed Securities Disclosures

This chapter examines the definition of asset-backed securities under EU Disclosure regulations and directives as of August 2014, together with relevant case law prior to and from 2009 edition of this work.

EU Asset Backed Securities, Compliance Checklist

This chapter examines the particularities of EU asset-backed securities in terms of the disclosure regimes provided by the EU Disclosure regulations and directives as of August 2014.

US Asset Backed Securities – Risk Symmetric Disclosures

This chapter examines disclosures of US asset-backed securities in terms of information asymmetry theory and risk symmetry.

US Asset-Backed Securities – Regulatory Reform, Dodd-Frank and Final Rules

This chapter examines the new rules proposed under regulatory reform since the credit crisis of 2008-09, including the major proposals of the Dodd-Frank Act of 2010 and some of the Final Rules thereto.

Systematic and liquidity risk in sub-prime mortgage-backed assets

The mis-evaluation of risk in securitized financial products is central to understanding the global financial crisis. This paper characterizes the evolution of risk factors affecting collateralized debt obligations (CDOs) based on subprime mortgages. A key feature of subprime mortgage-backed indices is that they are distinct in their vintage of issuance. Using a latent factor framework that incorporates this vintage effect, we show the increasing importance of common factors on more senior tranches during the crisis. An innovation of the paper is that we use the unbalanced panel structure of the data to identify the vintage, credit, common and idiosyncratic effects from a state-space specification.

Secondary market for commercial business loans : hearing before the Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, first session, March 9, 1993.

Mode of access: Internet.

Secondary market for commercial business loans : hearing before the Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, first session, April 21, 1993.

Mode of access: Internet.

Secondary market for commercial business loans : hearing before the Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, first session, February 16, 1993.

Mode of access: Internet.

H.R. 2600, the Business, Commercial, and Community Development Secondary Market Development Act : hearing before the Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, first session, October 7, 1993.

Mode of access: Internet.

H.R. 2600, the Business, Commercial, and Community Development Secondary Market Development Act : hearing before the Subcommittee on Economic Growth and Credit Formation of the Committee on Banking, Finance, and Urban Affairs, House of Representatives, One Hundred Third Congress, first session, September 23, 1993.

Mode of access: Internet.