Naslov
Securitization in Croatia: Why and How?

Autori
Božina, Marta ; Štajfer, Josip

Vrsta, podvrsta i kategorija rada
Radovi u zbornicima skupova, cjeloviti rad (in extenso), znanstveni

Skup
The Global Business, Economics and Finance Research Conference

Mjesto i datum
London, Ujedinjeno Kraljevstvo, 05.07.2008. - 08.07.2008

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
securitization ; SPV ; regulation

Sažetak
Securitisation is a technique firms use to raise financing. In securitisation transactions financiers purchase securities payable from collections on a firm’s receivables. The goal of securitisation is to obtain low cost capital market funding by separating all or portion of an originator’s receivables from the risks associated with the originator. Securitisation is very complex and is rarely costless so securitisation transactions must offer benefits that simpler financing techniques do not. Securitisation has many benefits for the participants. It offers benefits to issuing institutions, investment banks, guarantors of credit risk, borrowers and to investors. It increases the origination capacity of banks. It is an efficient method to create liquidity in the banking system. It reduces risk and capital requirements for the banks. Investors gain access to wide class of liquid instruments of varying risk return characteristics. It leads to lower interest rates for borrowers. Croatia is about to bring its Securitisation Act which should make securitisation in Croatia possible. All the types of financial assets that have customarily been securitised in other countries should be eligible for securitisation in Croatia using the assignment of future receivables. The assets must be transferred in the form of a “true sale” for accounting and bankruptcy reasons. The transfer has to be made to the bankruptcy remote SPV. The term “securitisation” first appeared in a “Heard on the Street” column of the Wall Street Journal in 1977 (Ranieri, 2000). Securitisation is a technique firms use to raise financing. In securitisation transactions financiers purchase securities payable from collections on a firm’s receivables.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA