A study of financial NPA with securitization

• Main Authors: Hsiang-Chun Chung, 鍾湘君
• Other Authors: Jerry G.. Fong
• Format: Others
• Language: zh-TW
• Published: 2005
• Online Access: http://ndltd.ncl.edu.tw/handle/53861051807329736128

碩士 === 中原大學 === 財經法律研究所 === 93 === Abstract With the advent of the era of globalization, domestic financial markets are facing an unprecedented challenge, is bound by international banks, information technology, large-scale direction. But the rapidly changing financial environment, industrial restructuring, excessive competition among banks, and other factors, Taiwan's bad loan problem at all inter-bank deposit, consumption weak banks competitiveness. While other countries, since the beginning of the 1980's, whether developed or developing countries, have for the serious problem of non-performing assets of banks by the hardship and 1997 Asian financial crisis highlighted the seriousness of the problem more actively seek a solution to the non-performing assets, all financial institutions is an important subject. Taiwan's general handling non-performing loans of financial institutions as the main form their own dunning, sale, or auction of bad assets sold to asset management companies. The Bank of the problem, the Government set up to resolve the financial reconstruction fund. However, since 1977, the first asset securitization transactions in the United States, Europe and the United States to the rapid development of the securities processing assets, and in resolving the application of non-performing assets. After the Asian financial crisis, countries such as Japan, South Korea, Thailand, Malaysia also learning this innovative financial instruments, let non-performing assets to be effectively resolved. Do we have the ability to handle non-performing assets of the securities it？ To find a way different from the traditional approach, this is the motivation of the study. This thesis described in the non-performing assets to financial assets are limited, does not include enterprises of the non-performing assets. So first study non-performing financial assets of the causes and treatment of channels, and the financial reconstruction fund to absorb bad debts of the appropriate way; like to deal with non-performing asset securitization of financial assets, in the new Basel Capital Accord should be under the framework, and on NPL(Non-performing Loans) securitization of the process: originator to be able to generate cash flow of assets to the pooling, packaging for small form of securities, special purpose vehicle( SPV), trustee , servicer, enhance the credit agencies, credit rating agencies involved in the role , and the last person to investment sales process. This process so that originator need not wait for the founding of the settlement of claims to that in the recovery of funds, improve the assets and liabilities, raising equity capital ratio and increase the liquidity of assets. Further analysis of the United States, Japan and South Korea to NPL securitization approach in handling non-performing assets of the success stories of the securities has become the international community to resolve non-performing assets generally an effective way to understand its logic and the rule of law operation, to learn advantages to construct Taiwan's non-performing financial assets should be the model. This collection of papers and relevant case law, a comparative study, learn from the experience of other countries, so as to shorten our learning curve. After suggestions: Government's handling of Taiwan's financial system of non-performing loans, should avoid direct subsidies to individual banks, so as to avoid unfair situation and the consequences of moral hazard. Of the Taiwan Asset Management Company (TAMCO) and financial reconstruction fund (RTC) a combination of both, by TAMCO implementation of the securities, while the RTC played the national government credit guarantee mechanism and enhance the role. In addition, South Korea could also make reference to the redemption mechanism, when the assets of the group in the collapse of the case, the original sale of the financial institutions make up for losses on a certain percentage, to induce investors interest and confidence, for effective solution in non-performing assets. Hope that this thesis can be as non-performing assets in Taiwan to solve the financial problems of reference.