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Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA

Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA. Overview of the Czech leasing market: State of development Particularities Macroeconomic role Perspective. Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA. State of development phases of development volumes

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Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA

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  1. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA Overviewof the Czech leasing market: • State of development • Particularities • Macroeconomic role • Perspective International Forum Leasing in CEE Prague, 2 - 3 February 2012

  2. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA • State of development • phases of development • volumes • customers • commodities • consolidation • role of CLFA International Forum Leasing in CEE Prague, 2 - 3 February 2012

  3. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA Phases of development of leasing market • Start – up • purpose of leasing – full financing of lesse’s investment • full-payout leases • depreciation tax benefits • transfer of asset risks • absence of basic regulation of leasing Czech leasing market early nineties • Growing competition • differentiation in lease products • elaboration of service aspects of leasing • reducing cost of the lease • gradual introduction of leasing regulation Czech leasing market at the turn of the century International Forum Leasing in CEE Prague, 2 - 3 February 2012

  4. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA • Operating phase • stark contrast to medium-term loans • non full-payout leases • lessors assume a significant amount of residual asset risks • transfer of tax benefits to lessee • operating leases • leasing regulation elaborated Czech leasing market at present • Elaborated lease patterns • tailoring leases to specific needs of lessees • frequently large value contracts • inclusion of leasing in overall project financing packages • innovative arrangements for cheaper funding, security and equity stake in leasing Future of the Czech leasing market International Forum Leasing in CEE Prague, 2 - 3 February 2012

  5. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA * *2008 – change in taxation regime of leasing (longer terms of leasing, elimination of shorter depreciation in leasing) International Forum Leasing in CEE Prague, 2 - 3 February 2012

  6. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA International Forum Leasing in CEE Prague, 2 - 3 February 2012

  7. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA International Forum Leasing in CEE Prague, 2 - 3 February 2012

  8. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA Consolidation Share of leaders on the market: top three top fifteen 2000 44 % 87 % 2005 41 % 80 % 2010 29 % 83 % a really concentrated leasing market International Forum Leasing in CEE Prague, 2 - 3 February 2012

  9. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA Consolidation • 90 % of the volume of all assets on lease in books of 15 companies • 8 leaders (of top 15) – bank subsidiaries • 4 leaders (of top 15) – captives • mostly subsidiaries of pan-European banks/lessors International Forum Leasing in CEE Prague, 2 - 3 February 2012

  10. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA Czech Leasing and Finance Association • established 1991 • 59 members, out of it – 40 providers of leasing (2010) • aims: • efforts towards creation of economic and legal conditions conductive for leasing • coordination and promotion of common interests of members • activities: • dialogue with state authorities (lobbying) • cooperation with non-governmental interest groupings • dissemination of information on leasing • gathering and processing information for members (a fortnight bulletin, WEB) • analyses of selected problems of leasing (expert committees) • prevention of crime in leasing • ethical code of conduct • arbitration in leasing • leasing statistics • contacts with other leasing markets and/or associations (LEASEUROPE) • etc. International Forum Leasing in CEE Prague, 2 - 3 February 2012

  11. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA 2. Particularities No state (banking) supervision • liberal and flexible approach of state authorities toward leasing • non-deposit taking entities • no direct medium for implementing fiscal and monetary policy of the state (Central Bank) • hitherto no major problem in the leasing industry with macroeconomic consequences • conditions for establishing and operating a leasing company the same as for other ordinary commercial legal entities (entrepreneurial licence) • role of the market respected • self-regulation supported • elements of indirect regulation International Forum Leasing in CEE Prague, 2 - 3 February 2012

  12. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA • Particularities Level of regulation • no “leasing law” • civil law • no exact definition of financial leasing (innominate contract) • role of general contract terms • role of jurisprudence • public law • no exact definition of “financial institution” or “leasing company” • consolidated supervision of leasing subsidiaries within banking groups • elements of reporting to the Central Bank • money laundering • fair market competition • consumer protection • environmental protection • etc. International Forum Leasing in CEE Prague, 2 - 3 February 2012

  13. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA • Particularities Rising role of operating leases on equipment leasing 2000 3,5 % 2005 12 % 2010 25,8 % Diminishing role of property leases 2000 4,9 % 2005 11,2 % 2010 4,2 % International Forum Leasing in CEE Prague, 2 - 3 February 2012

  14. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA 2. Particularities Rising share of credits in portfolio of leasing companies International Forum Leasing in CEE Prague, 2 - 3 February 2012

  15. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA 3. Macroeconomic role • Contribution to forming and developing market economy • start-ups • SMES • restructuring of economy • innovations • support of sales • employment International Forum Leasing in CEE Prague, 2 - 3 February 2012

  16. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA 3. Macroeconomic role • since 1990 - sum of assets leased – 1,6 bl. CZK • contribution to GDP 2000 3,8 % 2007 3,7 % 2010 1,4 % • financing of one fourth of all investments in equipment • financing of new cars through leasing (14,6 % in 2010) International Forum Leasing in CEE Prague, 2 - 3 February 2012

  17. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA 4. Perspective a) Rating of the Czech Republic Moodys A 1 Standard & Poor´s A Fitch – IBCA A + International Forum Leasing in CEE Prague, 2 - 3 February 2012

  18. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA b) Economic data crutial for demand GDP 2010 + 2,3 % (3.521 mld. CZK) I/2011 + 2,8 % II/2011 + 2,2 % III/2011 + 1,2 % Investments in equipment 2008 + 5,5 % 2009 - 16,3 % 2010 - 3,2 % (377 mld. CZK) Industrial production 11/2011 + 5,4 % Construction 11/2011 - 2,3 % Retail sales 11/2011 +0,5 % International Forum Leasing in CEE Prague, 2 - 3 February 2012

  19. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA Other economic data crutial for demand Unemployment 12/2011 8,6 % Inflation 12/2011 2,4 % International Forum Leasing in CEE Prague, 2 - 3 February 2012

  20. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA c) Data reflecting quality of outstandings in leasing credits in default 11/2011 - non-financial enterprises 8,1 % - households 5,1 % insolvencies 2011 - entrepreneurial entities 2.413 (+ 49 %) - households 10.620 (+ 82 %) d) Economic data crutial for funding Repo rate by Central Bank 0,75 % (since 7th May 2010) International Forum Leasing in CEE Prague, 2 - 3 February 2012

  21. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA 4. Perspective Major challenges for leasing • major changes in direct taxation (2014) • new international accounting standard (2013 ?) • new Civil Code (2014) • Basel III (2012) International Forum Leasing in CEE Prague, 2 - 3 February 2012

  22. Country Focus - Czech RepublicMrs. Jirina TAPSIKOVA, CLFA 4. Perspective • a stable sector of financial market • a consolidated market • no major re-financial problems • elaborated level of risk management • rising role of sofisticated leasing products • rising role of credits in non-banking financial services • widening regulation • an ordinary European leasing market • rising volumes in future months International Forum Leasing in CEE Prague, 2 - 3 February 2012

  23. Thank you for attention International Forum Leasing in CEE Prague, 2 - 3 February 2012

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