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Collateral Evaluation and Credit Risk Management 抵押品评估与信用风险管理. Contents 目录. 1. Why is Collateral Evaluation Important? 为什么抵押品评估重要 2. Types of Collateral and Regulatory Pitfalls 抵押品种类和法规缺陷 3. Evaluation of Collateral (Real Estate) 抵押品评估(房产)

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collateral evaluation and credit risk management

Collateral Evaluation and Credit Risk Management抵押品评估与信用风险管理

contents
Contents目录

1. Why is Collateral Evaluation Important? 为什么抵押品评估重要

2. Types of Collateral and Regulatory Pitfalls 抵押品种类和法规缺陷

3. Evaluation of Collateral (Real Estate) 抵押品评估(房产)

4. Evaluation of Collateral (Other Assets) 抵押品评估(其他资产)

5. Protection of Collateral 抵押品保护

Creation of Security Interest 担保利益的创立

Perfection of Security Interest 担保利益的完善

6. Collateral Management 抵押品管理

Collateral Management for Credit Risk Management 信用风险管理中的抵押品管理

Safeguarding the Enforcement 维护强制执行

7. Enforcement of Collateral 抵押品的强制执行

8. Extinguishing Security Interest in Collateral 抵押品利益的终止

why is collateral evaluation important

Why is Collateral Evaluation Important?为什么抵押品评估很重要?

why is collateral evaluation important4
Why is Collateral Evaluation Important?为什么抵押品评估很重要?
  • The more accurate the evaluation, the more enhanced credit risk management in place. 对抵押品的评估越是准确,信贷风险的管理的准确性就越高
  • Large actual loan loss exceeding the estimated LGD could lead to a serious depletion of bank’s equity capital. 实际贷款损失如果大大超过预计的违约损失率会导致银行的自有资本严重损耗。

Value Added价值增加

By reducing loss

given default, the

bank can reduce

the margin without

reducing value added. 通过降低违约损失,银行可以降低

利润而不降低价值增加部分。

Expected Loss (PD × LGD) 预计损失

MARGIN利润

Unexpected Loss非预期损失 (Required Return ×

Allocated Economic Capital)

价格PRICE

Operating Cost运营成本

EL: Expected Loss预计损失

PD: Probability of Default违约概率

LGD: Loss Given Default违约损失率

UL: Unexpected Loss非预期损失

Funding Cost资金成本

why is collateral evaluation important5
Why is Collateral Evaluation Important?为什么抵押品评估很重要
  • LGD is estimated from default-weighted average loss rate during a certain time period. 违约损失率可以通过一段时间内的加权平均违约损失率估计出来
  • Loss rate is given by: 损失率计算方法
  • To reduce average loss rate, banks need to collect on the default exposure as much as and as fast as possible.为了降低平均损失率,银行应该尽快收回尽量多的资产。
  • If a bank does not properly estimate collateral values, the collection upon default would become smaller and take a longer period of time, leading to a depletion of capital and lower profits.如果银行不能准确估计抵押品价值,违约后能够收回的价值就降低了,所需要的时间也更长,导致资本损耗了利润降低。

PV at the default date of recoveries+ PV of costs associated with collecting

回收物在违约日的现值+会收的相关成本的现值

1 -

EAD (Exposure at default)违约风险暴露

PV: Present value现值

Wrong

Collateral

Evaluation

错误的抵押品评估

Higher

Wright-offs

更高的坏帐核销

Capital Waste

资本浪费

Higher LGD

Estimation

增高违约损失率

Higher

Provision

更高的坏账损失

Lower Profits

利润更低

role of collateral in financial intermediation i i
Role of Collateral in Financial Intermediation I抵押品在金融中介活动中的作用 I
  • Collateral stabilizes financial intermediation抵押品稳定金融中介活动
    • Collateral better aligns interests of the lender and borrower because:抵押品更好的使出借方和借用方的利益达成一致
      • The lender can maximize the safety of repayment出借方可以使收回借款的可能性最大化
      • The borrower will minimize the risk taking借用方可以使承担的风险最小化
    • Without collateral如果没有抵押品:
      • The lender will solely rely on borrower’s cash-flow generated by the project (business) for the repayment.出借方只能依靠借用方项目(营业)产生的现金流来偿债
      • The borrower tends to take more risks in the project (business), which may cause instability in generating cash-flow.借用方会承担项目(营业)更大的风险,这会导致无法生产足够的现金流
      • There will be more vulnerable banks and more risky businesses in the economy, otherwise, resulting in shallow financial intermediation.经济环境中会产生更危险的银行和更有风险的行业,这样也会缩减金融中介活动。
role of collateral in financial intermediation ii ii
Role of Collateral in Financial Intermediation II抵押品在金融中介活动中的作用 II
  • Lender 出借方(specifically)
    • Encourage willingness of payment to reduce PL.鼓励出借方进行借款降低损失
    • Substitute the repayments to reduce LGD.代替还款降低违约损失率
    • Protects against borrower’s over-borrowing.保护出借方不至于过度借债
  • Borrower 借用方(specifically)
    • Access to credit: let borrowers monetize their illiquid assets to raise funds获得融资:借用方可以抵押他们的非现金资产来获取资金
    • Cost of Credit: potentially reduce funding costs for the lower EL calculated by the lender融资成本:潜在的降低了融资成本,因为出借方计算出的预计损失较低
    • Overcoming asymmetric information problems: access to funds even in a financially difficult time, or even without audited financial reports解决了信息不对称问题:即是财务困难时期,或者没有审计后的财务报表,也可以获得融资

EL: Expected Loss 预计损失

PD: Probability of Default 违约概率

LGD: Loss Given Default 违约损失率

UL: Unexpected Loss 非预期损失

2 types of collateral and regulatory pitfalls

2. Types of Collateral and Regulatory Pitfalls抵押品种类和法规缺陷

what is collateral
What is Collateral?什么是抵押品
  • Under modern collateral law systems, collateral can be any asset which produces future cash flow directly or indirectly, and can be created by any lender and borrower, in any present or future assets and in all transactions, to substitute payments for a part or the entire outstanding debt upon default. 在现代担保法体系中,抵押品可以是任何直接或间接产生现金流的资产,也可以是由任何出借方和借用方创造出来的,在违约时用现有或将来的资产以及交易中代替偿还部分或全部借款
  • Under unreformed collateral law systems, there would be various constraints on asset types eligible for collateral, on persons or legal persons qualified to collateral agreements, or on the enforceability of some collateral, due to the lack of efficacy and integrity of the system. 在创新性的担保法体系中,由于系统缺乏有效性和不统一,其中有很多对抵押品资产形式,可以签署担保合同的个人和法人,或者是对抵押品的强制性实权的限制条件
collateral laws and collateral types
Collateral Law担保法

Independent and comprehensive “collateral law” is rare: generally collateral law is a system which is constituted by several relevant laws and regulations.独立和综合的担保法很少见:通常担保法由一些相关法律和法规组成

Extent of collateral抵押品范围

After-acquired property事后取得的财产

Proceeds收益

Supporting obligation相关义务

Unmovable Collateral不动抵押物

Real Property: Land and Building房地产:土地和建筑物

Plant and Equipment车间和设备

Natural Reserves自然资源

Timber to be cut待采伐的木材

Goods物品

Consumer goods消费品

Farm products农产品

Inventory存货

Equipment设备

Fixtures固定设备

Accessions添加物

Intangibles无形资产

Negotiable instrument流通票据

Document of title物权凭证

Investment property投资财产

Account (book debt)应收款

General Intangibles一般无形资产

Other kinds of collateral其他抵押品

Deposit accounts存款帐户

Life insurance policy/health-care insurance receivable人生保险/应收健康保险金

Collateral Laws and Collateral Types担保法和抵押品种类

Source: Collateral, Collateral Law and Collateral Substitutes, B. Balkenhol and H. Schutte,

Social Finance Programme, Working Paper No. 26, p17来源:抵押品,担保法和担保替代品

3 evaluation of collateral real estate

3. Evaluation of Collateral(Real Estate)抵押品评估(不动产)

principles of collateral evaluation
Principles of Collateral Evaluation抵押品评估原则
  • Collateral evaluation is not to find an accurate, unique price, but to find a price and logic which are realistic, practical, and acceptable by ordinary market participants. 抵押品评估并不是为了寻找一种精确的,唯一的价格,而是找到一个合理的、实际的、能够被普通的市场参与者接受的价格和方法。
  • Evaluate collateral on the basis of the market value rather than book value. 抵押品的评估是依据市场价值而非帐面价值
  • Apply the most conservative evaluation method. 采取最保守的评估方法
  • If possible, collateral property should be located within a distance bank officers can take frequent visits. 如果可能,担保资产应该放在银行人员可以经常看得到的地方
  • Watch the market price if it’s rising fast: a price bubble may be developing. 如果市场价格增长很快,那么小心市场价格,可能存在价格泡沫。
basics of land collateral evaluation
Basics of Land Collateral Evaluation土地抵押品评估基础
  • Step 1: Estimate a price par square meter/feet either by:估计每平方米/英尺价格方法:

(1)The sales comparison approach 市场比较法

(2) The income capitalization approach (mainly for lease properties)

收益还原法(主要用于出租场地)

(3) The cost approach (in case of houses and buildings) 成本法(用于房屋和建筑物)

  • Step 2: Adjust the price by factors unique to the real estate 用房地产业独有的因素来调节价格

(1) Usage of the property房地产的用途

(2) Trends of real estate price房地产价格趋势

(3) Conditions of the property/nature of the surrounding area房地产的环境/附近地区的自然状况

(4) Legal issues法律问题

sales comparison approach
Sales Comparison Approach市场比较法
  • If recent transactions or sells prices for the similar real estate are available in the city, town or village, the sales comparison approach provides good estimates.如果可以获得所在城市、城镇或乡村最近同类房地产的交易或销售价格,那么市场比较法可以提供很好的预测。

Price B (2,450$/m²)

30m

Unadjusted estimated Price E ($/m²)?

调整前价格

Weighted-average

of A and B (Price D)

A和B的加权平均价格

50m

Price C (1,900$/m²)

150m

70m

Note: Each price points should not be

separated by a major street or river,

which affect the price differences

注:每个价格点不能被主要街道或河流分割,这会影响价格

Price A (2,000$/m²)

sales comparison approach example
Sales Comparison Approach: Example 市场比较法:举例
  • Evaluate the land price E.估计土地E价格
  • Three recent real estate transactions around E.最近E的附近有三个交易
    • A: $2,000, B: $2,450, and C: $1,900
  • On the map, locate price D between A and B在地图上找到A和B之间的价格D
  • Distances between these points are:这些地点的距离
    • A-D: 70m, D-B: 30m, D-E: 50m, and C-E 150m.
  • Then dollar price par square meter of E will be: E的每平方米价格是

(Price A × 30) + (Price B × 70)

Price D =

= 2,315 ($/m²)

70 + 30

(Price D × 150) + (Price C × 50)

Price E =

= 2,211 ($/m²)

50 + 150

income capitalization i
Income Capitalization收益还原法 I
  • Find a geographically weighted-average rent price per unit of land in the same way before. 和市场比较法一样,找到每单位土地的加权平均出租价格

Rent price B (320$/month)

15m

Estimated rent price E估计E出租价($/month?)

Weighted-average

of A and B (price D)

A和B加权平均价格

10m

Rent price C (360$/month)

40m

30m

Note: Each price points should not be

separated by a major street or river,

which affect the price differences

每个价格不能被主要街道或河流分割,这会影响价格

Rent price A (350$/month)

income capitalization ii
Income Capitalization II收益还原法
  • Calculate the present value of the rent income for the certain future period.计算将来一短时间内的租金收入的现值
  • Income capitalization approach using rents may be used in a situation where a loan officer knows the property concerned has a certain value for the market, but there is no way to reasonably estimate and explain the value due to the lack of transaction.使用收益还原法时,贷款主管知道土地的市场价格,不过如果没有类似交易的时候,就没有办法合理估计和解释价值了。
    • The estimated value may be much lower than a potential market value (additional margin for valuation uncertainty).估计的价值可能远低于潜在的市场价格(由于价格的不确定性而需要附加利差)
    • It depends on bank’s loan policy, but time horizon should be limited to 10 to 12 years. 这取决于银行的贷款政策,不过一般的时间跨度应该在10-12年以内

Annual rent – (maintenance cost + property taxes)

年租金-(维护成本+房产税)

PV= Σ

( 1 + r )

n

PV: Present value现值

income capitalization approach example
Income Capitalization Approach: Example收益还原法:举例
  • Evaluate the land price E.估计土地E的价格
  • Monthly rents of the three leasing properties are三个出租场地的月租金分别为: A: $350, B: $320, and C: $360
  • Distances between these properties areE到这三个场地的距离分别是: A-D: 30m, D-B: 15m, D-E: 10m, and C-E 40m.
  • Using the above information, estimated rent price E will be使用上述信息,估计E的出租价格是:
  • Assume the annual maintenance cost including property taxes is $300, interest rate is 8%, and you calculate up to 10 years, then estimated collateral value is: 假设包括房产税的年维护成本是$300,利率*%,计算10年的估计担保价值是

(Price A × 15) + (Price B × 30)

Rent D =

= 330 ($/month)

30 + 15

(Price D × 40) + (Price C × 10)

Rent E =

= 336 ($/month)

10 + 40

10

Annual rent年租金 (336×12)–(maintenance cost维护成本 300)

PV = Σ

( 1+0.08 )

t

t=1

= 25,042 ($)

PV: Present value现值

income capitalization approach iii
Income Capitalization Approach III收益还原法
  • Basic concept of the capitalization rate收益还原法的基本概念
    • “The capitalization rate itself is a function of the investor’s desired return and a combination of the costs of debt and equity employed in making the investment.” (Bower 2001)还原率是投资者希望获得的收益率,和借款和股权投资的成本。
  • Factors affecting investors’ desired return on real estates影响投资者对房地产期望收益的因素
    • Culture, economic trends, other investment property type, other investment opportunities, etc.文化、经济趋势,其他投资财产,其他投资机会等
  • In practice在实践中
    • The most simplified way is to use available loan interest rates for such an investment as a capitalization rate.最简单的方法是使用类似投资的借款利率作为还原率
    • When interest rates are used as a capitalization rate, loan officers must be aware that the interest rate does not include necessary returns for taking risks inherent to the investment, hence, the outcome overvalues the real estate.如果利率为用作还原率,借款主管必须知道利率中没有包括这项投资所承担风险所对应的回报,计算结果会高估价值。

Source: Understanding real estate values in a rising market—Brief Article, Gerald A. Bower, 2001

http://findarticles.com/p/articles/mi_m3601/is_29_47/ai_71565185

price adjustment i
Price Adjustment I价格调整
  • Usage of the property房产用途
    • Own-use residential property自用住宅
      • Most useful 最有用的
    • Own-use farm and forest land/factory and warehouse自用农场和林地/工厂和仓库
      • The income capitalization approach收入还原法
    • Residential/business property for lease出租用住宅/商用房产物业
      • Income capitalization approach收入还原法
      • Rent prices in the neighborhood附近社区的出租价格
      • Future occupancy rate estimation未来占用率预计
      • Residential leasing property and business leasing property出租住宅物业和商用出租物业
    • For sale出售
      • Speculative in nature投机性
price adjustment ii
Price Adjustment II价格调整
  • Trends of real estate price房地产价格趋势
    • Sales and transaction prices销售和交易价格
    • Information from neighbors邻近地区的信息
    • Information from experts, brokers, sales registries, and mortgage registries专家,经纪人,销售登记和抵押登记机构的信息
    • Income level of the area该地区的收入水平
    • Demand and supply conditions of the market市场的供求情况
    • Published land prices and tax rates公布的土地价格和税率
    • Regional development plan地区发展计划
    • Availability of mortgage loan/foreign land ownership是否存在抵押借款和外国土地所有权
price adjustment iii
Price Adjustment III价格调整
  • Conditions of the property/nature of the surrounding area周边地区的房产/自然情况
    • Geographic conditions, such as, close to the coast, river, cliffs, or located on tilted land, in a dip, on the weak stratum 地理情况,例如,靠近海滩,河流,悬崖或者位于倾斜的土地上,地层不牢固。
    • Size of the real estate房地产的规模
    • Shape of the real estate房地产的形状
    • Location of the real estate in the block房地产在街区的具体位置
    • Accessibility to the public roads是否可以方便地到达公共道路
    • Accessibility to public and commercial facilities是否可以方便的到达公共和商业设施
    • Existence of unfavorable facilities是否存在不良设施
    • Municipal services available是否有市政服务
price adjustment iv
Price Adjustment IV价格调整
  • Legal issues法律问题
    • Easements: restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, or other items of a similar nature.地役权:限制,妨碍,租赁,保留,限制性条款,合同申明,特别估价,法令或者其他类似性质
    • “Eminent domain”: in common law countries, the government may have the rights to buy real property without the owner’s consent for the purposes of public usage, such as public utilities, highway, airport, and railroads.征用权:在普通法系国家,政府有权力不经过所有者的同意购买房地产用于公共用途,例如公共设施,高速公路,机场和铁路。
    • Legitimacy of buildings (illegal construction/usage)建筑物的合法性(非法建筑/使用)
  • What are the most major methods to evaluate real estate collateral in your country?你们国家最主要的房产抵押评估方法是什么?

Note: When the above legal issues are involved, the price of the property could

drop substantially. 注意:当涉及到以上法律问题时,房地产的价格可能会大幅降低

4 evaluation of collateral other assets

4. Evaluation of Collateral(Other Assets)抵押品评估(其他资产)

collateral evaluation i
Collateral Evaluation I抵押品评估
  • Farm Product/Inventory农产品/存货
    • Market price basis依据市场价格
    • Interview with major buyers采访主要买家
    • Market liquidity市场流动性
    • Market size市场规模
    • Market volatility市场波动幅度
    • Perishable products容易腐烂变质的产品
    • Dealer listings, market sales reports经销商清单,市场销售报告
    • Location of the storage存储场地
collateral evaluation ii
Collateral Evaluation II抵押品评估
  • Mobile Vehicle机动车
    • Secondhand car market price basis二手车市场价格
    • Interview with experts and dealers采访专家和经销商
    • Maker, type, popularity, market, in case of inventory如果是存货:制造商,种类,普及程度,市场
    • Age, depreciation schedule, unpaid taxes, prior lien, in case of equipment设备:使用年限,折旧时间,未交纳的税款,之前的留置权
    • Government’s import tax policy or other policies affecting market政府的进口税政策和其他影响市场的政策
collateral evaluation iii
Collateral Evaluation III抵押品评估
  • Intangibles无形资产
    • Negotiable instrument: validity of the instrument, obligor, credit rating, maturity, type of transaction: collateral/repurchase agreement/discount流通票据:票据的有效性,债务人,信用等级,交易类型:担保/回购合同,折扣
    • Document of title: bill of lading: validity of the document, location of the property, quantity, species/variety, measure/weight, value per unit, quality, condition, schedule, as well as marketability and market price.物权凭证:提单:单据的有效性,财产所在地,数量,种类/品种,尺寸/重量,单位价值,质量,条件,时间表以及可销售性和市场价格
    • Investment Property: issuer, credit rating, market price, market volatility, (maturity), OTC/exchange投资财产:发行者,信用等级,市场价格,市场颇动幅度(到期日),场外交易/交易方式
    • Account (book debt): obligors, the extent of diversification, the length of terms, aging schedule, the past default rate应收款:债务人,多元化程度,期限长度,帐龄时间,过去的违约情况
    • General intangible: variability of the right (document), terms and conditions, restrictions contained in the document, marketability, etc.

一般无形资产:所有权(单据)的可变性,条款和条件,文件中的限制条件,可销售性,等

creation of security interest
Creation of Security Interest担保利益的产生
  • Elements to create valid security interest:担保利益产生的要素
    • The debtor has rights in the collateral*债务人对抵押品有所有权
    • A security agreement must be authenticated by the debtor担保合同必须由债务人
    • A security agreement must contain a description of the collateral担保合同中必须包含对抵押品的描述
    • A security interest cannot attach unless “value” is given*除非给定“价值”否则不能附加担保利益
  • “A value” in security agreement担保合同中的“价值”
    • A value is set in accordance with an amount intended to cover existing or future credit outstanding in part or in total.价值要能够达到现有或将来的部分或全部贷款额
  • Other Issues其他问题
    • Inter-creditor agreement贷款机构间协议
    • Pari-passu charge比例平等抵押
  • Creation of security interest alone cannot preserve creditor’s priority over lien creditors and other secured parties with an interest in the same collateral. 仅仅使用担保利益不能保证债权人可以优先于留置债权人和其他对抵押品有权力的债权人

*Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2007, p57, 92, 95

perfection of security interest
Perfection of Security Interest担保利益的完善
  • After perfection the secured party is protected against other creditors and transferees of the debtor and in particular, against any representative of creditors in insolvency proceedings instituted by or against the debtor.*在完善担保利益之后,被担保方的利益对其他债权人和债务人的转让方是被保护的,特别是在债务人破产时,对其他债权人代表而言。
  • Depending on the jurisdiction, different collateral may have different rules for perfection根据权限,不同的抵押物有不同的完善规则
    • Perfection upon attachment alone单独附加的完善
    • Temporary perfection in certain collateral特定抵押物的暂时完善
    • Perfection by pledge or possessory security interest通过抵押或拥有担保利益来完善
    • Perfection by filing (registration)归档(登记)完善
    • Perfection where filing is required under a special law特定法律规定需要通过归档来完善
    • Perfection by public notice (example: news paper advertisement)通过公告来完善(例:报纸广告)

*Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2007, p123

collateral management
Collateral Management抵押品管理
  • Collateral Management抵押品管理
    • Collateral management includes two risk management concepts: 抵押品管理包括两项风险管理概念
      • (1) Collateral management for credit risk management信贷风险管理的抵押品管理
      • (2) Safeguarding the enforceability强制行使权的保护

Collateral

Management

抵押品管理

Collateral

Management

for CRM

抵押品管理

Credit File

信贷档案

  • Record Keeping档案记录
  • Revaluation/Reappraisal against credit exposure
  • 根据信用风险再评估/再评价

Safeguarding

the

Enforceability

保护强制行使权

Safe Custody/

Collateral Book

保管/抵押品登记册

  • Numbering/Tagging编号/标签
  • Maturity Management到期管理
  • Renewal of security interest
  • 更新担保利益
  • Periodical check of inventory
  • 定期实物检查
credit file i
Credit File信用档案 I
  • Record Keeping档案管理
    • Appraiser’s name, the effective date of the evaluation, and signature and address (when the evaluation is outsourced)鉴定人名称,评估的有效日期,千字和地址(当评估是由外部人员完成的)
    • Description of the collateral抵押品描述
      • Real estate: ownership, location, shape, condition, developments, pictures, maps, neighborhood, usage, a copy of construction approval, attached easement, etc.房地产:所有者,位置,形状,环境,发展状况,照片,地图,附近情况,用途,建筑批准书复印件,附属物,等
      • Goods: location of the goods, quantity, species/variety, measure/weight, value per unit, quality, condition, schedule

商品:物品所在地,数量,种类/品种,尺寸/重量,单价,质量,情况,时间表

      • Intangibles: pledgor, amount, quantity, third party obligor, attached security interest, etc.无形资产:抵押人,金额,数量,第三方债务人,附加担保利益,等
    • Description of the evaluation method employed对所用评估方法的描述
    • Description of the source information used in the evaluation评估中信息来源的描述
    • An estimated value of the collateral and the opinion of the loan officer on the evaluation抵押品的估计价值,以及贷款主管的对评估的意见

Source: Interagency Appraisal and Evaluation Guidelines, FDIC, 1994

credit file ii
Credit File信用档案 II
  • Reappraisal重新评估
    • Collateral should be regularly revalued depending on the collateral type.抵押品应该根据担保种类有规律的进行重新评估
    • Collateral value should be constantly monitored against credit outstanding.抵押品价值应该经常与未还贷款进行比对
    • Frequency of reappraisal depends on the market condition重新评估的频率应该根据市场情况决定
      • Real estate (revaluation): every 6 months or 12 months

房地产(重新评估):每6或12个月

      • Real estate (on-site survey): every month or 3 months

房地产(实地调查):每1或3个月

      • Farm product: every week or month depending on the market

农产品:根据市场情况每周或月

      • Inventory: depending on the market

存货:根据市场

      • Mobile vehicle: every 3 month or 6 month

机动车:每3或6个月

      • Intangibles: daily basis if mark-to-market is required (depending on the type of transaction)

无形资产:如果必须按市价调整,则每天进行(根据业务种类)

credit file example
Credit File: Example信用档案:举例
  • After evaluation of land and building the following credit/collateral balance table is updated. How do you interpret the table and what should be done?在评估了土地和建筑物之后,更新贷款/担保余额表,你怎样理解这张表和需要做什么

Borrower: ABC Trading Co. Internal Credit Score: 4B External: n/a As of: Mar 08

借款方:ABC贸易公司, 内部编号:4B,外部:不适用,日期:3月8日

Thousand $

safe custody collateral book i
Safe Custody/Collateral Book I保管/抵押品登记册
  • Safe Custody保管
    • In order to safeguard and protect the enforceability of security interest, (1) collateral agreement and (2) pledged goods and documents should be put in a safe custody.为了保管和保护担保利益的强制行使权,必须安全保管(1)担保合同(2)抵押品和文件
      • Collateral agreement (together with other relevant legal documents, record of registry, fire insurance policy for collateralized buildings*, etc.) may be kept in order by borrower name担保合同(和其他相关法律文件,登记档案,担保建筑物的火灾保险书)可以按照借款方名字有序保管
      • Pledged goods and documents may be kept by type抵押品和文件按种类保管
      • Collaterals for which limitation period or maturity date is critical should be kept in order by such date.有期限或到期日临近的抵押品应该按照日期排放
    • Limited access to the safe custody应该限制人员接近保管场所
    • Protection from natural disaster避免自然灾害

Note: Fire insurance policy for collateralized building may be kept separately in order

by expiration date because of the importance of the expiration date management.

注意:担保建筑物的火灾保险书应该按照期满日单独排列,因为管理保险到期日很重要。

safe custody collateral book ii
Safe Custody/Collateral Book II保管/抵押品登记册
  • Collateral Book抵押品登记册
    • Role of collateral book includes (1) administrating the collateral inventory, and (2) managing the expiration of limitation period and the maturity date for certain types of collateral.抵押品登记册的作用包括:(1)管理担保存货(2)管理部分有有效期限和到期日的抵押品
      • Collateral book should be created separately for each type of collateral.每种类型的抵押品应该有单独的登记册
    • Collateral book should assign a number for each pledged goods and documents for the administrating purpose.出于管理的需要,抵押品登记册应该分配给每个抵押物和文件一个号码
      • Pledged goods should be sturdily tagged with a note indicating name of pledgor, borrower number, date, collateral number, etc.抵押物应该牢固的粘上标签,上面写明名字,借款人号码,日期,抵押品代码,等
    • Collateral book should be managed by senior manager.抵押品登记册应由高级经理进行管理
      • Inventory of collateral should be checked against the collateral book periodically (once in a month)担保实物应该与登记册进行定期核对(每月一次)
      • Adding and removing of pledged goods from the custody should be registered in the appropriate collateral book*.保管场所增加或者转移抵押物都应该在对应的登记册上登记

Note: When accepting and returning collateral, receipt should be issued to and received from

the borrower by the bank, which should indicate concerned goods and documents in detail:

type, number/quantity, date, with signature. 注意:当接受和归还抵押品时,应该交给和收回借款方收条,收条上应该写明相关物品和文件的明细:种类,数字/数量,日期,签名

safe custody collateral book iii
Safe Custody/Collateral Book III保管/抵押品登记册
  • Maturity for certain types of collateral部分抵押品的到期
    • Negotiable instruments such as draft, certificate of deposit, and promissory note have maturity date. 有到期日的流通票据,例如:支票,定期存款,期票
    • In accordance with the collateral agreement, such negotiable instruments need to be settled without delay.根据担保合同,流通票据应该立刻兑现
  • Expiration for certain types of security interest担保利益的到期
    • Depending on jurisdiction and on type of collateral, a perfection of security interest may expire after a certain period (limitation period effects). 根据担无误的权限和种类,担保利益的完善可能在一定时期之后终止(有限期间有效)。
    • Such limitation periods should be carefully managed in the collateral book. A continuation statement should be filed within a certain period before the expiration to renew the perfection of security interest.应该在抵押品登记册上仔细控制这样的有限期限,再过期日前的一短时间内,应该得到并归档更新担保利益的延续申明。
  • How often do you reappraise real estate collateral?你多久进行一次房地产抵押品的再评估?
enforcement of security interest i
Enforcement of Security Interest I担保利益的强制执行
  • Event of default违约情况
    • A breach by debtor of any of the terms of the security agreement债务人违反了担保协议的任何条款
    • A grace period宽容期
  • Rights of secured party被担保方的权利
    • Money suit金钱诉讼
    • Repossession收回占有权
      • Self-help资助式
      • A pre-repossession notice收回占有权前通知
    • Foreclosure丧失抵押品赎回权
      • Strict foreclosure严格丧赎权
      • Deed in lieu of foreclosure取消抵押品赎回权的合约

*Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2007, p320-323

enforcement of security interest ii
Enforcement of Security Interest II担保利益的强制执行
  • Public or private sale公开或私下销售
    • If it is applicable, private sale will be encouraged where private sales through commercial channels will result in higher realization on collateral for the benefit of all parties.*如果私下销售适用的话,通过商业渠道进行的私下销售可以通过抵押品更大的扩大各方的利益。
  • Application of Proceeds获得款项的使用
      • The expenses of retaking and disposing of the collateral, and attorney’s fee and legal expenses (if a country’s law allows)取回和处置抵押品的费用,律师费和法律费(如果该国法律允许)
      • The debt owed the secured party, including principal, interest or finance charges, and other lawful unpaid charges provided for the security agreement被担保方的贷款,包括本金,利息和罚金,以及其他担保合同规定的合法的未付罚金
      • The debt owed by junior secured parties担保级别较低的债权人
      • Residual rights剩余债权人

*Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2007, p346

8 extinguishing security interest in collateral

8. Extinguishing Security Interest in Collateral担保利益终止

extinguishing security interest
Extinguishing Security Interest担保利益终止
  • When all debt is repaid security interest should be terminated:当所有贷款偿还时,担保利益应该终止
    • by filing a termination statement通过终止生命进行登记
    • by returning pledged goods and documents*通过归还抵押物和文件
    • by returning the original security agreement 通过归还担保合同原件
  • Preserving security interest long after the full repayment may:在得到偿付之后保留担保利益
    • let the borrower consider the lender being ready to provide another loan.借用方认为出借方正准备提供另一项贷款
    • let the security party face unexpected liability caused by any damage incurred to the borrower by not possessing the pledged goods or documents.担保方没有收到抵押物或文件带来的收益,而面临没有预计到的损失。

Note: When returning pledged goods and documents, receipt with the borrowers signature

should be provided. 注意:当归还抵押物或文件时,借用方应提供有签名的收条

useful documents
Useful Documents 有用的文献
  • Land Daministration Guidelines, United Nations, 1996
    • This document has a slightly different view point but very useful to understand the value of land in a society. The document lists conditions of a good land administration system in a country, which are: guarantee ownership and security of tenure, support land and property taxation, provide security for credit, develop and monitor land markets, protect State land, reduce land disputes, facilitate land reform, improve urban planning and infrastructure development, support environmental management, and produce statistical data (111 pages)
    • Available at: http://www.ica.coop/house/part-2-chapt4-ece-landadmin.pdf
  • Valuation Standards: Are we doing it right?, Chris Thorne, IVSC, 2007
    • This document tries to explain a new valuation concept for the globalized era. There are four dimentions to valuation standards: conduct standards, process standards, definition standards, and technical standards. It is useful to see how a leading institution in valuation standards consider the challenge of valuation standardization. (11 pages)
    • Available at: http://www.ivsc.org/pubs/index.html
  • Real Estate Principles: A Value Approach, David C. Ling and Wayne Archer
    • A similar type of presentation file which tries to explain how to evaluate real estate. It is useful to take a look at other presentations on the similar topic. The authors published a book “Real Estate Principles.” (52 slides)
    • Available at: www.bsad.uvm.edu/files/kcchiang/BSAD%20295/REP%20chapter%208%20&%209%20Appraisal.ppt