1、Collateral Evaluation and Credit Risk Management抵押品評(píng)估與信用風(fēng)險(xiǎn)管理, 精品資料網(wǎng),1. Why is Collateral Evaluation Important? 為什么抵押品評(píng)估重要 2. Types of Collateral and Regulatory Pitfalls 抵押品種類和法規(guī)缺陷 3. Evaluation of Collateral (Real Estate) 抵押品評(píng)估（房產(chǎn)） 4. Evaluation of Collateral (Other Assets) 抵押品評(píng)估（其他資產(chǎn)） 5. Protection

2、 of Collateral 抵押品保護(hù) Creation of Security Interest 擔(dān)保利益的創(chuàng)立 Perfection of Security Interest 擔(dān)保利益的完善 6. Collateral Management 抵押品管理 Collateral Management for Credit Risk Management 信用風(fēng)險(xiǎn)管理中的抵押品管理 Safeguarding the Enforcement 維護(hù)強(qiáng)制執(zhí)行 7. Enforcement of Collateral 抵押品的強(qiáng)制執(zhí)行 8. Extinguishing Security Interes

3、t in Collateral 抵押品利益的終止,Contents目錄,Why is Collateral Evaluation Important?為什么抵押品評(píng)估很重要？,Why is Collateral Evaluation Important?為什么抵押品評(píng)估很重要？,The more accurate the evaluation, the more enhanced credit risk management in place. 對(duì)抵押品的評(píng)估越是準(zhǔn)確，信貸風(fēng)險(xiǎn)的管理的準(zhǔn)確性就越高 Large actual loan loss exceeding the estimated L

4、GD could lead to a serious depletion of banks equity capital. 實(shí)際貸款損失如果大大超過(guò)預(yù)計(jì)的違約損失率會(huì)導(dǎo)致銀行的自有資本嚴(yán)重?fù)p耗。,Funding Cost資金成本,Operating Cost運(yùn)營(yíng)成本,Expected Loss (PD LGD) 預(yù)計(jì)損失,Unexpected Loss非預(yù)期損失 (Required Return Allocated Economic Capital),Value Added價(jià)值增加,MARGIN利潤(rùn),價(jià)格PRICE,By reducing loss given default, the ban

5、k can reduce the margin without reducing value added. 通過(guò)降低違約損失，銀行可以降低 利潤(rùn)而不降低價(jià)值增加部分。,EL: Expected Loss預(yù)計(jì)損失 PD: Probability of Default違約概率 LGD: Loss Given Default違約損失率 UL: Unexpected Loss非預(yù)期損失,Why is Collateral Evaluation Important?為什么抵押品評(píng)估很重要,LGD is estimated from default-weighted average loss rate d

6、uring a certain time period. 違約損失率可以通過(guò)一段時(shí)間內(nèi)的加權(quán)平均違約損失率估計(jì)出來(lái) Loss rate is given by: 損失率計(jì)算方法 To reduce average loss rate, banks need to collect on the default exposure as much as and as fast as possible.為了降低平均損失率，銀行應(yīng)該盡快收回盡量多的資產(chǎn)。 If a bank does not properly estimate collateral values, the collection upon

7、 default would become smaller and take a longer period of time, leading to a depletion of capital and lower profits.如果銀行不能準(zhǔn)確估計(jì)抵押品價(jià)值，違約后能夠收回的價(jià)值就降低了，所需要的時(shí)間也更長(zhǎng)，導(dǎo)致資本損耗了利潤(rùn)降低。,1 -,PV at the default date of recoveries + PV of costs associated with collecting 回收物在違約日的現(xiàn)值+會(huì)收的相關(guān)成本的現(xiàn)值,EAD (Exposure at default)違

8、約風(fēng)險(xiǎn)暴露,Wrong Collateral Evaluation 錯(cuò)誤的抵押品評(píng)估,Higher Wright-offs 更高的壞帳核銷,Capital Waste 資本浪費(fèi),Higher LGD Estimation 增高違約損失率,Higher Provision 更高的壞賬損失,Lower Profits 利潤(rùn)更低,PV: Present value現(xiàn)值,Role of Collateral in Financial Intermediation I抵押品在金融中介活動(dòng)中的作用 I,Collateral stabilizes financial intermediation抵押品穩(wěn)定金

9、融中介活動(dòng) 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達(dá)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借用方可以使承擔(dān)的風(fēng)險(xiǎn)最小化 Without collateral如果沒(méi)有抵押品: The lender will solely rely on borrowers cash-flow ge

10、nerated by the project (business) for the repayment.出借方只能依靠借用方項(xiàng)目（營(yíng)業(yè)）產(chǎn)生的現(xiàn)金流來(lái)償債 The borrower tends to take more risks in the project (business), which may cause instability in generating cash-flow.借用方會(huì)承擔(dān)項(xiàng)目（營(yíng)業(yè)）更大的風(fēng)險(xiǎn)，這會(huì)導(dǎo)致無(wú)法生產(chǎn)足夠的現(xiàn)金流 There will be more vulnerable banks and more risky businesses in the eco

11、nomy, otherwise, resulting in shallow financial intermediation.經(jīng)濟(jì)環(huán)境中會(huì)產(chǎn)生更危險(xiǎn)的銀行和更有風(fēng)險(xiǎn)的行業(yè)，這樣也會(huì)縮減金融中介活動(dòng)。,Role of Collateral in Financial Intermediation II抵押品在金融中介活動(dòng)中的作用 II,Lender 出借方(specifically) Encourage willingness of payment to reduce PL.鼓勵(lì)出借方進(jìn)行借款降低損失 Substitute the repayments to reduce LGD.代替還款降低違約

12、損失率 Protects against borrowers over-borrowing.保護(hù)出借方不至于過(guò)度借債 Borrower 借用方(specifically) Access to credit: let borrowers monetize their illiquid assets to raise funds獲得融資：借用方可以抵押他們的非現(xiàn)金資產(chǎn)來(lái)獲取資金 Cost of Credit: potentially reduce funding costs for the lower EL calculated by the lender融資成本：潛在的降低了融資成本，因?yàn)槌鼋璺?/p>

13、計(jì)算出的預(yù)計(jì)損失較低 Overcoming asymmetric information problems: access to funds even in a financially difficult time, or even without audited financial reports解決了信息不對(duì)稱問(wèn)題：即是財(cái)務(wù)困難時(shí)期，或者沒(méi)有審計(jì)后的財(cái)務(wù)報(bào)表，也可以獲得融資,EL: Expected Loss 預(yù)計(jì)損失 PD: Probability of Default 違約概率 LGD: Loss Given Default 違約損失率 UL: Unexpected Loss 非預(yù)期損

14、失,2. Types of Collateral and Regulatory Pitfalls抵押品種類和法規(guī)缺陷,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 tran

15、sactions, to substitute payments for a part or the entire outstanding debt upon default. 在現(xiàn)代擔(dān)保法體系中，抵押品可以是任何直接或間接產(chǎn)生現(xiàn)金流的資產(chǎn)，也可以是由任何出借方和借用方創(chuàng)造出來(lái)的，在違約時(shí)用現(xiàn)有或?qū)?lái)的資產(chǎn)以及交易中代替償還部分或全部借款 Under unreformed collateral law systems, there would be various constraints on asset types eligible for collateral, on persons or

16、 legal persons qualified to collateral agreements, or on the enforceability of some collateral, due to the lack of efficacy and integrity of the system. 在創(chuàng)新性的擔(dān)保法體系中，由于系統(tǒng)缺乏有效性和不統(tǒng)一，其中有很多對(duì)抵押品資產(chǎn)形式，可以簽署擔(dān)保合同的個(gè)人和法人，或者是對(duì)抵押品的強(qiáng)制性實(shí)權(quán)的限制條件,Collateral Laws and Collateral Types擔(dān)保法和抵押品種類,Collateral Law擔(dān)保法 Independe

17、nt and comprehensive “collateral law” is rare: generally collateral law is a system which is constituted by several relevant laws and regulations.獨(dú)立和綜合的擔(dān)保法很少見(jiàn)：通常擔(dān)保法由一些相關(guān)法律和法規(guī)組成 Extent of collateral抵押品范圍 After-acquired property事后取得的財(cái)產(chǎn) Proceeds收益 Supporting obligation相關(guān)義務(wù) Unmovable Collateral不動(dòng)抵押物 Rea

18、l Property: Land and Building房地產(chǎn)：土地和建筑物 Plant and Equipment車間和設(shè)備 Natural Reserves自然資源 Timber to be cut待采伐的木材,Goods物品 Consumer goods消費(fèi)品 Farm products農(nóng)產(chǎn)品 Inventory存貨 Equipment設(shè)備 Fixtures固定設(shè)備 Accessions添加物 Intangibles無(wú)形資產(chǎn) Negotiable instrument流通票據(jù) Document of title物權(quán)憑證 Investment property投資財(cái)產(chǎn) Account (

19、book debt）應(yīng)收款 General Intangibles一般無(wú)形資產(chǎn) Other kinds of collateral其他抵押品 Deposit accounts存款帳戶 Life insurance policy/health-care insurance receivable人生保險(xiǎn)/應(yīng)收健康保險(xiǎn)金,Source: Collateral, Collateral Law and Collateral Substitutes, B. Balkenhol and H. Schutte, Social Finance Programme, Working Paper No. 26, p

20、17來(lái)源：抵押品，擔(dān)保法和擔(dān)保替代品,3. Evaluation of Collateral(Real Estate)抵押品評(píng)估（不動(dòng)產(chǎn)）,Principles of Collateral Evaluation抵押品評(píng)估原則,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. 抵押品評(píng)估并不是為了尋找一

21、種精確的，唯一的價(jià)格，而是找到一個(gè)合理的、實(shí)際的、能夠被普通的市場(chǎng)參與者接受的價(jià)格和方法。 Evaluate collateral on the basis of the market value rather than book value. 抵押品的評(píng)估是依據(jù)市場(chǎng)價(jià)值而非帳面價(jià)值 Apply the most conservative evaluation method. 采取最保守的評(píng)估方法 If possible, collateral property should be located within a distance bank officers can take frequen

22、t visits. 如果可能，擔(dān)保資產(chǎn)應(yīng)該放在銀行人員可以經(jīng)?？吹玫降牡胤?Watch the market price if its rising fast: a price bubble may be developing. 如果市場(chǎng)價(jià)格增長(zhǎng)很快，那么小心市場(chǎng)價(jià)格，可能存在價(jià)格泡沫。,Basics of Land Collateral Evaluation土地抵押品評(píng)估基礎(chǔ),Step 1: Estimate a price par square meter/feet either by:估計(jì)每平方米/英尺價(jià)格方法： (1) The sales comparison approach 市場(chǎng)比

23、較法 (2) The income capitalization approach (mainly for lease properties) 收益還原法（主要用于出租場(chǎng)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 用房地產(chǎn)業(yè)獨(dú)有的因素來(lái)調(diào)節(jié)價(jià)格 (1) Usage of the property房地產(chǎn)的用途 (2) Trends of real estate price房

24、地產(chǎn)價(jià)格趨勢(shì) (3) Conditions of the property/nature of the surrounding area房地產(chǎn)的環(huán)境/附近地區(qū)的自然狀況 (4) Legal issues法律問(wèn)題,Sales Comparison Approach市場(chǎng)比較法,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 estimate

25、s.如果可以獲得所在城市、城鎮(zhèn)或鄉(xiāng)村最近同類房地產(chǎn)的交易或銷售價(jià)格，那么市場(chǎng)比較法可以提供很好的預(yù)測(cè)。,Price B (2,450$/m),Price A (2,000$/m),Price C (1,900$/m),Weighted-average of A and B (Price D) A和B的加權(quán)平均價(jià)格,Unadjusted estimated Price E ($/m)? 調(diào)整前價(jià)格,Note: Each price points should not be separated by a major street or river, which affect the price d

26、ifferences 注：每個(gè)價(jià)格點(diǎn)不能被主要街道或河流分割，這會(huì)影響價(jià)格,150m,50m,70m,30m,(Price A 30) + (Price B 70),(Price D 150) + (Price C 50),Sales Comparison Approach: Example 市場(chǎng)比較法：舉例,Evaluate the land price E.估計(jì)土地E價(jià)格 Three recent real estate transactions around E.最近E的附近有三個(gè)交易 A: $2,000, B: $2,450, and C: $1,900 On the map, loc

27、ate price D between A and B在地圖上找到A和B之間的價(jià)格D Distances between these points are:這些地點(diǎn)的距離 A-D: 70m, D-B: 30m, D-E: 50m, and C-E 150m. Then dollar price par square meter of E will be: E的每平方米價(jià)格是,Price D =,70 + 30,Price E =,50 + 150,= 2,315 ($/m),= 2,211 ($/m),Income Capitalization收益還原法 I,Find a geographic

28、ally weighted-average rent price per unit of land in the same way before. 和市場(chǎng)比較法一樣，找到每單位土地的加權(quán)平均出租價(jià)格,Rent price B (320$/month),Rent price A (350$/month),Rent price C (360$/month),Weighted-average of A and B (price D) A和B加權(quán)平均價(jià)格,Estimated rent price E估計(jì)E出租價(jià) ($/month?),Note: Each price points should not

29、 be separated by a major street or river, which affect the price differences 每個(gè)價(jià)格不能被主要街道或河流分割，這會(huì)影響價(jià)格,40m,10m,30m,15m,Calculate the present value of the rent income for the certain future period.計(jì)算將來(lái)一短時(shí)間內(nèi)的租金收入的現(xiàn)值 Income capitalization approach using rents may be used in a situation where a loan offic

30、er 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.使用收益還原法時(shí)，貸款主管知道土地的市場(chǎng)價(jià)格，不過(guò)如果沒(méi)有類似交易的時(shí)候，就沒(méi)有辦法合理估計(jì)和解釋價(jià)值了。 The estimated value may be much lower than a potential market value (additional ma

31、rgin for valuation uncertainty).估計(jì)的價(jià)值可能遠(yuǎn)低于潛在的市場(chǎng)價(jià)格（由于價(jià)格的不確定性而需要附加利差） It depends on banks loan policy, but time horizon should be limited to 10 to 12 years. 這取決于銀行的貸款政策，不過(guò)一般的時(shí)間跨度應(yīng)該在10-12年以內(nèi),Income Capitalization II收益還原法,Annual rent (maintenance cost + property taxes) 年租金-（維護(hù)成本+房產(chǎn)稅）,PV= ,( 1 + r ),n,PV

32、: Present value現(xiàn)值,Annual rent年租金 (33612)(maintenance cost維護(hù)成本 300),(Price D 40) + (Price C 10),(Price A 15) + (Price B 30),Income Capitalization Approach: Example收益還原法：舉例,PV = ,( 1+0.08 ),t,Evaluate the land price E.估計(jì)土地E的價(jià)格 Monthly rents of the three leasing properties are三個(gè)出租場(chǎng)地的月租金分別為: A: $350, B:

33、 $320, and C: $360 Distances between these properties areE到這三個(gè)場(chǎng)地的距離分別是: 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，估計(jì)E的出租價(jià)格是: Assume the annual maintenance cost including property taxes is $300, interest rate is 8%, and you calculate

34、up to 10 years, then estimated collateral value is: 假設(shè)包括房產(chǎn)稅的年維護(hù)成本是$300,利率*%，計(jì)算10年的估計(jì)擔(dān)保價(jià)值是,Rent D =,30 + 15,Rent E =,10 + 40,= 330 ($/month),= 336 ($/month),t=1,10,= 25,042 ($),PV: Present value現(xiàn)值,Income Capitalization Approach III收益還原法,Basic concept of the capitalization rate收益還原法的基本概念 “The capitali

35、zation rate itself is a function of the investors desired return and a combination of the costs of debt and equity employed in making the investment.” (Bower 2001)還原率是投資者希望獲得的收益率，和借款和股權(quán)投資的成本。 Factors affecting investors desired return on real estates影響投資者對(duì)房地產(chǎn)期望收益的因素 Culture, economic trends, other i

36、nvestment property type, other investment opportunities, etc.文化、經(jīng)濟(jì)趨勢(shì)，其他投資財(cái)產(chǎn)，其他投資機(jī)會(huì)等 In practice在實(shí)踐中 The most simplified way is to use available loan interest rates for such an investment as a capitalization rate.最簡(jiǎn)單的方法是使用類似投資的借款利率作為還原率 When interest rates are used as a capitalization rate, loan offi

37、cers 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.如果利率為用作還原率，借款主管必須知道利率中沒(méi)有包括這項(xiàng)投資所承擔(dān)風(fēng)險(xiǎn)所對(duì)應(yīng)的回報(bào)，計(jì)算結(jié)果會(huì)高估價(jià)值。,Source: Understanding real estate values in a rising marketBrief Article, Geral

38、d A. Bower, 2001 ,Price Adjustment I價(jià)格調(diào)整,Usage of the property房產(chǎn)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自用農(nóng)場(chǎng)和林地/工廠和倉(cāng)庫(kù) The income capitalization approach收入還原法 Residential/business property for lease出租用住宅/商用房產(chǎn)物業(yè) Income capitalization appro

39、ach收入還原法 Rent prices in the neighborhood附近社區(qū)的出租價(jià)格 Future occupancy rate estimation未來(lái)占用率預(yù)計(jì) Residential leasing property and business leasing property出租住宅物業(yè)和商用出租物業(yè) For sale出售 Speculative in nature投機(jī)性,Price Adjustment II價(jià)格調(diào)整,Trends of real estate price房地產(chǎn)價(jià)格趨勢(shì) Sales and transaction prices銷售和交易價(jià)格 Informa

40、tion from neighbors鄰近地區(qū)的信息 Information from experts, brokers, sales registries, and mortgage registries專家，經(jīng)紀(jì)人，銷售登記和抵押登記機(jī)構(gòu)的信息 Income level of the area該地區(qū)的收入水平 Demand and supply conditions of the market市場(chǎng)的供求情況 Published land prices and tax rates公布的土地價(jià)格和稅率 Regional development plan地區(qū)發(fā)展計(jì)劃 Availability o

41、f mortgage loan/foreign land ownership是否存在抵押借款和外國(guó)土地所有權(quán),Price Adjustment III價(jià)格調(diào)整,Conditions of the property/nature of the surrounding area周邊地區(qū)的房產(chǎn)/自然情況 Geographic conditions, such as, close to the coast, river, cliffs, or located on tilted land, in a dip, on the weak stratum 地理情況，例如，靠近海灘，河流，懸崖或者位于傾斜的土

42、地上，地層不牢固。 Size of the real estate房地產(chǎn)的規(guī)模 Shape of the real estate房地產(chǎn)的形狀 Location of the real estate in the block房地產(chǎn)在街區(qū)的具體位置 Accessibility to the public roads是否可以方便地到達(dá)公共道路 Accessibility to public and commercial facilities是否可以方便的到達(dá)公共和商業(yè)設(shè)施 Existence of unfavorable facilities是否存在不良設(shè)施 Municipal services a

43、vailable是否有市政服務(wù),Price Adjustment IV價(jià)格調(diào)整,Legal issues法律問(wèn)題 Easements: restrictions, encumbrances, leases, reservations, covenants, contracts, declarations, special assessments, ordinances, or other items of a similar nature.地役權(quán)：限制，妨礙，租賃，保留，限制性條款，合同申明，特別估價(jià)，法令或者其他類似性質(zhì) “Eminent domain”: in common law cou

44、ntries, the government may have the rights to buy real property without the owners consent for the purposes of public usage, such as public utilities, highway, airport, and railroads.征用權(quán)：在普通法系國(guó)家，政府有權(quán)力不經(jīng)過(guò)所有者的同意購(gòu)買房地產(chǎn)用于公共用途，例如公共設(shè)施，高速公路，機(jī)場(chǎng)和鐵路。 Legitimacy of buildings (illegal construction/usage)建筑物的合法性（

45、非法建筑/使用） What are the most major methods to evaluate real estate collateral in your country?你們國(guó)家最主要的房產(chǎn)抵押評(píng)估方法是什么？,Note: When the above legal issues are involved, the price of the property could drop substantially. 注意：當(dāng)涉及到以上法律問(wèn)題時(shí)，房地產(chǎn)的價(jià)格可能會(huì)大幅降低,4. Evaluation of Collateral(Other Assets)抵押品評(píng)估（其他資產(chǎn)）,Colla

46、teral Evaluation I抵押品評(píng)估,Farm Product/Inventory農(nóng)產(chǎn)品/存貨 Market price basis依據(jù)市場(chǎng)價(jià)格 Interview with major buyers采訪主要買家 Market liquidity市場(chǎng)流動(dòng)性 Market size市場(chǎng)規(guī)模 Market volatility市場(chǎng)波動(dòng)幅度 Perishable products容易腐爛變質(zhì)的產(chǎn)品 Dealer listings, market sales reports經(jīng)銷商清單，市場(chǎng)銷售報(bào)告 Location of the storage存儲(chǔ)場(chǎng)地,Collateral Evaluati

47、on II抵押品評(píng)估,Mobile Vehicle機(jī)動(dòng)車 Secondhand car market price basis二手車市場(chǎng)價(jià)格 Interview with experts and dealers采訪專家和經(jīng)銷商 Maker, type, popularity, market, in case of inventory如果是存貨：制造商，種類，普及程度，市場(chǎng) Age, depreciation schedule, unpaid taxes, prior lien, in case of equipment設(shè)備：使用年限，折舊時(shí)間，未交納的稅款，之前的留置權(quán) Governments

48、import tax policy or other policies affecting market政府的進(jìn)口稅政策和其他影響市場(chǎng)的政策,Collateral Evaluation III抵押品評(píng)估,Intangibles無(wú)形資產(chǎn) Negotiable instrument: validity of the instrument, obligor, credit rating, maturity, type of transaction: collateral/repurchase agreement/discount流通票據(jù)：票據(jù)的有效性，債務(wù)人，信用等級(jí)，交易類型：擔(dān)保/回購(gòu)合同，折扣

49、 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.物權(quán)憑證：提單：?jiǎn)螕?jù)的有效性，財(cái)產(chǎn)所在地，數(shù)量，種類/品種，尺寸/重量，單位價(jià)值，質(zhì)量，條件，時(shí)間表以及可銷售性和市場(chǎng)價(jià)格 Investment Property

50、: issuer, credit rating, market price, market volatility, (maturity), OTC/exchange投資財(cái)產(chǎn)：發(fā)行者，信用等級(jí)，市場(chǎng)價(jià)格，市場(chǎng)頗動(dòng)幅度（到期日），場(chǎng)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應(yīng)收款：債務(wù)人，多元化程度，期限長(zhǎng)度，帳齡時(shí)間，過(guò)去的違約情況 General intangible: varia

51、bility of the right (document), terms and conditions, restrictions contained in the document, marketability, etc. 一般無(wú)形資產(chǎn)：所有權(quán)（單據(jù)）的可變性，條款和條件，文件中的限制條件，可銷售性，等,5. Protection of Collateral抵押品保護(hù),Creation of Security Interest擔(dān)保利益的產(chǎn)生,Elements to create valid security interest:擔(dān)保利益產(chǎn)生的要素 The debtor has rights

52、in the collateral*債務(wù)人對(duì)抵押品有所有權(quán) A security agreement must be authenticated by the debtor擔(dān)保合同必須由債務(wù)人 A security agreement must contain a description of the collateral擔(dān)保合同中必須包含對(duì)抵押品的描述 A security interest cannot attach unless “value” is given*除非給定“價(jià)值”否則不能附加擔(dān)保利益 “A value” in security agreement擔(dān)保合同中的“價(jià)值” A

53、value is set in accordance with an amount intended to cover existing or future credit outstanding in part or in total.價(jià)值要能夠達(dá)到現(xiàn)有或?qū)?lái)的部分或全部貸款額 Other Issues其他問(wèn)題 Inter-creditor agreement貸款機(jī)構(gòu)間協(xié)議 Pari-passu charge比例平等抵押 Creation of security interest alone cannot preserve creditors priority over lien credit

54、ors and other secured parties with an interest in the same collateral. 僅僅使用擔(dān)保利益不能保證債權(quán)人可以優(yōu)先于留置債權(quán)人和其他對(duì)抵押品有權(quán)力的債權(quán)人,*Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2007, p57, 92, 95,Perfection of Security Interest擔(dān)保利益的完善,After perfection the secured party is protect

55、ed 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.*在完善擔(dān)保利益之后，被擔(dān)保方的利益對(duì)其他債權(quán)人和債務(wù)人的轉(zhuǎn)讓方是被保護(hù)的，特別是在債務(wù)人破產(chǎn)時(shí)，對(duì)其他債權(quán)人代表而言。 Depending on the jurisdiction, different collateral may have

56、different rules for perfection根據(jù)權(quán)限，不同的抵押物有不同的完善規(guī)則 Perfection upon attachment alone單獨(dú)附加的完善 Temporary perfection in certain collateral特定抵押物的暫時(shí)完善 Perfection by pledge or possessory security interest通過(guò)抵押或擁有擔(dān)保利益來(lái)完善 Perfection by filing (registration)歸檔（登記）完善 Perfection where filing is required under a sp

57、ecial law特定法律規(guī)定需要通過(guò)歸檔來(lái)完善 Perfection by public notice (example: news paper advertisement)通過(guò)公告來(lái)完善（例：報(bào)紙廣告）,*Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2007, p123,6. Collateral Management抵押品管理,Collateral Management抵押品管理,Collateral Management抵押品管理 Collateral man

58、agement includes two risk management concepts: 抵押品管理包括兩項(xiàng)風(fēng)險(xiǎn)管理概念 (1) Collateral management for credit risk management信貸風(fēng)險(xiǎn)管理的抵押品管理 (2) Safeguarding the enforceability強(qiáng)制行使權(quán)的保護(hù),Collateral Management 抵押品管理,Collateral Management for CRM 抵押品管理,Safeguarding the Enforceability 保護(hù)強(qiáng)制行使權(quán),Safe Custody/ Collateral

59、 Book 保管/抵押品登記冊(cè),Credit File 信貸檔案,Record Keeping檔案記錄 Revaluation/Reappraisal against credit exposure 根據(jù)信用風(fēng)險(xiǎn)再評(píng)估/再評(píng)價(jià),Numbering/Tagging編號(hào)/標(biāo)簽 Maturity Management到期管理 Renewal of security interest 更新?lián)＠?Periodical check of inventory 定期實(shí)物檢查,Credit File信用檔案 I,Record Keeping檔案管理 Appraisers name, the effective date of the evaluation, and signature and address (when the evaluation is outsourced)鑒定人名稱，評(píng)估的有效日期，千字和地址（當(dāng)評(píng)估是由外部人員完成的） Description of the collateral抵押品描述 Real estate: ownership, location, shape, condition, developments, pictures, maps, neighborhood