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Contents
1.
Funding governance
2.
3.
4.
Case studies
5.
6.
Lessons learned
7.
8.
Funding governance
FGDB
Supervisory Board
Borrowings from:
Ministry of Finance
Financial institutions
CEO
Credit institutions
Bond issuance
Any suspension of
contribution payment
Funding policy
3
Case studies
Factsheet
Legal framework
Special contributions from banks: up to two times the level of the annual contributions
Special contribution: up to 1,6% of the amount of eligible deposits of individuals
Incomes from recovery of FGDBs claims
Incomes from investment of FGDBs own resources
Borrowing.
Funding:
FGDB resources
Borrowing from NBR: lei 2,000 bln.
Maturity 5 years with 2 years grace period
Repayment in 6 half-year equal installments
Drawdown during 12th April 24th May 2000
Interest rate (reset every half-year): 1.67% p.a. 9.30 % p.a.
Special contributions: equal to annual contributions in 2000
Pay-out timeline
8th February, 2000
Bankruptcy date
Share in the banking system as at December 31st, 1999: 2.17% of net assets and 2.09% of equity capital
Covered deposits: Lei 1,874.8 bln. (3.5% of the covered deposits in the banking system)
Amount paid-out: Lei 1,848.7 bln.
Funding:
FGDB resources
Borrowing from NBR: lei 1,500 bln.
Maturity 5 years
Repayment: yearly, equal installments
Drawdown during 5th October 2nd November 2000
Interest rate: flat, 15% p.a.
Special contributions: equal to annual contributions in 2000
Pay-out timeline
10th July, 2000
Bankruptcy date
9th October,
2000
Pay-out by FGDBs
own cashier desk
and postal cheques
Structure of funding
In 2007 FGDB put in place stand-by credit lines with the member banks:
The agreements were renewed annually during 2007 - 2010
FGDB paid 0.5% commitment fee
The total amount was calculated based on the target ratio and the eligible deposits of the
banks
The number of banks was reduced gradually to make their management easier
33 banks
32 banks
7 banks
10 banks
Lessons learned
Contingency planning is essential to early detect and fix any problems in funding
pay-outs
Good liquidity management plays a vital role in timely and cost-efficient funding
Orderly liquidation of assets is depenent on several factors:
Types of assets (Bonds, T-Bills, deposits etc.)
Capital market stage of development (depth, width, liquidity) and
conditions
Adequate maturity structure of investment
Readily available funding sources
Existing arrangements with the Government structures, financial or credit
institutions (including special contributions)
Access to capital market
Cost/benefit analysis of alternative sources of funding (if possible)
Pa
st
la
w
Curre
nt
law*
Directive
2014/49/
EU
Special
contributio
ns
Borrowing
Funding
source
Comments
Payment
X
X
Thank you!
For further details visit www.fgdb.ro
Annexes
FGDBs resources