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dc.contributor.advisorWesterfeld, Simone
dc.contributor.authorTerrito, Simone Claudio
dc.contributor.otherFirma: ProtecData AG| Kontakt: Cornel Kaufmann| PLZ/ Ort: 5623 Boswil
dc.date.accessioned2015-09-02T07:33:56Z
dc.date.available2015-09-02T07:33:56Z
dc.date.issued2012
dc.identifier.urihttp://hdl.handle.net/11654/4887
dc.identifier.urihttp://dx.doi.org/10.26041/fhnw-2697
dc.description.abstractSecuritisation was, and is still, a widely used alternative refinancing method. Since the subprime mortgage crisis, however, the popularity of that instrument has decreased. Credit investment funds are a very similar refinancing method, which may be a good substitute for securitisation. (Beitrag ist nur für FHNW Mitarbeitende sichtbar)
dc.language.isoen_UK
dc.accessRightsAnonymous
dc.subjectalternative refinancing method
dc.subjectsecuritisation
dc.subjectcredit investment funds
dc.subject.ddc658 - General Management
dc.subject.ddc330 - Wirtschaft
dc.titleAlternatives on Banks' Refinancing Methods: Securitisation 2.0 or Credit Investment Funds?
dc.type11 - Studentische Arbeit
dc.audienceSonstige
fhnw.StudentsWorkTypeBachelor
fhnw.publicationStateUnveröffentlicht
fhnw.ReviewTypeKein Peer Review
fhnw.InventedHereYes
fhnw.ConfidentLevelStaff
fhnw.leadSecuritisation was, and is still, a widely used alternative refinancing method. Since the subprime mortgage crisis, however, the popularity of that instrument has decreased. Credit investment funds are a very similar refinancing method, which may be a good substitute for securitisation.
fhnw.initialPositionSeveral books and papers are available on securitisation. There are also many criticisms of this refinancing method, as it was a crucial factor in the recent financial crisis. Since investors were still interested in investing in ÒcreditsÓ, a popular asset class due to the attractive risk-return trade-off, financial participants strove to offer new investment possibilities. Credit investment funds may be appropriate alternatives.
fhnw.procedureThe aim of the two refinancing methods is very similar, the mechanism is different though. Therefore, small differences will be expected in the analysis which will answer the lead question of this paper: Which alternative refinancing method is more appropriate for banks? In order to meet the objectives of this paper only secondary data have been used. Furthermore, the following assessment criteria have been created in order to compare the two refinancing methods: ¥ Flexibility ¥ Liquidity ¥ Costs ¥ Relationship ¥ Balance Sheet Management ¥ General Obstacles and Critics
fhnw.resultsIt has been seen that the structure of securitisation is more complex than that of credit investment funds. Nonetheless, this is not a reason for preferring credit investment funds over securitisation from the point of view of a bank. However, other factors have been detected, which influence the choice between the two refinancing methods. In a nutshell, each refinancing method has its advantages. Moreover, credit investment funds try to recapture the confidence lost in securitisation by providing more transparency for investors and debtors. Therefore, credit investment funds offer more advantages for investors as for banks. However, we can conclude that banks should use credit investment funds as a supplemental alternative refinancing method rather than as a substitution for securitisation. Especially, in order to meet the Basel requirements, securitisation is a more appropriate vehicle which allows banks to react more rapidly to capital requirements.
fhnw.IsStudentsWorkYes


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