Διαχείριση κινδύνων χρηματοπιστωτικών ιδρυμάτων - Η περίπτωση των μη εξυπηρετούμενων δανείων
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Keywords
Διαχείριση κινδύνων ; Χρηματοπιστωτικά ιδρύματα ; Μεταβίβαση απαιτήσεων ; Μη εξυπηρετούμενα δάνεια ; Κεφαλαιακή επάρκεια ; Πιστωτικά ιδρύματα ; Εξυγίανση χαρτοφυλακίων ; Κίνδυνος ρευστότητας ; Λειτουργικός κίνδυνος ; Stress tests ; Αναχρηματοδότηση ; Ανάληψη κινδύνου ; Risk approach ; Επενδυτικά οχήματα ; Concortium creditorum ; Non-performing loans ; Ε.Α.Α.Δ.Π. ; Ε.Δ.Α.Δ.Π. ; Πιστωτικός κίνδυνος ; Μαζική απόσυρση καταθέσεων ; Δικαίωμα προαίρεσης ; Δικαιώματα αγοράς ; Call options ; Ανταλλαγή ; Swaps ; Πώληση δανείων ; Τιτλοποίηση ; Securitization ; Ανάθεση διαχείρισης ; Due diligence ; Εταιρείες Διαχείρισης Απαιτήσεων από Δάνεια και Πιστώσεις ; Κώδικας δεοντολογίας ; Διαχείριση απαιτήσεων ; Ε.Δ.Α.Μ.Ε.Δ.Abstract
This Dissertation was submitted within the framework of the Interdepartmental Programme of Postgraduate Studies entitled "Law and Economics- Master in Law and Economics" of the University of Piraeus, in order to obtain the master's degree.
The aim of this dissertation is to highlight the need for risk management of financial institutions, since through effective Risk Management, and the reduction of excessive risk-taking by credit institutions aimed at short-term profits, banks will achieve security and furthermore growth, investments, and prosperity for society as a whole. On the other hand, an extension of risk management is the issue of the transfer of claims on non-performing loans and credits which has emerged in the economic reality since the outbreak of the economic crisis, and thus the country's inability to meet its obligations and in fact the collapse of the banking system . The economic crisis has resulted in a rapid increase in the number of non-performing loans, generally due to real financial weakness of debtors, but to some point and due to the gradual prevalence, during the crisis, of a culture of 'unclaimed' default. Thus, the rapid increase in non-performing loans has contributed to a deterioration in the capital adequacy of credit institutions, while the basic supervisory rules are incorporated into the "Basel III" rules and the EU regulations of Regulation 575/2013 and Directive 2013/36/EU (CRD), which was incorporated into the Greek legal order by Law 4261/2014. This increase also entails a significant increase in the credit risk of institutions, but also in the operational and liquidity risks. The importance of the transfer of these credits as a means of reorganizing the portfolios of credit institutions, deleveraging their balance sheets, improving their capital position and enhancing their liquidity is therefore finally highlighted. This transfer will allow credit institutions to become independent of their troubled loan portfolio, mitigate risks (liquidity, operational) and lead to an improvement in their credit rating.
Through the presentation of basic economic concepts which are widely developed in this paper, the reader thus forms part of the economic analysis of the law, which is interested in the effectiveness of the rules of law to regulate the economic activity of individuals with the aim of proposing to formulate rules of law, in such a way as to eliminate the negative effects of limited rationality.
In particular, this paper is also entitled, a first definition is given to risk management. Risk management therefore means the process of continuously identifying and searching for appropriate methods, procedures and opportunities in order to avoid or reduce exposure to risks and to maximize the value of the bank. The purpose of Risk Management is to identify, measure and monitor risks, establish policies to avoid, accept and transfer risk, control and manage expected damage. The basic principles of Risk Management are in addition to addressing all risks, the correlation of each risk with equity, the strengthening of control procedures, timely administrative information, and the continuous process of balancing risks and maximizing the value of the credit institution in an environment of effective control. In order to develop such a risk framework, it is necessary to assist technology and qualified personnel. On the other hand, stress tests are a key tool of Risk Management. This is a crisis stress test with different scenarios in order to investigate the impact on the bank in extreme conditions. A stress test analysis can be distinguished in a sensitivity analysis where there is a change in a particular factor such as a change in key interest rates and in a scenario analysis in which there is a change in several factors. Stress tests are used as a tool of Risk Management and supervisory authorities as defined by the institutional framework. The ECB has pointed out that the stress test does not raise the question of success or failure, but its results, together with other relevant supervisory information, are used to form an overall supervisory assessment of a bank's situation. It also clarified that 'it is important to stress that the stress test is not a prediction of future events but is a preventive exercise'.
Regulatory intervention on crisis management aims to minimize, as far as possible, the impact of a domestic or international crisis on the real economy. Planning as a complex undertaking is described by a three-stage process, such as: (a) the prevention stage, (b) the early intervention stage and (c) the resolution stage where the competent authorities ensure the smooth resolution of banks in a state of insolvency or threatened insolvency, or the resolution of portfolios with non-performing exposures.
In addition to other supervisory provisions, such as the need for credit institutions to consolidate balance sheets, recover refinancing capacity for Non-Performing Loans , henceforth better weighted and risk-oriented loan provision and subsequent restructuring of a loan portfolio; taking into account in particular the maintenance of own and supervisory funds under the Basel III rules and those corresponding to Union law, the so-called 'CRD IVpackage' (this is the implementing regulation 575/2013 (C) and Directive 2013/36/EU (CRD), as incorporated by Law 4261/2014, in place of Directives 2006.48/EU and 2006/49/EU (as incorporated in Law 3601/2007), the need for the "elimination" of non-performing loans and the alienation of credit institutions from them is exacerbated by the increase in the likelihood of credit risk, due to an already existing, otherwise imminent, inability of the borrower to meet its obligations, in the light of the relevant collateral, taking into account in particular the situation on the property market, the mortgage of which is the main form of loan collateral, which, due to a 'collapse' in prices, makes it prohibitive to refinance and provide new loans. In the interests of 'deleveraging' the balance sheets and improving the capital position and liquidity of credit institutions, which are expected to facilitate the provision of new credit and stimulate economic activity, it is proposed to purchase Non-Performing Loans from investors, by taking on the solvency risk of borrowers, in order to obtain a total estimated profit from the (low relative to face value) (distressed debt investing). Otherwise, in addition to the assignment of claims to specialized debt funds, i.e. to third parties (by transfer of ancillary rights, collateral, i.e. guarantees, mortgages), the exemption of credit institutions from Non-Performing Loans may take the form of securitization of claims portfolios, in the specific legal framework (Law 3156/2003), as well as the form of transfer of loan contracts (in full).
The management of bank risks is one of the most important functions of the bank and its overall strategy is reflected in the risk appetite, which is drawn up by the highest hierarchical structure of the bank. Four ways of managing risks can be distinguished: (a) risk avoidance, (b) risk acceptance, (c) risk control and management and (d) risk transfer. The bank can be covered by the effects of a client's insolvency (credit event) through credit derivatives or credit guarantees, and can be covered by changing market prices (market event) through financial derivatives, futures- forwards and/or options. In any case, in order to diversify and disperse risks( risk diversification ),the means available to the lender of civil law are: (a) to set up with other lenders a 'consortia' for the joint granting of the credit(concortium creditorum), (b) to set up a civil company with other lenders, without legal personality ( pooling), for the organized joint effort to satisfy, in particular at the enforcement stage, (c) to involve before the provision of the loan or after the provision of the loan or other (creditworthy) debtors (joint and several) of the guilt (co-debt or corresponding cumulative debt underwriting). The above applies in parallel with the possibility of drawing up a business receivables agency contract with the assignment/transfer of claims, i.e. the assignment of a bad claim of the credit institution under The Factoring (Law 1905/1990). The concept of 'sale/purchase' or 'transfer' of claims, according to Civil Law article 513 next. and 455 next (Legally chosen by Law 4354/2015), provided that it is therefore conceptually subject to the assignment of claims with or without a right of reduction (Civil Law article 455 next, 467-468) is also specific to factoring.
In the second part of the title of this dissertation, a specialized theoretical investigation is presented which is mainly investigated in the seventh and final chapter, and attempts on the one hand to identify the causes and problems for Greece's non-performing loans and, on the other hand, to create a static model for managing the problem. NPLs(Non - performing loans , NPLs are loans for which repayment (of all or part) of interest and/or capital has been delayed for a period of more than 90 days or is in court action, while a loan ceases to be non-performing if it is renegotiated and adjusted or repaid arrears of more than 90 days) is a multifaceted issue that concerns, inter alia, a number of legal, judicial, economic and cultural issues, as well as non-regulatory obstacles, such as tax and administrative, that need to be addressed. This paper through their data collection and econometric analysis aims to identify the factors that affect Npls that are constantly increasing creating a significant problem in the Greek banking system and the economy in general over the last 10 years as well as for the regulatory intervention imposed for crisis management.
All the above issues to be resolved, which are always based on a modern economic era, namely, in a financial environment, are analyzed in the individual chapters of this dissertation in an attempt to "decompose" the main risk extensions of financial institutions, with simultaneous combination and its management by modern means imposed by modern institutions.