mortgage in housing finance in slovenia · ! hipotekarni kredit = nizko kreditno tveganje!...
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Warsaw, December 2002
MORTGAGE IN HOUSING FINANCE IN SLOVENIA
Matej MoreMinistry of Finance
Warsaw, December 2002
CONTENTS
Where Slovenia currently is ?! Situation and problems
Development of secondary mortgage market
! Goals! Dilemmas! Alternative solutions
Warsaw, December 2002
Situation in Slovenia – lending side
Weak role of mortgage finance in housing finance and other non-corporate lending
Mortgage as collateral is more widely used in corporate finance
Warsaw, December 2002
Housing Loans by Collateral
Source: Surveys of MoF
13,7%
18,6%
58,9% 57,4%
27,5%24,0%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
mortgage loan insurance other
31.12.2000
31.12.2001
Warsaw, December 2002
Mortgage Banking Loans in Housing Loans
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
35,0%
1998 1999 2000 2001
18%14 %
21%
33%
Source: Surveys of MOF
Warsaw, December 2002
Problems in Mortgage Banking
Land Land registerregister! Lenghty procedures to register real estate! Integrity of the land register! Land register is not up to date
Bad protection of mortgage lenderBad protection of mortgage lender!! Long lasting foreclosure proceduresLong lasting foreclosure procedures! Eviction procedures! Problematic foreclosure procedures on not
registered real estate
Warsaw, December 2002
Situation in Slovenia – funding side
Deposit financing of housing loansof housing loans
No No secondary mortgage secondary mortgage marketmarket
Warsaw, December 2002
Development of the Secondary Mortgage Market
Banks need new long term funding instrumentsBanks need to transfer risks (liquidity risk, interest risk, credit risk) to capitalmarketInstitutional investors also need such instruments
Warsaw, December 2002
Capital Market Funding -- Choice of the Model
Needs of banksNeeds of banks!! High credit High credit profile profile of the fundingof the funding
instrument == instrument == low cost of refinancinglow cost of refinancing
!! Cost efficient instruments Cost efficient instruments –– low cost low cost of financial intermediationof financial intermediation
Needs of investorsNeeds of investors!! IssuancesIssuances ((volumevolume, , continuitycontinuity))!! Liquidity Liquidity on on the secondary marketsthe secondary markets
Warsaw, December 2002
Choice of the Instruments (MB:MBS)
Not exclusive choiceAdvantages of MB for Slovenia! Simpler legal and tax infrastructure! Less developed financial markets
! Costs! Foreign investors
Warsaw, December 2002
Institutional OptionsInstitutional Options
Universal banking Universal banking modelmodel –– Mortgage Mortgage bond actbond act
Specialized banking Specialized banking modelmodel ––MMortgageortgage bank bank actact
Cooperative centralized issuersCooperative centralized issuers
Warsaw, December 2002
Specialized Mortgage Bank
TrendTrendAdvantagesAdvantages regardingregarding ratingrating, , costcostefficiencyefficiency, …, …Disadvantages regarding economy of Disadvantages regarding economy of scale and initial investmentscale and initial investmentSolution Solution !! OutsourcingOutsourcing ? ? !! Subsidiary with limited business functionsSubsidiary with limited business functions
Warsaw, December 2002
Universal Bank
Simple solutionSimple solution!! Integration of mortgage banking Integration of mortgage banking in in existing structure existing structure !! No No need need to to new credit institutionsnew credit institutions!! No No initial investmentinitial investment, no , no additional staffadditional staff
Could the rating of bond be better then Could the rating of bond be better then the rating of the the rating of the bank ?bank ?Small issuances with low liquiditySmall issuances with low liquidityIs it Is it possible possible to to aquire advantages of aquire advantages of mortgage bond mortgage bond in in the framework of the the framework of the universal banking universal banking model ?model ?
Warsaw, December 2002
Cooperative Centralized Issuers
Ideal Ideal solution from the point of view of solution from the point of view of market market size constraintssize constraints
Homogenity of the issuances and liquidityHomogenity of the issuances and liquidity
Problems with transfer of mortgage loansProblems with transfer of mortgage loans(legal, (legal, costscosts, , standardizationstandardization ofof thethe productsproducts))
Interest of banksInterest of banks: : cooperation or competitioncooperation or competition? ?
Warsaw, December 2002
Public Support Measures
Change of legislation regardingChange of legislation regardinginvestmentsinvestments ofof institutionalinstitutional investors investors
!! Capital requirements Capital requirements ((banksbanks))
!! Dispersion of investments Dispersion of investments ((insuranceinsurance, , fundsfunds))
Tax exemptionsTax exemptions ??
GuaranteesGuarantees ??
Warsaw, December 2002
MORTGAGE IN HOUSING FINANCE IN SLOVENIA
Matej More
Warsaw, December 2002
Nizko tveganje investitorjev = nizek donos
Tri ravni zaščite investitorjev!! Prednostni položaj investitorjevPrednostni položaj investitorjev v primeru
stečaja izdajatelja! Kvalitetno kritno premoženjekritno premoženje za obveznosti
do investitorjev in nadzor skrbnikanadzor skrbnika
!! Specializiranost izdajateljaSpecializiranost izdajatelja (omejitev opravljanja drugih tveganih poslov)
Likvidnost in stalni tok izdaj obveznic
Warsaw, December 2002
Nizki stroški posredništva I.
Obvladovanje tveganj ! hipotekarni kredit = nizko kreditno tveganje! transferiranje obrestnega tveganja na kapitalski trg
! načelo skladnosti med kritnim premoženjem in izdanimi obveznicami (ročnost, obrestna mera, drugo) zmanjšuje tveganje za banko in omogo ča nižjo maržo
! predčasno odplačilo kredita ?
Warsaw, December 2002
Nizki stroški posredništva II.
Načelo specializacije! specializiranost znanj, manj ljudi! preprosta bilanca! enostavnejši nadzor
Ekonomija obsega
večja učinkovitost
Warsaw, December 2002
Kritno premoženje -Kvaliteta : obseg (ekonomija obsega) I.
Prvovrstna hipotekaNepremičnine, ki so hitro prodajljive
! stanovanjske nepremi čnine in stavbna zemljiš ča
! komercijalne nepremi čnine! kmetijska zemljiš ča ?! proizvodne zmogljivosti ?! komunalna posojila
Warsaw, December 2002
Kritno premoženje -Kvaliteta : obseg (ekonomija obsega) II.
LTVPosojilna vrednost Vrednotenje nepremičninTeritorijalni princip - samo Slovenija ali tudi tujinaSkupni ali ločeni “pooli” kritnega premoženja
Warsaw, December 2002
Ekonomija obsega -Projekcija stanovanjskega kreditiranja
(v mlrd SIT)
9%
44%
72%
39%
74%
80%
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
2001 2012 2022
Stanovanjskihipotekarni krediti Stanovanjski krediti
Stanovanjska gradnja
Warsaw, December 2002
Ekonomija obsega -Projekcija potencijala za izdajo hipotekarnih
in komunalnih obveznic (v mlrd SIT)
0
50
100
150
200
250
300
2001 2012 2022
komunalne obveznice ?
hipotekarne obveznice
KOMERCIJALNE
Č
KOMUNALNA POSOJILA
STANOVANJSKA POSOJILA
?
Warsaw, December 2002
Obrestne mere (krediti in viri financiranja)v letu 2002
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
0 5 10 15
št. let
(v %
)
tolarski depoziti državne obv. v SIT bančne obv. v SIT Expon. (krediti)
Warsaw, December 2002
Obrestne mere
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
1 2 3 4 5 6 7 8 9 10 11
št. let
(v %
)
tolarski depoziti depoziti z valutno klavzulo državne obv. v SIT
državne obv. v € bančne obv. v SIT bančne obv. v €
Warsaw, December 2002
Stroški zavarovanja posojila
0,0%
1,0%
2,0%
3,0%
4,0%
5,0%
6,0%
7,0%
8,0%
9,0%
10,0%
0 2 4 6 8 10 12 14
kredit v mio SIT
stro
ški v
% k
redi
ta
stroški zavarovanja s hipotekostroški zavarovanja pri zavarovalnici
Warsaw, December 2002
Mnenje bank - Anketa MF (2002)
Samo dve banki menita, da je potrebno iskati rešitve v smeri specializirane banke ali izdajateljske enote12 bank meni, da je potrebno ostati v okviru univerzalnega bančništva
Warsaw, December 2002
Development of Mortgage Banking in Slovenia
Improve access of nonImprove access of non––corporate corporate sector sector to to banking loansbanking loans!! Long Long term financeterm finance!! Low interest ratesLow interest rates!! Development of capital Development of capital marketmarket
Investment opportunity for Investment opportunity for institutional investorsinstitutional investors ((insuranceinsurance coco., ., pensionpension fundsfunds, … ), … )
Warsaw, December 2002
Banking Business Plans in the Area ofMortgage Crediting
Surveys of MOF! Increase offer of mortgage
products (more competitiveproducts, longer maturity, more attention, ...) 7 banks
!Conditional increase of offer –improved legislation 7 banks
! In present extent 3 banks
Warsaw, December 2002
Typical Mortgage Loan in Slovenia
Slovenia
10 years
Grat Britain
GermanyandDanmark
Spain France
Maturity of the loan
25 years
25-30 years
10-15 years
15 years
Warsaw, December 2002
Loan to Value
!8 banks up to 50%!5 banks up to 40%!2 banks up to 33%!Varies depending on location,
customer, …
Warsaw, December 2002
Interes Rates for Housing Loans
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
0 5 10 15 20
odplačilna doba
obre
stna
mer
a (v
%)
komitenti
komitenti - z zastavo nepremičnine
nekomitenti
nekomitenti-z zastavo nepremičnine
Expon. (komitenti - z zastavo nepremičnine)
5 10
Warsaw, December 2002
Problems in Mortgage Banking II.
Evaluation of real estate(questionable market value)
Favourable loan insurance with Favourable loan insurance with insurance companiesinsurance companies
No No legislation regarding funding legislation regarding funding instruments instruments ((mortgage bondmortgage bond, …), …)
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