Austria struggles to make most of securitization
SUPPLEMENT - AUSTRIA - May 24, 2005
When looking at transaction statistics, it immediately becomes
apparent that securitization is not a widely used tool for
obtaining debt financing and/or reducing the regulatory capital
burden in Austria.
According to statistics published in April 2004 by the Austrian
National Bank (Oesterreichische Nationalbank - OeNB) and the
Financial Markets Supervisory Authority
(Finanzmarktaufsichtsbehörde - FMA) (Leitfaden zum Kreditrisiko
- Best Practice im Risikomanagement von Verbriefungen;
available at www.oenb.at) only four term transactions have been
completed in the past two years:
St Anton CDO I, a true sale securitization by UNIQA
Alternative Investments GmbH, a subsidiary of the UNIQA group
of insurances (€400 million)
Edelweiss Autofunding, a true sale securitization of car
leasing receivables by EBV Leasing, a subsidiary of Erste Bank
der oesterreichischen Sparkassen AG (€200 million)
Promise Austria 2002, a synthetic securitization of loans
to small and...
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