Vol.7, No 4, 2010 pp. 385 - 393
UDC 336.77:330.131.7
CREDIT RISK TRANSFER AS A MECHANISM OF PROTECTION AGAINST RISKS
Borislav Radević, Ahmedin Lekpek
State University of Novi Pazar, Serbia
bradevic@np.ac.rs, alekpek@np.ac.rs
Increasing instability within the operations of financial markets, primarily in the banking sector, has led to the regulatory authorities' deciding to adopt a set of new regulations to ensure that the operations in the financial sector stabilize and prevent the frequent crisis. One of the key rules that are imposed on banks is disposal of mandatory capital, which has a protective role in terms of financial defense position of banks in case of emergencies. The amount of regulatory capital is directly linked to loans risk, primarily, loans of the banks, which have encouraged banks to engage in more secure investments. However, the required capital has reduced the possibility of bank lending and thus significantly affects their profitability. Considering that they could not ignore the imposed rules, the banks have found escape from this situation in new mechanism of operation, so called transfer credit risk. They have decided that certain loans, particularly risk ones, which hold a significant amount of regulatory capital and thus reduce the bank's investment potential, be secured, i.e. converted into securities and then sold on the market. Therefore, the essence of this work is to become acquainted with the process of credit risk transfer, its instruments and the reasons for its implementation, as well as financial institutions, which are involved in this process.
Key Words: credit risk transfer, securitization, banks, hedge funds, instruments of credit risk transfer
TRANSFER KREDITNOG RIZIKA KAO MEHANIZAM ZAŠTITE OD RIZIKA
Povećanje nestabilnosti u poslovanju na finansijskom tržištu, pre svega u sektoru bankarstva, dovelo je do toga da su regulacione vlasti odlučile da donesu set novih pravila, kako bi se poslovanje u finansijskom sektoru stabilizovalo, a sve češće krize sprečile. Jedno od ključnih pravila, koja su bankama nametnuta, je raspolaganje obaveznim kapitalom, koji ima zaštitnu ulogu, u smislu odbrane finansijske pozicije banke u slučaju kriznih situacija. Taj iznos obaveznog kapitala direktno je povezan sa rizičnošću plasmana, pre svega kredita, banke, čime su se banke podsticale na sigurnija ulaganja. Međutim, obavezni kapital je smanjio mogućnosti plasmana banaka i tako značajno uticao na njihovu profitabilnost. S obzirom na to da nisu mogle da prenebregnu nametnuta pravila, banke su izlaz iz ove situacije pronašle u novom mehanizmu poslovanja, tzv. transferu kreditnog rizika. One su odlučile da pojedine kredite, pre svega one rizične, koji vezuju značajan iznos obaveznog kapitala, pa samim tim smanjuju investicioni potencijal banke, sekjuritizuju, tj. pretvore u hartije od vrednosti, a potom plasiraju na tržište. Upravo suština ovog rada je upoznavanje sa samim procesom transfera kreditnog rizika, njegovim instrumentima, razlozima za njegovo sprovođenje, kao i o finansijskim intitucijama, koje u ovom procesu učestvuju.
Ključne reči: transfer kreditnog rizika, sekjuritizacija, banke, hedž fondovi, instrumenti transfera kreditnog rizika
