Leora Klapper World Bank Factoring Conference -- Warsaw October 23-24, 2003 Improving the Factoring Environment.

Slides:

Advertisements

Similar presentations

Legal Issues for Development of the Mortgage Market In Armenia Carol Rabenhorst The Urban Institute, Washington, DC AIPRG Workshop on Financial Sector.

Advertisements

Development of a Mongolian MBS Market Workshop on Housing Finance 28th June 2011 Presented by Jim France.

Understanding Loans and Borrowing Money. Development of Credit  In the Past  Credit Today.

FROM THE COLLAPSE OF SOCIALISM TO THE CRISIS OF CAPITALISM FROM THE COLLAPSE OF SOCIALISM TO THE CRISIS OF CAPITALISM Experiences of Central and Eastern.

Standing for trust and integrity OROC Congress Ethics and Accountability Lisbon, 22 October 2010 Hilde Blomme FEE Director of Practice Regulation.

1. 2  Trade Credit – the extension of Accounts Receivable – is an important source of financing in emerging markets Demirguc-Kunt & Maksimovic (2001),

U.S. SBA EXPORT LOAN PROGRAMS Robert L. Elsas, Regional Manager SBA Export Solutions Group U.S. Export Assistance Center 601 Walnut Street Suite 580W Philadelphia,

Regulatory framework in emerging markets: outlining the crises impact Prof. Iryna D’yakonova, Ukrainian Academy of Banking, Ukraine & Tatiana Scherbina,

ISN Conference - Marrakech- September 2005 Public Television in the New Member States Audience Share and Market Position Choukri KOUAS European Broadcasting.

Credit Scoring and Scorecard Lending LESE 306 Fall 2008.

Credit Scoring and Scorecard Lending Agribusiness Finance LESE 306 Fall 2008.

CHAPTER FIFTEEN Lending Policies And Procedures The purpose of this chapter is to learn why sound lending policies are important to banks and other lenders.

Credit Scores and Scorecard Lending AGEC 489/690 Spring 2009 Slide Show #12.

Presentation to FinanceEstonia conference, Tallinn, 13 May 2015

Tax Accounting.

SMALL BUSINESS MANAGEMENT Chapter 7 Financing the Small Business.

SMALL BUSINESS MANAGEMENT Chapter 7 Financing the Small Business.

Section 12-2-Regulatory Agencies and Laws.   These agencies make or enforce rules and regulations  Agencies provide oversight or supervision of activities.

THE NEED FOR CAPITAL * START-UP OR VENTURE CAPITAL * WORKING CAPITAL * INVESTMENT CAPITAL.

Extending Access to Housing Finance without Distorting Markets Marja C. Hoek-Smit Wharton School University of Pennsylvania Finance Forum The World Bank,

Business growth sibenik-toscana, Administrative barriers for start ups: what can and must be done? Slavica Singer CEPOR.

Study initiated by Open Society Forum Team Leader: D. Jargalsaikhan, MBA (Finance), Daniels College of Business, University of Denver, USA Senior Researcher:

Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved.

Jeopardy! Credit Protection Laws Secured or Unsecured Credit Bureaus Selecting a card VocabularyMixed

1 Bank loans Which instruments are most efficient subject to company’s growth? Russian or Foreign banks?

15-1 CHAPTER 15 INTERNATIONAL BANKING American International Banking l International banking dates back to the rise of international trade. l Great.

Stanislaw Belniak Cracow University of Economics Covered Bonds as a Source of Financing Residential Properties in Poland Presentation at the ERES Conference,

Doing Business in the Czech Republic and EU Dates and Topics July 6Doing Business in the Czech Republic - Introduction July 9Commercial Corporate Banking.

1 Pension Reform in Russia April 2003 PIOGLOBAL Asset Managementт.

Click to edit Master title style Doing Business 2009 in East Asia and the Pacific Presented by Rita Ramalho.

Entrepreneurship: Ideas in Action 5e © 2011 Cengage Learning. All rights reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible.

We support. You succeed. Pascal BOUILLON, Deputy CEO Kiev, February 21, 2006 How Banks work with Leasing Companies in Europe Strategy of Banks entering.

Information sharing in private credit markets – the case of CEE countries Iván Major Pannonia University, and Institute of Economics, H.A.S.

Private Mortgage Lending How You Can Securely Earn Double-Digit Interest Rate.

The principle objective of a deposit insurance system 1. to contribute to the stability of a country’s financial system 2. to protect less-financially-sophisticated.

UEMS ORL TREASURY REPORT October 2012 M. de la Mota, F. Marchal.

CHAPTER 1: THE PURPOSE AND USE OF FINANCIAL STATEMENTS

Financial Institutions Trivia Newell. Characteristics of private financial institutions include all the following EXCEPT- a) Mint money for loans b) Include.

Lecture 31. Chapter 20 Understanding Financial And Risk Management.

Banks and the Creation of Money. Basic Accounting and Bank Lending 1.For any business: Assets = Liabilities + Capital.

McGraw-Hill/Irwin ©2008 The McGraw-Hill Companies, All Rights Reserved Chapter Sixteen Lending Policies and Procedures.

STATE OF PLAY : ESF FINANCIAL EXECUTION. 2 Overall 2012 ESF Budget Execution on 20/11/2012 Programmin g period 2012 Payment appropriation s mil.€ 2012.

Copyright© 2003 John Wiley and Sons, Inc. Power Point Slides for: Financial Institutions, Markets, and Money, 8 th Edition Authors: Kidwell, Blackwell,

South East Europe in an Environment of Volatile Capital Flows Sarajevo, June 5 and 6, 2014 Michael Faulend

Cross Section of the Financial Sector Developments in Bosnia and Herzegovina Radomir Božić. Ph.D. Sarajevo. October Fifth SASE International Conference.

1 Development of total loans (in % of GDP) Year-end figures, * forecast Source: BA-CA Economics Department % CEE*... excl. Russia and Ukraine CEE total...

International & Foreign Law Search, Liu 1 Economic Integration: How close can sovereign states be? Free Trade Area Custom Union Single Market Economic.

Ivan MiklošOktóber 2007 Slovakia: A story of reforms.

SMALL BUSINESS MANAGEMENT Chapter 7 Financing the Small Business.

Small and Medium Enterprises: Overcoming Financing Constraints Thorsten Beck, Leora Klapper, Soledad Martinez Peria DECRG-FI.

Finance (Basic) Ludek Benada Department of Finance Office 533

Emerging Market Update 2005 Main Streets Across The World 2005 Real Estate Market Slovakia Bratislava

FINANCIAL INSTITUTIONS – OVER VIEW Chapter 1 Dr. BALAMURUGAN MUTHURAMAN.

CREDIT. The Need for Credit  Credit is buying now and paying later  Today 80% of purchases are made with credit  Qualifying for Credit  Income- Money.

European Recovery: The Role of Germany Madrid, September 30, 2014 Dr. Michael Dauderstädt.

Regime to apply regarding financial services, such as banking, credit and insurance Audrius LINARTAS Deputy Chairman Insurance Supervisory Commission of.

Unit 5 and 6 Financial Markets, Consumer/Personal Finance, Economic Indicators and Measurements.

Facts and investor expectations of the CEE NPL market

Theme 4: Banking and Credit

Health Service and Public Finances in an International Context

CHAPTER FIFTEEN Lending Policies And Procedures

The European Parliament – voice of the people

The European Parliament – voice of the people

Plan and Track Your Finances

The importance of setting limits in disbursement process of housing loans MSc Vladimir Mirković PhD Jelena Lukić

Banking Sector in Cambodia

Global Summit of Women Warsaw, Poland

Fintech Chapter 4: Financial Institutions

The big enlargement: uniting east and west

Chapter 17 Establishing Good Credit

Presentation transcript:

Leora Klapper World Bank Factoring Conference -- Warsaw October 23-24, 2003 Improving the Factoring Environment

Taxes  VAT taxes – Applied to pre-financing Lithuania (18%) Applied to service fees Lithuania, Latvia, Estonia, Slovenia (~18%)  Stamp taxes None  Factoring losses not treated as tax cost Poland

Regulation  Supervisory authority Lithuania, Latvia, Estonia, Hungary Bank supervisor  Cross-border factoring regulations Latvia and Lithuania  Factoring/ Corporate licenses Hungary: ~$4,000 US (5 months) Slovakia and Czech: ~$30 US (1 month)  Laws on initial capital requirements Yes: Slovenia, Latvia, Lithuania, Hungary No: Estonia, Poland, Czech, and Slovakia

Legal Code  Factoring act Lithuania, Latvia, Estonia, Slovenia  Secured lending laws permitting lenders to collateralize working capital assets (account receivables, inventory, etc.) A recording system to register liens on account receivables

Factoring Practices  Sources of financing: Bank loans (88%) Equity (44%) Retail deposits (17%) X Corporate bonds (0%)  With notification All countries!  With and without recourse

Factoring Practices  Sources of information on customers: Self-reported Parent bank or insurance co. Credit bureau Public: Czech, Lithuania, Slovenia, Slovakia Private: Poland  Sources of information on underlying account obligors: D&B Credit bureaus

Barriers to Growth Lack of understanding of the product; considered a “lender of last resort” Difficult to access credit information/ predict credit risk Slow legal recovery Lack of refinancing Non-assignment clauses (Poland) Unfavorable tax laws