1. Korea’s compilation method for securitization
Sung-Hwan KIM

2. 1. Background
2. Data collection
3. Compilation
4. Statistics

3. Background “Act relating Asset Debenture”(1998)
“Mortgage Debenture Company Act”(1999)
Institutions
establish
SPC
hand over
assets
Investors
ABS

4. Background “Act relating Asset Debenture”(1998)
“Mortgage Debenture Company Act”(1999)
register plans
for securitization
Institutions
FSC
FSS
information

5. Data Collection Bank of Korea “DART” ① identify SPCs ② data*
* Balance sheet(B/S),
detailed statement
SPCs

6. ABS (stock) total liability of the economy = sum of SPCs’ liability
Compilation
ABS (stock)
total liability of the economy = sum of SPCs’ liability
ABS (stock)
total asset = total liability (of the economy)

7. Compilation ABS (stock)
asset of General Government & Financial Corp. sector
 sum of ABS holdings
∙ data : B/S & bond-holdings statement
asset of Rest of the World
∙ data : ‘Balance of Payments Team’

8. Compilation ABS (stock) asset of public corporations
 sum of ABS holdings
∙ data : B/S & bond-holdings statement
* Non-financial corporation sector = public corp.
+ private corp.

9. Compilation ABS (stock)
asset of private corp. & Household+NPISH sector
① total asset of the economy minus asset
of (general government & financial corp.
sector + public corporation)

10. Compilation ABS (stock)
asset of private corp. & Household+NPISH sector
(continue)
② estimation
using ‘bond-deposit statement’ from
securities companies

11. Valuation at Market Price
Compilation
Valuation at Market Price
Bank of Korea
data*
Company (3)*
* bond price evaluate
* price of issue,
market price

12. Compilation ABS (flow) total source of the economy = sum of changes
of all SPCs’ liability at issue price*
* stock at the end of the period
– stock at the end of the previous period
total source = total use (of the economy)

13. Compilation ABS (flow) use of General Government sector & Financial
corporation sector & public corporations
 changes of ABS at issue price + gain or loss of
trading
* data : B/S, bond-holdings statement

14. Compilation ABS (flow) use of private corporations & NPISH+Household
sector
 estimation
using ‘bond-deposit statement’ from
securities companies

15. ABS stock on June 2010 (trillion Won)
Statistics
ABS stock on June 2010 (trillion Won)
Total liability of the economy : 58.9
- Financial corporations : 58.9
∙ Other financial intermediaries : 58.9

16. ABS stock on June 2010 (trillion Won)
Statistics
ABS stock on June 2010 (trillion Won)
Total asset of the economy : 58.9
- Financial corporations : 35.6
∙ DMBs : 18.1
∙ Insurance companies : 11.1
- General government : 8.1
- Household + NPISH : 10.9