對德國不良貸款的投資【外文翻譯】

1、<p><b>　　外文翻譯</b></p><p><b>　　原文</b></p><p>　　Investing in German non-performing loans</p><p>　　Material Source: International Financial Law Review A

2、uthor:Börst，Jürgen</p><p>　　In Asia and the US， investors have experience in buying portfolios of non-performing loans (NPLs) from banks and other financial institutions. In Germany，though，large lo

3、an positions are rarely traded in the market. On the other hand，a number of German banks do have NPLs on their books. If a German bank sells its NPLs to a third party it can reduce its risk assets and strengthen its equi

4、ty position， which is also beneficial for regulatory purposes. Certain international private equity investors a</p><p>　　Only a few large NPL portfolios in Germany have been sold to third-party investors so

5、far，but the practice is growing. Recently，an NPL portfolio of a German bank was even transferred to a foreign private equity investor in the course of insolvency proceedings.</p><p>　　Structuring an investme

6、nt</p><p>　　Under German law，an acquisition of a loan portfolio can be structured either by transferring all of the loan agreements or by assigning the receivables under the loan agreements.</p><p

7、>　　Transferring loan agreements generally requires the borrowers'consent， whereas assignment of the loan receivables is usually possible without it. Transferring loan agreements and assigning loan receivables resu

8、lts in a true sale of the loans， that is， the claims will be eliminated as assets from the seller's balance sheet.</p><p>　　If loan receivables are acquired，the borrower may also raise any objections aga

9、inst a claim if they are based on facts that existed before the receivable was transferred. Once the borrower knows about the assignment，it may set off its debt with claims against the seller， unless the borrower's c

10、ounterclaim became due only after the assignment. Payments and other legal transactions effected by the borrower after the assignment of the receivables are binding for the investor unless the borrower pre</p><

11、;p>　　Bank syndicate agreements may contain special consent requirements. If the seller is a direct contract party to the borrower，a potential consent requirement for other syndicate banks restricts the seller in relat

12、ion to the banks but does not affect the legal validity of the loan portfolio's transfer. If an internal bank syndicate exists， that is， if the lead bank is granting the loan to the borrower， the seller may transfer

13、its receivable against the lead bank. But it cannot transfer the direct </p><p>　　In some cases，a collateral providers consent might be required under a collateral arrangement. Without such consent the loans

14、 may be legally transferred but the collateral will not exist for the benefit of the investor. Situations like this are common if guarantees by German government authorities are involved. If the loan receivables cannot b

15、e transferred because consent declarations cannot be obtained， it is possible to convey economic risks and benefits with regard to the loans to the investo</p><p>　　Purchase agreements</p><p>　　

16、In connection with the purchase agreement， the investor will typically ask for special representations and warranties related to the loan receivables (legal existence and outstanding balances) and the related collateral.

17、 Further， the seller should guarantee the volume of counterclaims that exist， or may be raised， against the acquired loan receivables.</p><p>　　After the acquisition has closed， the investor may need the sel

18、lers support to realize the loan receivables. Post-acquisition cooperation obligations should be set forth explicitly in the purchase agreement. This may include the sellers obligation to provide interim or long-term ser

19、vicing with regard to the NPL portfolio.</p><p>　　A number of issues may arise if NPL portfolios are acquired after insolvency proceedings have been opened with regard to the seller:</p><p>　　Th

20、e decisions about the NPL portfolio (including sale to an investor) require creditors' committee approval.</p><p>　　Investor due diligence review is important because only limited representations and war

21、ranties can be expected.</p><p>　　The insolvent entity may not be in a position to cooperate with the investor long-term.</p><p>　　The liability of the insolvency administrator for the NPL portf

22、olio and a potential recourse may be limited.</p><p>　　Financing the transaction</p><p>　　The investor may use equity funds to finance the NPL portfolio acquisition. Equity financing can normall

23、y be used for buying small portfolios or low-value distressed loans. If large NPL portfolios are sold， several investors may form a joint venture to finance the transaction.</p><p>　　If third party financing

24、 is provided to buy a portfolio， the investor must time things carefully. Long-term arrangements should not be entered into if the buyer intends to realize the receivables in a short time. But this may be difficult if th

25、e portfolio includes performing loans.</p><p>　　It is also possible to finance an NPL transaction through the capital markets. In a securitization transaction， different distressed debt positions with a dive

26、rsified risk profile may be combined in a special purpose vehicle (SPY). This SPY may then issue bonds to more investors. The bonds can be secured by the collateralized loan receivables. Experts call for a better legal f

27、ramework and a stock market for bad debt</p><p>　　After a boom year in 2006, the distressed debt business in Germany, Austria and Switzerland is dramatically slowing down. A Roland Berger Strategy Consultant

28、s trend study shows that banks in German-speaking countries expect the volume of bad debt transactions to decrease from about EUR 21 billion to roughly 7.5 billion this year. A slight recovery is expected in 2008, with a

29、 rise to EUR 10 billion. The greatest obstacles are the international financial crisis and the fact that buyers and sellers</p><p>　　The turbulence the recent US real estate market triggered in international

30、 financial markets has noticeably reduced banks' appetite for non-performing loans. But in certain markets, like Germany, interest in them remains high. There, the total volume of distressed debt is estimated to be a

31、bout EUR 150 billion. In other European countries, such as Austria, for example, the market for these loans is hardly existent.</p><p>　　Many potential sellers, but hardly any buyers</p><p>　　Ni

32、ls Kuhlwein von Rathenow, Partner in Roland Berger Strategy Consultants' Corporate Performance Competence Center, explains: "It's immediately apparent that more than three-quarters of the banks active in dis

33、tressed debt only sell such debt. Of the banks that we surveyed, none act solely as buyers." In 2006, only a fifth of credit institutions also acted as traders. Banks sell non-performing loans primarily to relieve t

34、heir loan books or because they can sell at an attractive price. A desire to</p><p>　　No viable market</p><p>　　In von Kuhlwein's opinion, "The fact that there is no functioning distres

35、sed debt market in Central Europe can't be due to a lack of volume." In Germany alone, the market is estimated to be about EUR 150 billion. A look at the US shows that this amount is more than sufficient: there,

36、 the bottom limit for funds that invest in distressed debt is as low as USD 500 million. Experts point to the fact that different price expectations (according to 88.9% of those surveyed) and a poor legal framework (<

37、/p><p>　　Buyer's reputation critical for distressed debt deals</p><p>　　"Due to the legal uncertainty, the buyer's reputation plays a key role in trading distressed debt, aside from th

38、e price. Close personal contacts and trust are essential in this business," says von Kuhlwein. This is linked to the fact that the resale of loans not yet due is possible only with the agreement of the borrower. For

39、 banks, it is also important that their own reputation not suffer as a result of the sale and that the buyer is very experienced in the process. Specialized institutions are</p><p>　　Dealing with bad loans c

40、an be far more difficult for SMEs than large companies. In 2006, companies with less than EUR 10 million in annual sales accounted for a quarter of the distressed debt in the banks surveyed. Companies with sales between

41、EUR 10 and 100 million and those with sales between EUR 100 and 500 million accounted for 30% each. Only 15.9% of problem loans affected large corporations with sales of more than EUR 500 million.</p><p>　　B

42、anks rely on internal early warning systems</p><p>　　To recognize distressed debt as early as possible and to assess the corresponding danger, most institutions rely on an internal early warning system. Furt

43、hermore, banks use default and non-payment criteria laid out in Revised International Capital Framework, known as Basel II, and the borrower's financial position to classify loans.</p><p>　　Workout strat

44、egies</p><p>　　The structuring of an NPL transaction also requires workout strategies for each loan receivable or group of loan receivables. This usually affects the investor's valuation and may impact t

45、he purchase price. The investor would take the timing of the realization of the collateral and the related legal costs into account. The borrowers personal assets and the legal means available to enforce claims against t

46、hese assets may also need to be investigated.</p><p>　　It may be more promising to start negotiations with the borrower or guarantor after the acquisition of a loan receivable. If a settlement agreement can

47、be reached， this may save time and legal costs. It is a precondition for all settlements， however， that the borrower or guarantor is solvent enough to repay at least part of the debt.</p><p>　　Before the NPL

48、 portfolio is acquired， the investor should decide how to structure the servicing and management of the loan files. If the seller is not going to service the loan receivables， the investor needs to decide if it has the e

49、xpertise and capacity to do it itself. With regard to non-performing loans， servicing includes the out-of-court realization of the receivables. Under the German Legal Advisory Act， collection services in connection with

50、defaulted receivables qualify as legal advisor</p><p>　　The German Banking Act might impose other regulatory hurdles on the investor. Banking business in Germany requires a special banking licence， and to av

51、oid problems with regulators the investor should not perform any banking business without a licence. Banking business includes the granting of new loans， and the investor should not extend payment deadlines or provide bo

52、rrowers with open credit lines because this might also qualify as granting new loans， which requires a licence.</p><p>　　If a bank sells its non-performing loans it can reduce its risk assets and strengthen

53、its equity position，Banking secrecy may restrict the seller from disclosing customer data to the investor before assigning the loan receivables.</p><p><b>　　.</b></p><p><b>　　譯

54、文</b></p><p>　　對德國不良貸款的投資</p><p>　　資料來源: 國際金融法律期刊 作者：布魯斯特，尤根</p><p>　　在亞洲和美國，投資者對從銀行等金融機構(gòu)購買組合的不良貸款(NPLs)很有經(jīng)驗。但是在德國卻很少有在市場交易大額貸款的情況，不可否認的是，也有大量的不良貸款存在在他們的賬目里。當(dāng)

55、一個德國銀行出售其不良貸款給第三方時，它可以減少自身的風(fēng)險資產(chǎn)和加強自身的資產(chǎn)凈值，同時也有利于不良資產(chǎn)的監(jiān)管。</p><p>　　當(dāng)目前為止，德國境內(nèi)只有少數(shù)幾個大的不良貸款組合被賣給第三方投資者，但買賣不良資產(chǎn)組合這樣的做法已經(jīng)越來越多了。最近，德國銀行的一份不良貸款投資組合因為破產(chǎn)的糾紛甚至轉(zhuǎn)移到了外國私有權(quán)益投資者的手中。</p><p><b>　　投資結(jié)構(gòu)</

56、b></p><p>　　根據(jù)德國法律，放款業(yè)務(wù)量的承購可以構(gòu)造通過轉(zhuǎn)移所有貸款協(xié)議或通過分配可接收根據(jù)貸款協(xié)議。 </p><p>　　轉(zhuǎn)讓貸款協(xié)議一般需要借款人的同意， 而貸款的應(yīng)收賬款的分配通常是不需要借款人同意的。轉(zhuǎn)讓貸款協(xié)議和分配貸款應(yīng)收賬款所導(dǎo)致的是一個貸款的真正出售，即要求資產(chǎn)從賣方的資產(chǎn)負債表中消除。</p><p>　　如果貸款應(yīng)收賬款取得

57、的，借款人可在應(yīng)收賬款轉(zhuǎn)移之前提出任何反對他們的要求，但要基于事實。一旦知道借款人的轉(zhuǎn)讓，它可抵消其債務(wù)的賣方索償，除非借款人的反申索后才到期的任務(wù)。 付款和其他法律交易后的借款人的轉(zhuǎn)讓的應(yīng)收賬款具有對投資者的約束力，除非借款人知道以前的分配。投資者應(yīng)及時通知借款人或同意賣方，他能這樣做。</p><p>　　銀行集團協(xié)議可能載有特別同意的要求。 如果賣方對借用人來說是一個直接契約合同的當(dāng)事人，其他企業(yè)聯(lián)合組織銀

58、行的一個潛在的同意要求關(guān)于銀行制約賣主，但是不影響放款業(yè)務(wù)量的調(diào)動的法律有效性。如果有銀行集團內(nèi)部存在，也就是說，如果導(dǎo)致銀行的貸款，給予借款人，賣方可轉(zhuǎn)讓其應(yīng)收帳款來抗議主導(dǎo)的銀行。 但是它不能轉(zhuǎn)移直接應(yīng)收貸款來反對借戶。這部分參與往往只能被移送，如其他銀行集團或牽頭銀行批準的交易。</p><p>　　在某些情況下，同意提供抵押品可能需要一個附帶協(xié)議。沒有這樣同意也許法律上也可以轉(zhuǎn)移貸款，但是附帶協(xié)議不會為投

59、資者的利益而存在。像德國政府的做為擔(dān)保人牽扯其中的現(xiàn)象是很常見的。因為沒有取得聲明書，導(dǎo)致貸款應(yīng)收款不能轉(zhuǎn)讓，可以把經(jīng)濟風(fēng)險和利益當(dāng)做貸款給投資者。賣方可同意自己貸款的基礎(chǔ)上與信托安排的投資者，開設(shè)擁有和管理的貸款的賬戶。投資者將決定一切活動，以實現(xiàn)貸款應(yīng)收款。</p><p><b>　　抵押品</b></p><p>　　有關(guān)擔(dān)保貸款應(yīng)收款的分配可配件(依賴)或非

60、配件(獨立)。供養(yǎng)擔(dān)保權(quán)利是由法律規(guī)定，貸款應(yīng)收賬款分配。 配件包括按揭抵押品，留置權(quán)有形資產(chǎn)和保障單。</p><p>　　獨立抵押品，其中包括土地轉(zhuǎn)讓費和安全的法律財產(chǎn)權(quán)或應(yīng)收款，需要單獨轉(zhuǎn)讓。投資者可以要求轉(zhuǎn)移這些抵押權(quán)利從賣方不良單款投資組合。投資者在購買協(xié)議應(yīng)該指定抵押、躲避提供抵押的，物產(chǎn)和附帶協(xié)定。</p><p>　　私人投資者，預(yù)期的轉(zhuǎn)讓期間的貸款應(yīng)收款和實現(xiàn)收益的抵押品

61、是至關(guān)重要的，以確定內(nèi)部回報率(IRR)。 不只是應(yīng)收款的抵押品，但也必須審查進程并作出適當(dāng)?shù)呐?。此外，個人實現(xiàn)(企業(yè))戰(zhàn)略發(fā)展需要每一筆的貸款應(yīng)收賬款，通常，企業(yè)的戰(zhàn)略取決于現(xiàn)有的抵押品。</p><p>　　如果房地產(chǎn)抵押品存在，典型的問題是:</p><p>　　在抵押或土地費用之下的權(quán)利的等級; </p><p>　　提供的所有批準使用的房地產(chǎn)許可證;&

62、lt;/p><p>　　遵守建筑物的建筑許可證;</p><p><b>　　環(huán)境風(fēng)險;</b></p><p><b>　　審查的租賃協(xié)議;</b></p><p>　　突出物業(yè)稅或其他財政收費。</p><p>　　如果貸款應(yīng)收款在不良貸款組合是抵押股份的承諾，投資者往往需要

63、審查金融和法律的情況類似與M&A一樣的交易。如股份買賣股票，條例，例如內(nèi)幕交易規(guī)則和要求提交一項強制性公共收購來給予考慮。</p><p><b>　　銀行保密和數(shù)據(jù)保護</b></p><p>　　銀行保密和數(shù)據(jù)保護條例之前必須考慮給予貸款應(yīng)收賬款。有義務(wù)遵守銀行保密通常是德國銀行所使用的一般條件。 這些可能限制賣方披露客戶數(shù)據(jù)前向投資者分配貸款應(yīng)收款。根據(jù)

64、數(shù)據(jù)保護條例，這適用于個人的個人數(shù)據(jù)，但不是公司作為借款人。</p><p>　　投資者可接受客戶的資料之前轉(zhuǎn)讓應(yīng)收款的一個適當(dāng)?shù)呐彶榈睦?，如果賣方高于保密的客戶的利益。一般來說，賣主的興趣對貸款可接收的認識勝過借戶的數(shù)據(jù)保護興趣，如果借款人的不良貸款，即是，如果借戶在與付款的缺省。貸款協(xié)議是否被終止了與權(quán)衡當(dāng)事人的利益是毫不相關(guān)的。 </p><p>　　借款人的數(shù)據(jù)受到保

65、護的披露，在一個適當(dāng)?shù)呐彶?，避免投資者的濫用，防止濫用措施是:</p><p>　　投資者對收購表示嚴重關(guān)注(例如，擬一份意向書);</p><p>　　投資者正式同意將客戶資料保密;</p><p>　　在適當(dāng)?shù)姆沙绦螂A段，客戶數(shù)據(jù)必須根據(jù)專業(yè)守則透露，特別是審計員和律師。如果客戶數(shù)據(jù)提供給投資者轉(zhuǎn)讓后的貸款應(yīng)收款，但并沒有限制有關(guān)銀行保密。</p&g

66、t;<p><b>　　購買協(xié)議</b></p><p>　　關(guān)于購買協(xié)議，投資者一般要求特別陳述和擔(dān)保的貸款應(yīng)收款(法律存在和優(yōu)秀結(jié)余)和有關(guān)抵押品。此外，賣方應(yīng)保證量存在反索償，或可提高，對獲得貸款應(yīng)收款。</p><p>　　在收購后關(guān)閉，可能需要投資者的支持，實現(xiàn)銷售商的貸款應(yīng)收款。收購后合作應(yīng)根據(jù)明確規(guī)定的購買協(xié)議履行義務(wù)。 這可能包括賣方在不

67、良貸款組合方面義務(wù)提供臨時或長期的服務(wù)。</p><p>　　破產(chǎn)程序已經(jīng)牽涉到賣主就會引起收購不良貸款帶來的大量問題:</p><p>　　決定的不良貸款組合(包括出售給投資者)要求債權(quán)人委員會的批準。</p><p>　　投資者應(yīng)盡的努力是重要的，因為只有有限陳述和保證可以預(yù)期。</p><p>　　破產(chǎn)實體不一定能夠長期的與投資者相一致

68、。</p><p>　　責(zé)任的破產(chǎn)管理人的不良貸款組合和潛在使用可能有限。</p><p><b>　　融資交易</b></p><p>　　投資者可利用股票基金資助NPL組合購置。 股權(quán)籌資通常是可用于購買小組合或低價值困擾貸款。如果大出售NPL組合，一些投資者可以形成一個合資企業(yè)的金融交易。</p><p>　　如果

69、第三方提供融資，購買一個組合，投資者必須時間外小心。長期安排不得進入如果買方打算實現(xiàn)應(yīng)收款在短時間。但這可能是困難的，如果該組合包括不良貸款。</p><p>　　它還可能對金融交易的NPL通過資本市場。在證券交易，不同立場債務(wù)困擾的多元化風(fēng)險可能合并在一個特別用途車輛(間諜)。 這種間諜可發(fā)債，以更多的投資者。 債券可以抵押擔(dān)保的貸款應(yīng)收款。</p><p><b>　　企業(yè)戰(zhàn)

70、略</b></p><p>　　一個結(jié)構(gòu)NPL交易還需要調(diào)整戰(zhàn)略貸款應(yīng)收款或集團的貸款應(yīng)收款。通常，這種影響到投資者的估值和購買價格。投資者將爭取足夠多的時間，實現(xiàn)擔(dān)保和相關(guān)的法律費用考慮。 借款人可能還有需要法律手段對個人資產(chǎn)的執(zhí)行進行調(diào)查，如果一旦達成協(xié)議，這可節(jié)省時間和法律費用。在這樣的前提下，所有定居點，借款人或保證人確保足以支付至少部分債務(wù)。</p><p>　　在N

71、PL組合是取得之前，投資者應(yīng)決定如何構(gòu)建服務(wù)和管理與貸款相關(guān)的文件。如果賣方對貸款應(yīng)收款不履行義務(wù)，投資者需要決定自身是否有專門知識和能力取得應(yīng)收款。</p><p>　　《德國銀行法》可能對投資者施加其他的管理障礙。德國銀行業(yè)需要一個特別銀行牌照，避免監(jiān)管機構(gòu)投資者沒有牌照進行任何銀行的業(yè)務(wù)的問題。銀行的業(yè)務(wù)包括提供新的貸款，和投資者應(yīng)支付期限或為借款人提供信貸開放，因為這可能也成為新的貸款，這都需要一個銀行牌