The topic of this diploma work is "Financing of the real property''. The aim of this work is comparing the possibilities of financing the acquisition of the real estate by the building savings and by the mortgage loan with the aim of an interpretation the most optimal form of the financing of the real property for the client which suits his conditions. The theoretical part is attended to the characteristics of the forms of financing the acquisition of real property, especially the characteristic of building savings and mortgage loan, its legislative form, building saving stages and a disposal of the mortgage loan. In the practical part of this work are the theoretical recourses applied with the intention of a model interested person in acquiring property. There are also described possibilities of financing the housing by building savings and mortgage loans, which are offered by selected institutions for the client. On the basis of these possibilities is made an analysis of the most optimal form of financing the real estate.

My thesis focuses on the analysis of financial instruments suitable to finance own housing available in the Czech Republic, especially on mortgages, building savings loans and consumer loans, from the client's perspective. The first chapter presents these three selected options, describes them along with their most important parameters. The second chapter presents three main financial groups in the Czech Republic alongside with their selected products. Individual products are compared and evaluated using preselected examples: buying a property and a reconstruction. Last chapter describes the most common influences on the demand for loan products to finance own housing and analyses them, focusing on the interest rates and the inflation rate.

The thesis deals with the issue of lending to small and medium enterprises. Specific definition of small and medium enterprises is mentioned in the first part. Next part deals with characteristics of bank loans and the procedur for granting a loan. Then, based on a methodical procedure, an analysis of a loan from a selected bank with a specific client is created.

Thesis (MDF)--Stellenbosch University, 2012. / Union Régionale des Coopèratives d’Epargne et de Crédit (URCOOPEC) is a network of 10 savings and credit cooperatives, established in 1990 by UNDP in Chad to support the government’s strategy of strengthening and improving access to financial services to the population. All the cooperatives are located in and around N’djaména the capital city of Chad. URCOOPEC has developed as a microfinance model owned by the community that is able to help the poor population that is excluded from the formal financial services accessing these services. Despite its potential of reaching people even in remote areas, literature about previous studies in other countries has indicated that sustainability of savings and credit cooperatives is hampered by the issues in corporate governance, management, skills, product development amongst others. This study examines the viability of this model in the context of Chad; particularly it examines the conditions for which this model can better contribute to financial sector development in Chad. The findings reveal that the model was helpful and accepted by many users at its earlier stage. However, weaknesses in corporate governance, credit management and shortage of skills have led this URCOOPEC into difficulties. There is a need for training of technical staff and for the board to develop more products, sensitize the members about their rights and duties. URCOOPEC also needs financial support from government and donors as well as linkage with commercial banks to better contribute to the provision of financial services to the population.

A loan deal is often composed of several components (for example, a 3-year revolving loan, a 10-year secured senior term loan, and a 5-year subordinated term loan). The division of a deal into two or more components, each with different risk characteristics, is called tranching. This study recognizes the importance of tranching and establishes tranching as an integral component of a syndicated loan structure. In the first essay, we present a model to explain the economic value of tranching and show that riskier firms are more likely to take loans with multiple tranches. Therefore, the average credit spread on syndicated loans with multiple tranches is higher than that on nontranched loans. However, after accounting for the risk characteristics of a tranched loan, we show that a given tranche of a multi-tranche loan, on average, has a lower credit spread than an otherwise similar loan that is not part of a multi-tranche loan. We also show that the benefits of tranching accrue primarily to borrowers with speculative debt ratings. Prior studies have found an abnormal stock return of 100 to 150 basis points for firms that announce they have borrowed funds from a bank. Despite some conflicting evidence (Peterson and Rajan, 2002; Thomas and Wang, 2004; Billett, Flannery and Garfinkel, 2006), the literature tends to interpret this positive bank loan announcement effect as the markets response to the mitigation of information asymmetry regarding the borrowing firm caused by the certification role of the lending banks who act as quasi-insiders. In the second essay, we document that a strong selection bias exists in prior studies. We show that less than a quarter of the loans made by banks are ever announced by borrowing firms and the loans that are announced are systematically different from loans that are never announced by the firms. Firms with low debt ratings, firms with zero or negative profits but positive interest expense, firms that take large loans in relation to their assets base, firms with little analyst following, and firms with high forecasted EPS growth are more likely to announce their loans. We show that while there was a positive announcement effect over the period 1987 to 1995, loan announcements elicited zero or negative returns in the last ten years as the mix of companies announcing loans changed over time.

<p>Thirty years after it has achieved its independence, the Republic of Chad, which has faced a long political instability, decided to exploit its oil resources in order to achieve its development objectives. Owing to the difficulties encountered in mobilizing financial resources for the realization of the project, the Government obtained from the International Bank for Reconstruction and Development (IBRD) a loan US$39.5 millions. The loan Agreement, signed between the two parties on 29 March 2001 included a provision referring to the Petroleum Revenue Management Program, described in schedule 5 of the Agreement. This Petroleum Revenue Management Program imposed a number of obligations, related to the actions to be undertaken by the Chadian Government prior to the release of the funds by the Bank, and to the modalities to be followed in the course of the management of the oil revenues. These obligations are also known as governance conditionalities. This theses raised the issues of the legitimacy of the Bank's Governance conditionality, its impact on both the sovereignty of the borrower to freely determine the use of its resources and the effectiveness of the loan.</p>

Master of Agribusiness / Department of Agricultural Economics / Allen M. Featherstone / Institutions within the Farm Credit System (FCS) make risk-based lending decisions. As a primary lender to agriculture, these decisions are based on qualitative and quantitative procedures based on guidelines created for the purpose of measuring financial risk or the future probability that a loan will be in default of full repayment. As the risk increases, the cost to the FCS institution also increases to support a higher risk, higher probability of delinquency. Concentration risk, intrinsic risk, transaction risk, repayment risk, reputation risk are just a few examples of risk-based lending decisions. Under regulatory direction, FCS institutions have a charter to provide financing to agriculture’s food and fiber industries. The forest products industry is a large commodity borrower of risk-based financing within the FCS, specifically in the Pacific Northwest. Among other commodities, Northwest Farm Credit Services (Northwest FCS) supports the forest products industry through financial lending products. A majority of agricultural commodities reflect cycles of robust earnings and weak profits based on macro- and micro-economic indicators. The United States forest products industry had a period of strong earnings based primarily on the housing bubble between 2002-2007. With the U.S. economic recession beginning in 2008, the forest products industry also waned from 2008-2012. This impact resulted in financial stress for many forest product companies, both nationally and internationally. Due to the downturn in the forest products industry, regulators were quick to position the industry with high risk-based assumptions, thus putting pressure to Northwest FCS’ risk-guidelines in supporting that historical analysis accurately depicted industry risk. The purpose of this thesis is threefold: to study the correlation between different major commodity groups to better understand the value of a commodity concentration limit as a way to mitigate portfolio risk for Northwest FCS; to support analysis used by Northwest FCS and their ability to calculate the likelihood of financial stress; and provide customer-based feedback by way of a survey from forest products companies in the industry, as additional support to assumptions that were used to calculate certain subjective criteria for estimating risk. As one method to analyze financial risk, customer data was collected for the years ending 12/31/2008, 12/31/2011, and 12/31/2014. Statistical regression analysis was used to measure financial stress migration based on companies in the forest products industry. The regression analysis indicates financial measures of liquidity, leverage, and cash flow used for such calculated stress, specifically prior to the economic downturn of 2008, through the downturn of 2008-2012, and post-recovery of the forest products industry are correlated with measuring financial risk. As a risk mitigation tool, the board of directors that governs Northwest FCS hold a commodity concentration limit of fifteen percent (15%) for the forest products industry. The customer survey provided information that allowed Northwest FCS to create subjective rating criteria for calculating risk. A guideline was created to assess subjective criteria provided by forest products customers on the same level based on the feedback provided which may be beneficial for understanding current results and potential future subjective risk associated within the industry.

The purpose of my thesis is to describe the bank product building savings, especially to focuse on legal and economical problems. The thesis is composed of seven chapters, each of them dealing with different aspects of building savings. Chapter One mentions the history of buildings savings, its origin and development. Chapter Two includes a list of the relevant Czech legislation, which is connected with Czech system of building savings. Chapter Three is introductory and defines basic terminology used in the thesis, as the savings phase, the loan phase, bridging loans or regular loans. Chapter Four focuses on the building savings bank as the special banks, whose business activities are restricted. Chapter Five describes the savings phase of the building savings, primarily the contract. The subchapters point out closing, changing and terminating the contracts and presents participants in building savings. Chapter Six deals with the problems of loan providing and closing the loan contracts. Because the purpose of the existence of building savings is to finance housing for as many people as possible, especially by providing loans, the main part of the thesis focuses right on the loans. The building savings banks provide two kinds of loans, bridging loans and regular loans. Chapter Seven analyzes the...

English summary Banking The main objective of my thesis is to survey characteristics of legal and economic status of banks in the Czech Republic and legal relations resulting from interactions between commercial banks and their clients within the term banking. This thesis is composed of four chapters. The first chapter concerns legal and economic status of banks in the Czech Republic, structure and system of banking, banking franchise and bank management. The second chapter is related to characteristics and systematization of bank products, business secrets, prices of bank products, banking risks and supervision over banking transactions. The third chapter of my thesis touches upon the first main category of banking, which is deposit banking. The relation between the bank and its client is that of the debtor and the creditor. In the chapter I discuss the possibilities of a bank to acquire money from a client. Firstly the bank can save money on current accounts or saving accounts. Secondly issuing bank securities is another possibility for a bank to acquire money from its clients. Bank bonds or deposit bills of exchange are cases in point. In the last chapter I focused on the second main category of banking, bank credit products. Clients obtain credits from banks and as a result the bank is in the position...

Loan Contract This thesis investigates the provision of loans based on the Loan Contract under Sections 497-507 of the Commercial Code. The aim is to analyse the relevant legal regulation of the Loan Contract in detail, and to emphasize its interpretations issues, which are followed by the proposal of appropriate solutions. Furthermore, some other legal institutes closely related to the Loan Contract are also described (e.g. the Loan Contract under the Civil Code, loan business terms, security etc.). In the first chapter, the general concept of the loan is described, its essential importance in the free market economy, and its definition in the legal sense. The second chapter provides the history of the origin and evolution of the loan, from its formation under the Roman law to the changes in the contemporary legal regulation. The following third chapter aims to compare the Loan Contract under the Commercial Code with the Loan Contract under the Civil Code. The subject of the fourth chapter is the analysis of the fundamental principles which serve as guidelines for the Loan Contract structure. In the fifth chapter, the relevant legal regulations are addressed, the purpose and meaning of the loan business terms, and the legal character of the Loan Contract as an absolute commercial obligation. The...