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Cursul 2 Instrumentele Pietele Institutiile
Cursul 2 Instrumentele Pietele Institutiile
Finanare internaional
OTC Markets
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Scaden
Riscuri Instrumente Lichiditate Volumul tranzaciilor
Instrumente de credit - Titluri de stat; - Hrtii comerciale; - Certificate de depozit; - Forward; - Credits; - REPO
Sub un an
Mai mic Instrumente de credit Mai mare Mai mic
Peste 1 an
Mai mare Instr. de mprumut + aciuni Mai mic Mai mare
Instrumente de mprumut i aciuni
- Aciuni obinuite - Aciuni prefereniale - Obligaiuni - Participaii la fondurile de investiii - Polie de asigurare - Participaii la fondurile de pensii
Decizia de finanare
Resurse atrase
Dezavantaje:
Costuri adiionale (taxes, commissions applied); Dependena de instituiile financiare; Existena unui calendar precis de rambursare; Necesitatea unei bune proiecii a dezvoltrii viitoare a afacerii.
EBIT - interest expense EBT - taxes (34%) EAT - dividends Retained earnings
Intermediarii financiari
Finanare indirect
Debitor (beneficiar)
Investitor
Finanare direct
Management de portofoliu;
Administrarea fondurilor de investiii.
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BERD are 60 ri membre i dou instituii interguvernamentale (UE i Banca European de Investiii).
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Cofinanarea i ISD
Mobilizarea resurselor locale de capital Furnizarea de asisten tehnic
Cursul 2: Componentele SFI 15
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BERD n Romnia
BERD este cel mai mare investitor din Romnia cu o sum ce depete 2.5 miliarde de euro. Romnia se afl pe locul al III-lea ca beneficiar al resurselor BERD.
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The EIB grants loans mainly from the proceeds of its borrowings, which, together with "own funds" (paid-in capital and reserves), constitute its "own resources".
Outside the European Union, EIB financing operations are conducted principally from the Bank's own resources but also, under mandate, from Union or Member States' budgetary resources.
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The EIB became the majority shareholder in the European Investment Fund, which nevertheless retains a tripartite share-ownership structure consisting of the EIB (59.15%), the European Commission (30%) and European banks and financial institutions (10.85%).
EIB Group is thus able to play a predominant role in boosting the competitiveness of European industry through the diversified support it provides for the activities of SMEs (medium and long-term loans, venture capital and guarantees). The EIB continues to promote smaller businesses through its medium and long-term global loan financing, arranged in collaboration with the banking sector. The relationship between the EIB and the EIF encourages a productive sharing of expertise between the Bank and the Fund in support of finance for SMEs;
Cursul 2: Componentele SFI 28
Direct loans (also known as Individual loans) (Promoters in both the public and private sectors, including banks);
Structured Finance Facility (SFF) (senior loans and guarantees incorporating pre-completion and early operational risk; subordinated loans and guarantees ranking ahead of shareholder subordinated debt; mezzanine finance, including high-yield debt for industrial companies in transition from SME scale or in the course of restructuring; projectrelated derivatives.)
Cursul 2: Componentele SFI 29
Total cost:
Environment al aspects: Procuremen t: Status:
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A1 Motorway - Poland
Date of Entry: Beneficiary: Location: Description: Objectives: 25/02/2005 Gdansk Transport Company SA
Status:
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Location: Description:
Hungary - European Union. Budapest. The project concerns the design, construction, operation and maintenance of the BCWWTP and ancillary investments. It includes the following main investments:
Objectives:
The project represents a cost-effective solution to wastewater collection, treatment and sludge disposal in central Budapest to meet EU and Hungarian environmental standards. It is expected that there will be indirect benefits to the city through reduced pollution of the Danube and greater tourism potential of the riverfront. Water, sewerage. Environment sector. Up to EUR 147 million. Approximately EUR 529 million. The project has been designed in full compliance with national and relevant EU environmental directives. Upon completion and successful start of operation wastewater generated by more than 90% of Budapest population (for the time being some 1.8 million) will be treated biologically. 32 Cursul 2: Componentele SFI
Sector:
Proposed EIB finance: Total cost: Environmental aspects: Procurement: Status:
Global loans.
Up to EUR 20 million EIB finances up to 50% of total project cost The financial intermediary will be requested to ensure compliance of the sub-projects with relevant national and EU directives, as appropriate. The financial intermediary will be requested to ensure compliance of the sub-projects with EU directives, in particular for the award of public sector contracts, as may be appropriate. Signed - 15/09/2005
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Health Sector Reform 2 Project: The Second Romania Health Sector Reform Project provides more accessible services, o f increased quality and with improved health outcomes for those requiring maternity and newborn care, emergency medical care, and rural primary health care.
Approval Date Closing Date Total Project Cost ** Region Major Sector (Sector) (%) 16-DEC-2004 31-DEC-2009 206.49 Europe And Central Asia Health and other social services (Health) (96%) Law and justice and public administration (Central government administration) (3%) Law and justice and public administration (Sub-national government administration) (1%) N/A N/A B Haazen, Dominic S. MINISTRY OF PUBLIC FINANCE MINISTRY OF HEALTH
Old Major Sector Old Sector Environmental Category Bank Team Lead Borrower Implementing Agency
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Transport Restructuring Project: The Government of Romania has defined a strategy for the transport sector that is primarily aimed at improving the efficiency of the railways and road sectors, and thereby reducing the overall costs of transportation.
Approval Date Closing Date Total Project Cost ** Region Major Sector (Sector) (%) Old Major Sector Old Sector Environmental Category Bank Team Lead Borrower Implementing Agency 16-NOV-2004 31-JUL-2009 377.9 Europe And Central Asia Transportation (Roads and highways) (67%) Transportation (Railways) (33%) N/A N/A A Kerali, Henry G. R. MINISTRY OF PUBLIC WORKS AND TRANSPORT NAT'L ADM OF ROADS AND STATE RAILWAYS CFR-INFRA
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Irrigation Rehabilitation & Reform Project: Despite the current pricing and subsidy mechanisms, which do not encourage economic irrigation, the central issue of Romania's irrigation sector today, remain that irrigation facilities will likely become economic as the agriculture sector redevelops in the coming years.
Approval Date Closing Date Total Project Cost ** Region Major Sector (Sector) (%) 31-JUL-2003 31-MAR-2011 102.98 Europe And Central Asia Agriculture, fishing, and forestry (Irrigation and drainage) (94%) Law and justice and public administration (Central government administration) (4%) Agriculture, fishing, and forestry (Agricultural extension and research) (1%) Education (Vocational training) (1%) Agriculture Irrigation & Drainage B Ionita, Gabriel ROMANIA MINISTRY OF AGRICULTURE, FORESTRY, WATER AND ENVIRONMENT
Old Major Sector Old Sector Environmental Category Bank Team Lead Borrower Implementing Agency
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Energy Community of South East Europe Project: A strategy paper for energy
trade in South East Europe outlines the Bank's vision for regional energy market development, and defines its role in supporting the evolution of regional energy trade. The framework elaborates the Bank's role in supporting policy reform, institutional development, and lending for power generation, transmission, distribution.
Approval Date Closing Date Total Project Cost ** Region Major Sector (Sector) (%) Old Major Sector Old Sector Environmental Category Bank Team Lead Borrower Implementing Agency 27-JAN-2005 30-JUN-2010 112.3 Europe And Central Asia Energy and mining (Power) (100%) N/A N/A F Nyman, Kari J. COUNTRIES OF SOUTH EAST EUROPE UTILITIES IN SOUTH EAST EUROPE
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2. Instituii de economisire pe baze contractuale - Companii de asigurare de via - Companii de asigurri de bunuri - Fonduri de pensii 3. Instituii de investiii - Companii de finanare - Fonduri mutuale - Fonduri mutuale n instrumente monetare Hrtii comerciale, aciuni, obligaiuni Aciuni Aciuni Consumer and business loans Stocks, Bonds Money market instruments Prime din polie de asigurare Prime din polie de asigurare Contribuii ale angajatorilor i angajailor Corporate Bonds and Mortgages Municipal Bonds, corporate Bonds, Treasury securities Corporate bonds and stock
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Com m ercial Banks Savings and loan associations, m utual banks Credit unions Life Insurance Com panies
4.98% Fire and casualty insurance com panies Pension Funds 9.63% 5.74% 1.81% State and local governm ent retirem ent funds Finance com panies 16.82% 4.46% Money m arket funds 12.43% Mutual Funds
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Instrumentele financiare
Un instrument financiar este un contract ntre investitor i debitor; Acest contract stabilete:
mecanismul finanrii;
rolul fiecrei instituii implicate n mecanism; suma mprumutat; scadena; moneda n care se face mprumutul; costul finanrii (rata de dobnd) i modalitatea de plat a ei; alocarea riscului ntre prile implicate;
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Instrumentele financiare
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20.96%
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O. municipale;
Obligaiuni corporative
3.54% 4.87%
6.27%
18.92%
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