ACADEMIA DE STUDII ECONOMICE BUCURETI

FACULTATEA DE RELAII ECONOMICE INTERNAIONALE

Finanare internaional

CURSUL II: Piee, instituii i instrumente folosite pe pieele financiare internaionale

Conf. dr Cristian PUN

Structura Sistemului Financiar

Tranzacii financiare Guvernul Instituii Tranzacii financiare financiare Populaia

Companii private Tranzacii financiare Piee financiare

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Pieele financiare - caracteristici

PIEE FINANCIARE Piee monetare (scaden < 1 an): - foarte lichide; - tranzacii cu instrumente de credit; - fluctuaii reduse ale preurilor activelor => risc redus - Piaa primar - Piaa secundar Piee de capital (scaden > 1 year): - tranzacii cu instrumente de mprumut i aciuni (bonds, equities) - fluctuaii mai mari de pre

Piaa internaional a creditului, Euromarkets i FX Markets

Exchange offices (NYSE, CBOT)

OTC Markets
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Pieele financiare - caracteristici

Caracteristici Piee monetare Piee de capital

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

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Resursele de finanare pentru o companie

Resurse interne
- Reinvestirea profiturilor; - Majorri de capital; - Conversia datoriilor n aciuni; - Amortizarea mijloacelor fixe.

Decizia de finanare

Resurse atrase

- Credite; - Obligaiuni; - Aciuni.

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Cnd se recomand utilizarea surselor interne ?

Avantaje ale utilizrii surselor interne de finanare: Creterea valorii companiei; Autonomie mai mare fa de instituiile financiare; Cost de tranzacionare mai redus (comisioane bancare i taxe mai mici); Avantaje fiscale aplicate profitului reinvestit; Companii mici sau companii aflate la nceput;

Companii ndatorate puternic (high debt).

Dezavantaje: Costul total al surselor proprii este cel mai mare datorit impozitrii (tax shield) i datorit costului de oportunitate)

Resursele proprii cost cel mai mult !!!

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Cnd se recomand utilizarea surselor atrase ?

Avantaje: afaceri mature cash-flow cows; sunt mai puin costisitoare dect sursele proprii; posibilitatea de obinere a unor resurse de capital importante; scadene mai mari; deducerea cheltuielilor cu dobnda;

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.

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Efectele impozitrii cnd se utilizeaz finanarea prin emisiune de aciuni

EBIT - interest expense EBT - taxes (34%) EAT - dividends Retained earnings

Aciuni 400,000 0 400,000 (136,000) 264,000 (50,000) 214,000

Credit 400,000 (50,000) 350,000 (119,000) 231,000 0 231,000

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Finanare direct vs. Finanare indirect

Intermediarii financiari
Finanare indirect

Debitor (beneficiar)

Investitor

Finanare direct

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Finanare direct vs. Finanare indirect

Avantajele intermedierii financiare: o mai bun informare cu privire la excedentul de resurse financiare; risc mai redus (unele instituii financiare pot prelua din riscuri); consultana financiar; facilitile de finanare; o multitudine de tehnici de financiare;

condiiile impuse de intermediarii financiari;

cost de tranzacionare mai sczut. Dezavantajele intermedierii financiare: costuri operaionale mai mari; inexistena unui contact direct cu piaa; impunerea unui istoric al relaiilor cu piaa.
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Serviciile furnizate de intermediarii financiari

Vnzarea i cumprarea de active financiare; Derularea fluxurilor de ncasri i pli;

Finanarea afacerilor (incl. export financing);

Consultana financiar; Monitorizarea pieelor financiare internaionale (rating agencies); Asigurarea mpotriva riscurilor financiare; Garantarea riscurilor financiare; Expertiza managerial; Monitorizarea companiilor (competitors, clients);

Management de portofoliu;
Administrarea fondurilor de investiii.

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Instituiile financiare de pe piaa internaional

I. Instituiile financiare internaionale:
-International Monetary Fund; -World Bank (IBRD, IDA, IFC, IMGA); -EBRD; -European Investment Bank; -Bank for International Settlements; II. Ageniile guvernamentale: -Export Credit Agencies; -Export Guarantee Credit Agencies; -Export Insurance Agencies; III. Instituiile depozitare: -Bncile comerciale; -Casele de economii; -Bncile mutuale de economii; -Uniunile de credit. IV. Instituiile non-depozitare: -Bncile de investiii; -Fondurile mutuale; -Fondurile de pensii; -Companiile de asigurri; -Companiile de finanare; -Fondurile cu capital de risc; -Societile de valori mobiliare.
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Instituii financiare publice

Instituii financiare private

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Banca European pentru Reconstrucie i Dezvoltare

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Banca European pentru Reconstrucie i Dezvoltare

BERD a fost creat n 1991; Obiectivul iniial: s furnizeze suport pentru crearea i dezvoltarea sectorului privat n rile foste comuniste; n prezent BERD furnizeaz asisten pentru dezvoltarea economiei de pia n 27 de ri din Europa Central i de Est i din Asia. BERD este cel mai important investitor n regiune i mobilizeaz importante investiii strine directe n plus de propriile finanri acordate. BERD interacioneaz i cu instituiile publice, oferindu-i sprijinul n procesul de privatizare, restructurare a companiilor de stat i mbuntire a serviciilor publice / municipale.

BERD are 60 ri membre i dou instituii interguvernamentale (UE i Banca European de Investiii).

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Banca European pentru Reconstrucie i Dezvoltare

Obiectivele BERD: S ajute rile foste comuniste s se ndrepte ct mai rapid ctre o economie de pia funcional S i asume o parte din riscurile investiionale S promoveze principii bancare sntoase BERD promoveaz: Reformele structurale i sectoriale Competiia, privatizarea and spiritul antreprenorial Instituii financiare puternice i sistemul legal - instituional Dezvoltarea infrastructurii necesare sectorului privat O guvernare sntoas

Cofinanarea i ISD
Mobilizarea resurselor locale de capital Furnizarea de asisten tehnic
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European Bank for Reconstruction and Development

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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.

Portofoliul BERD n ara noastr este foarte diversificat i include investiii n

sectorul privat, dezvoltarea sectorului financiar, infrastructura de baz (electricitate, transport, infrastructura municipal) i privatizarea cu investitori strategici.

EBRD ncurajeaz finanarea privat a infrastructurii prin promovarea unor

finanri de tip project finance BERD susine dezvoltarea sistemului financiar nebancar, prin promovarea

investiiilor n sectorul leasing i a companiilor de asigurare, fondurilor de pensii

i fondurilor private de investiii.

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Proiecte BERD de succes n Romnia

Susinerea privatizrii cu succes a celei mai mari bnci din Romnia Romanian Commercial Bank (In 2003 the EBRD agreed to buy a 25 per cent stake in BCR together with the IFC for a combined investment of 176 million); Privatizarea cu succes a PETROM: - in 2002, EBRD arranged a syndicated US$ 150 million pre-privatisation corporate loan to SNP Petrom, the Banks largest non-sovereign long-term syndicated loan to a state-owned company in Romania at the time. Furnizarea de fonduri pentru terminalul din Constana: - In September 2004, the Bank granted a 16 million non sovereign loan to the Administration of Constanta Port to finance a new barge terminal in what has been the first non sovereign guaranteed loan by the Bank for a state owned company in the Romanian Transport sector. Transelectrica - Regional Transmission Line Project: - in December 2004 the Bank signed a 23.2 million loan with Transelectrica in order to finance: (i) the Romanian part of a 110km transmission line between Oradea (Romania) and Bekescsaba (Hungary), and (ii) the construction of a 400kV substation at Nadab along the route of the line. Banca Transilvania: - BT managed to implement the Mortgage Loan of 10 million in a short period of time, reaching around 830 clients with a large geographic spread covering 32 main counties through a network of 130 branches and agencies as of endMarch 2005.
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EBRD Direct Investment Projects:

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EBRD and SME Financing Facilities

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EBRD Municipal and Environmental Loan Facility

EBRD Regional Investment

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Banca European de Investiii

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Banca European de Investiii

The task of the European Investment Bank, the European Union's financing institution, is to contribute towards the integration, balanced development and economic and social cohesion of the Member Countries. The European Investment Bank (EIB), the financing institution of the European Union, was created by the Treaty of Rome. The members of the EIB are the Member States of the European Union, who have all subscribed to the Bank's capital.

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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Banca European de Investiii

Obiective i prioriti de finanare pentru BEI: Economic and social cohesion in the enlarged EU Implementation of the Innovation 2010 Initiative Development of Trans-European and Access Networks Support of EU development and cooperation policies in partner countries

Environmental protection and improvement, including climate change and

renewable energy. Support for small and medium-sized enterprises as well as mid-cap

companies of intermediate size

Support for human capital, notably health.
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European Investment Bank Shareholders

The shareholders of the European Investment Bank are the 25 Member States of the European Union. Each Member States share in the Banks capital is calculated in accordance with its economic weight within the European Union (expressed in GDP) at the time of its accession. In total, the Banks subscribed capital amounts to more than 163.6 billion. The EU Member States are fully eligible for Bank financing operations, without any geographical or sectorial quotas being applied. Under its Statute, the Bank may have maximum loans outstanding equivalent to two and half times its capital.

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European Investment Bank - Structure

1. Board of Governors: consists of Ministers designated by each of the 25 Member States, usually Finance Ministers. 2. Board of Directors: has the power to take decisions in respect of loans, guarantees and borrowings. The Board of Directors consists of 26 Directors, with one Director nominated by each Member State and one by the European Commission. 3. The Management Committee: is the Banks permanent collegiate executive body. It has nine members. Under the authority of the President and the supervision of the Board of Directors, it oversees day-to-day running of the EIB, prepares decisions for Directors and ensures that these are implemented. 4. The Audit Committee: is an independent body answerable directly to the Board of Governors and responsible for verifying that the operations of the Bank have been conducted and its books kept in a proper manner.

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European Investment Fund

Following the conclusions of the Lisbon European Council in March 2000, which called for increased support for operations to assist SMEs, the Board of Governors decided to set up the "EIB Group", consisting of the European Investment Bank and the European Investment Fund.

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;
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Financing Facilities offered by EIB

The EIB offers various financial services to support projects, depending on eligibility and project category. Loans for SMEs through an intermediary (credit lines made available to banks, leasing companies or financial institutions, which on lend the proceeds for small or medium-scale investment projects meeting the Bank's criteria) Venture capital

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.)
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Priority Roads and Motorways Rehabilitation II AFI Czech Republic

Date of Entry:
Beneficiary: Location: Description: Objectives: Sector: Proposed EIB finance: 17/05/2005 The Region of Pardubice. The Region of Liberec. Czech Republic - European Union. Pardubice and Liberec. The project concerns a series of priority schemes for the rehabilitation of the regional road network. The project will improve traffic fluidity and safety along the Regions road network and decrease cost of road users (fuel and tyre consumption, maintenance, travel time). Transports. Transport. To be determined Up to EUR 40 million for the Region of Pardubice Up to EUR 40 million for the Region of Liberec. Current environmental impact legislation in the Czech Republic is based on the Act No 100/2001 Coll., which reflects relevant EU legislation (namely Directive 85/337/EEC as amended by Directive 97/11/EC). EU Procurement Directives have been transposed into the national legislation, and the procedures to be used will be verified during appraisal. Signed - 30/06/2005

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

Poland - European Union. Gdansk to Nowe Marzy (89.5 km)

Design, construction and operation of 152 km dual carriage motorway from Gdanks to Torun. The new motorway section will constitute the first step in completing of the missing link between Gdask and d on the way to industrial Silesia. At the same time, once the whole section Gdask-Toru is completed, it will facilitate easier access between Warsaw region and Tricity (Gdask, Sopot and Gdynia). Transports. Road transport EUR 525 million EUR 700 million The project falls under the requirements of Annex 1 of the EU Directive 97/11 and requires full EIA with public consultation. The project has been procured as a Public Private Partnership to design, build, finance and maintain the infrastructure based on combination of shadow toll revenues and availability and performance payments to the concession company during a 35-year concession. Signed - 28/07/2005

Sector: Proposed EIB finance: Total cost: Environment al aspects: Procuremen t:

Status:

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Budapest Central Waste Water Treatment Plant Project

Date of Entry: Beneficiary: Municipality of Budapest 16/09/2004

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: Environment al aspects:

HVB Bank Romania Global Loan II

Date of Entry: Beneficiary: Location: Description: Objectives: 03/02/2005 HVB Bank Romania Romania - Accession Countries. Small and medium-scale projects in the field of environment protection, infrastructure, development of a knowledge-based economy, rational use of energy, health and education in Romania. The global loan would contribute to the development of term finance in Romania. Through the financial intermediary, the global loan would provide long-term funding for eligible projects promoted by small and medium sized enterprises (SMEs) and local municipalities/authorities/associations.

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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Grupul Bncii Mondiale

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World Bank Group

The World Bank is a vital source of financial and technical assistance to developing countries around the world. WBG includes two international financial institutions owned by 184 member countriesthe International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). The IBRD focuses on middle income and creditworthy poor countries; IDA focuses on the poorest countries in the world. Together we provide low-interest loans, interest-free credit and grants to developing countries for education, health, infrastructure, communications and many other purposes.
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World Bank Group Organization

The World Bank is like a cooperative, where its 184 member countries are shareholders. The shareholders are represented by a Board of Governors, who are the ultimate policy makers at the World Bank. Generally, the governors are member countries' ministers of finance or ministers of development. They meet once a year at the Annual Meetings of the Boards of Governors of the World Bank Group and the International Monetary Fund. Because the governors only meet annually, they delegate specific duties to 24 Executive Directors, who work on-site at the bank. The five largest shareholders, France, Germany, Japan, the United Kingdom and the United States appoint an executive director, while other member countries are represented by 19 executive directors. The World Bank operates day-to-day under the leadership and direction of the president, management and senior staff, and the vice presidents in charge of regions, sectors, networks and functions. Vice Presidents are the principal managers at the World Bank.
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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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 Electricity Market Project: The development objective of the Electricity Market

Project for Romania is to develop a well-functioning wholesale electricity market with the aim of: (a) putting in place a transparent and predictable commercial and regulatory framework and a power exchange that will facilitate electricity trading within a competitive national, regional and eventually European market; and (b) improving the efficiency and reliability of the transmission system in order to support trading and supply electricity.
Approval Date Closing Date Total Project Cost ** Region Major Sector (Sector) (%) Old Major Sector Old Sector Environmental Category Bank Team Lead Borrower Implementing Agency 12-JUN-2003 30-JUN-2008 113.6 Europe And Central Asia Energy and mining (Power) (100%) N/A N/A B Visa, Doina TRANSELECTRICA TRANSELECTRICA, ANRE, OPCOM

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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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Instituii financiare private

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Activele i pasivele intermediarilor financiari

Tipul intermediarului 1. Instituii depozitare: - Bnci comerciale - Bnci de economii i asociaii de credit - Bnci mutuale de economii - Uniuni de credit Depozite Depozite Depozite Depozite Business and consumer loans, Municipal Bonds, T-Bonds Credite ipotecare Credite ipotecare Credite de consum Sursa fondurilor Destinaia fondurilor

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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Structura intermediarilor financiari pe piaa SUA

US Financial Institutions
4.95% 13.04% 26.14%

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;

condiiile de rambursare a mprumutului;

Alte aspecte (clauzele speciale din contractul de finanare).

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Instrumentele financiare

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Instrumentele pieelor monetare (cazul SUA)

Titlurile de stat; Certificate de depozit; Hrtii comerciale; Efecte de comer; REPO; Fonduri monetare federale.
33.05%

US Money Market Instruments - 1996

8.10% 1.02% 32.97% 3.90%
Treasury Bills Negotiable bank certificates of deposit Com m ercial papers Bankers acceptances Repurchase Agreem ents Governm ent Funds

20.96%

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Instrumentele pieelor de capital

Aciuni; Creditele ipotecare; Obligaiuni guvernamentale;

O. municipale;
Obligaiuni corporative
3.54% 4.87%

US Capital Market Instruments

5.49% 3.73% Corporate stocks Mortgages Corporate bonds 11.95% 45.22% T-Bonds Municipal Bonds Bank Com m ercial Loans Consum er Loans Com m ercial and Farm Mortgages

6.27%

18.92%

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Clasificarea instrumentelor financiare n funcie de risc

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