Harald Müller, c/o DZ BANK Harald Müller, c/o DZ BANK AG, Frankfurt AG, Frankfurt 1 Notleidende Notleidende Unternehmenskredite in Unternehmenskredite in Deutschland Deutschland Risiken, Ertragschancen und Risiken, Ertragschancen und Trendwende Trendwende Frankfurt, 5. Oktober 2005 Frankfurt, 5. Oktober 2005
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Harald Müller, c/o DZ BANK AG, Frankfurt 1 Notleidende Unternehmenskredite in Deutschland Risiken, Ertragschancen und Trendwende Frankfurt, 5. Oktober.
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Harald Müller, c/o DZ BANK AG, FranHarald Müller, c/o DZ BANK AG, Frankfurtkfurt
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Notleidende Notleidende Unternehmenskredite in Unternehmenskredite in
DeutschlandDeutschland
Risiken, Ertragschancen und Risiken, Ertragschancen und TrendwendeTrendwende
Frankfurt, 5. Oktober 2005Frankfurt, 5. Oktober 2005
Harald Müller, c/o DZ BANK AG, FranHarald Müller, c/o DZ BANK AG, Frankfurtkfurt
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Workout –StrategienWorkout –Strategien
aus Sicht des Gläubigersaus Sicht des Gläubigers
Autor:Autor:
Harald Müller, c/oHarald Müller, c/o , Frankfurt am Main, Frankfurt am Main
Harald Müller, c/o DZ BANK AG, FranHarald Müller, c/o DZ BANK AG, Frankfurtkfurt
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Inhalt:Inhalt:
Analyse bezüglich Kredit-Workout bei Analyse bezüglich Kredit-Workout bei mehreren Kreditgläubigern mehreren Kreditgläubigern
1.1. Werden alle Kredite konsortial geführt?Werden alle Kredite konsortial geführt?2.2. Wurden nur die Sicherheiten gepoolt? Wurden nur die Sicherheiten gepoolt? 3.3. Rangfolge:Rangfolge:
a) Kredite?a) Kredite?b) Sicherheiten?b) Sicherheiten?c) Bundes/Landesbürgschaften?c) Bundes/Landesbürgschaften?
4.4. Gesellschaftsanteile in Treuhandschaft?Gesellschaftsanteile in Treuhandschaft?5.5. Gibt es stand alone – Positionen?Gibt es stand alone – Positionen?
Harald Müller, c/o DZ BANK AG, FranHarald Müller, c/o DZ BANK AG, Frankfurtkfurt
Harald Müller, c/o DZ BANK AG, FranHarald Müller, c/o DZ BANK AG, Frankfurtkfurt
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Lösungsansatz 3: Lösungsansatz 3: „just wait and see“„just wait and see“
BegleitungBegleitung des Verkaufsprozesses des Verkaufsprozesses ohneohne Redimensionierung der Passivseite und/Redimensionierung der Passivseite und/ oder Vergabe von fresh money oder Vergabe von fresh money
= Verbesserung EK-Quote = BASEL II, Grundsatz 1, Großkreditgrenze
Risiko-/Ertrags-steuerung:
= Pulverisierung von Risiken, clean cut for fresh money Verbesserung Cost Income Ratio
Harald Müller, c/o DZ BANK AG, FranHarald Müller, c/o DZ BANK AG, Frankfurtkfurt
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FAZIT:FAZIT:Individuell in Ursache, Verlauf undIndividuell in Ursache, Verlauf und
Wirkung, ergo Standardlösung nichtWirkung, ergo Standardlösung nicht
möglich.möglich.
Die Fragen bleiben:Die Fragen bleiben:-durchhandeln, durchhandeln,
-liquidieren oder liquidieren oder -restrukturieren?restrukturieren?
Entscheiden Sie! Viel Glück + Erfolg!Entscheiden Sie! Viel Glück + Erfolg!
Harald Müller, c/o DZ BANK AG, FranHarald Müller, c/o DZ BANK AG, Frankfurtkfurt
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Harald MüllerHarald Müllerc/o DZ BANK AGc/o DZ BANK AGSonderengagementsSonderengagementsPlatz der RepublikPlatz der RepublikD-60265 Frankfurt am MainD-60265 Frankfurt am Main
Harald Müller, c/o DZ BANK AG, FranHarald Müller, c/o DZ BANK AG, Frankfurtkfurt
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ff.: Anlagenff.: Anlagen
Harald Müller, c/o DZ BANK AG, FranHarald Müller, c/o DZ BANK AG, Frankfurtkfurt
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COMPANIES INTERNATIONAL: COMPANIES INTERNATIONAL: UK banks quick to recover defaulted loansUK banks quick to recover defaulted loans
UK banks have a far better recovery rate for defaulted loans to small UK banks have a far better recovery rate for defaulted loans to small and medium-sized enterprises than those in Germany or France, and medium-sized enterprises than those in Germany or France, according to research published today.according to research published today.
The study of 8,000 defaulted businesses by Standard & Poors Risk The study of 8,000 defaulted businesses by Standard & Poors Risk Solutions, the risk management arm of the ratings agency, found Solutions, the risk management arm of the ratings agency, found that UK banks recovered an average of 75 per cent of the debt. that UK banks recovered an average of 75 per cent of the debt. German banks 61 per cent and French banks 53 per cent.German banks 61 per cent and French banks 53 per cent.
UK banks were also much faster at recovering debt - 0,9 UK banks were also much faster at recovering debt - 0,9 years on average, compared with 3.6 years in Germany and years on average, compared with 3.6 years in Germany and 2.5 years in France. 2.5 years in France.
-Quelle: By Alex Skorecki, London, Financial Times, 22. Juni 2004--Quelle: By Alex Skorecki, London, Financial Times, 22. Juni 2004-
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COMPANIES INTERNATIONAL: COMPANIES INTERNATIONAL: UK banks quick to recover defaulted loansUK banks quick to recover defaulted loans
Aidan O`Mahoney, European head of S&P Risk Solutions, described Aidan O`Mahoney, European head of S&P Risk Solutions, described the study as „the first real benchmark“ on bank performance. SMEs the study as „the first real benchmark“ on bank performance. SMEs account for up to 30 per cent of total bank lending, yet no such account for up to 30 per cent of total bank lending, yet no such study has previously been carried out. Arnaud de Servigny, study has previously been carried out. Arnaud de Servigny, managing director at S&P Risk Solution, said: „Understanding of the managing director at S&P Risk Solution, said: „Understanding of the credit risks posed by this sector is quite rudimentary.“ credit risks posed by this sector is quite rudimentary.“
The study looked at 10 leading banks, four in the UK and three each The study looked at 10 leading banks, four in the UK and three each in Germany and France, which between them represent more than a in Germany and France, which between them represent more than a third of SME lending.third of SME lending.
Recovery rates can be a source of competitive advantage for banks Recovery rates can be a source of competitive advantage for banks as they have considerable flexibility over how they deal with as they have considerable flexibility over how they deal with defaults, even though the new Basel II banking rules redefine defaults, even though the new Basel II banking rules redefine default and set new standards for capital adequacy purposes. default and set new standards for capital adequacy purposes.
--Quelle: By Alex Skorecki, London, Financial Times, 22. Juni 2004-Quelle: By Alex Skorecki, London, Financial Times, 22. Juni 2004-
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COMPANIES INTERNATIONAL: COMPANIES INTERNATIONAL: UK banks quick to recover defaulted loansUK banks quick to recover defaulted loans
„„Interpreting what constitutes a default under Basel II can be a Interpreting what constitutes a default under Basel II can be a matter of individual judgement for banks,“ S&P said. „Defining matter of individual judgement for banks,“ S&P said. „Defining precisely when a default should be triggered will have an impact on precisely when a default should be triggered will have an impact on recovery rates.“ recovery rates.“
Basel II, due to be finalised by Saturday, includes the requirement Basel II, due to be finalised by Saturday, includes the requirement that banks should know what would be their likely loss in the event that banks should know what would be their likely loss in the event of default of debtor. of default of debtor.
The S&P report calculates banks`recovery rates using Basel II The S&P report calculates banks`recovery rates using Basel II definition of default, but warns that is figures are affected by the definition of default, but warns that is figures are affected by the fact that interpretation of Basel II varies between banks. Banks also fact that interpretation of Basel II varies between banks. Banks also vary in the collateral they require from SMEs. „These account for vary in the collateral they require from SMEs. „These account for variations in recovery rates notu just between countries, but also variations in recovery rates notu just between countries, but also between banks in the same market, because collateral matters between banks in the same market, because collateral matters much more than seniority in the SME market in ensuring repayment much more than seniority in the SME market in ensuring repayment after default.“ S&P said.after default.“ S&P said.
-Quelle: By Alex Skorecki, London, Financial Times, 22. Juni 2004--Quelle: By Alex Skorecki, London, Financial Times, 22. Juni 2004-
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COMPANIES INTERNATIONAL: COMPANIES INTERNATIONAL: UK banks quick to recover defaulted loansUK banks quick to recover defaulted loans
S&P Risk Solution will use the study`s information commercially in S&P Risk Solution will use the study`s information commercially in its ratings work on collateralised loan obligations. One of the its ratings work on collateralised loan obligations. One of the growth areas for rating agencies.growth areas for rating agencies.
A CLO is a composite investment product comprising a portfolio of A CLO is a composite investment product comprising a portfolio of loans.loans.
German Banks have been especially hard hit by their exposure to German Banks have been especially hard hit by their exposure to bad debt, estimated to total 350bn ($ 424bn). bad debt, estimated to total 350bn ($ 424bn).
-Quelle: By Alex Skorecki, London, Financial Times, 22. Juni 2004--Quelle: By Alex Skorecki, London, Financial Times, 22. Juni 2004--Seite 4 Anlage- -Seite 4 Anlage-