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Cursul 2 Instrumentele Pietele Institutiile (1)

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    Finanare internaional

    CURSUL II:

    Piee, instituii i instrumente folosite

    pe pieele financiare internaionale

    Conf. dr Cristian PUN

    ACADEMIA DE STUDII ECONOMICE BUCURETI

    FACULTATEA DE RELAII ECONOMICE INTERNAIONALE

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    Cursul 2: Componentele SFI 2

    Structura Sistemului Financiar

    Guvernul

    Populaia

    Companii

    privateInstituii

    financiareTranzaciifinanciare

    Tranzaciifinanciare

    Tranzaciifinanciare

    Piee financiare

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    Pieele financiare- caracteristici

    Piee monetare(scaden riscredus

    PIEE FINANCIARE

    Piee de capital (scaden> 1year):-tranzacii cu instrumente demprumut i aciuni(bonds,equities)-fluctuaii mai mari de pre

    Piaa internaional a creditului,

    Euromarkets iFX Markets

    -Piaa primar

    - Piaa secundar

    Exchange offices (NYSE, CBOT) OTC Markets

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    Cursul 2: Componentele SFI 4

    Pieele financiare - caracteristici

    Caracterist ici Piee monetare Piee de capital

    Scaden Sub un an Peste 1 an

    Riscuri Mai mic Mai mare

    Instrumente Instrumente de credit Instr. de mprumut + aciuni

    Lichiditate Mai mare Mai mic

    Volumul tranzaciilor Mai mic Mai mare

    Instrum ente de credit Instrumente de mprumut i aciuni

    - Titluri de stat; - Aciuni obinuite

    - Hrtii comerciale; - Aciuni prefereniale

    - Certificate de depozit; - Obligaiuni

    - Forward; - Participaii la fondurile de investiii

    - Credits; - Polie de asigurare

    - REPO - Participaii la fondurile de pensii

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    Cursul 2: Componentele SFI 5

    Resursele de finanare pentru o companie

    Decizia definanare

    Resurseinterne

    Resurse atrase

    - Reinvestirea

    profiturilor;- Majorri de capital;-Conversia datoriilorn aciuni;-Amortizareamijloacelor fixe.

    - Credite;

    - Obligaiuni;- Aciuni.

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    Cursul 2: Componentele SFI 6

    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)

    Cnd se recomand utilizarea surselor interne ?

    Resursele proprii cost cel mai mult!!!

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    Cursul 2: Componentele SFI 7

    Avantaje:

    afaceri maturecash-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.

    Cnd se recomand utilizarea surselor atrase?

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    Aciuni Credit

    EBIT 400,000 400,000

    - interest expense 0 (50,000)

    EBT 400,000 350,000

    - taxes (34%) (136,000) (119,000)

    EAT 264,000 231,000

    - dividends (50,000) 0

    Retained earnings 214,000 231,000

    Efectele impozitrii cnd se utilizeaz finanarea prinemisiune de aciuni

    8Cursul 2: Componentele SFI

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    Finanare directvs. Finanare indirect

    Debitor

    (beneficiar)Investitor

    Finanare direct

    Intermediarii

    financiari

    Finanare indirect

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    Cursul 2: Componentele SFI 10

    Finanare directvs. 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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    Cursul 2: Componentele SFI 11

    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

    Instituiifinanciare

    publice

    Instituiifinanciare

    private

    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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    Banca European pentruReconstrucie i Dezvoltare

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    Banca European pentru Reconstrucie i Dezvoltare

    BERD a fost creatn 1991;

    Obiectivul iniial: s furnizeze suport pentru crearea i dezvoltarea

    sectorului privat n rilefoste comuniste;

    n prezent BERD furnizeaz asisten pentru dezvoltarea economiei de

    pian 27 de ridin Europa Centralide Est idin Asia.

    BERD este cel mai important investitor n regiune i mobilizeazimportante investiiistrinedirecte n plus de propriile finanriacordate.

    BERD interacioneaz i cu instituiile publice, oferindu-i sprijinul n

    procesul de privatizare, restructurare a companiilor de stat imbuntirea

    serviciilor publice / municipale.BERD are 60 rimembre idouinstituiiinterguvernamentale (UE i

    Banca Europeande Investiii).

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    Banca European pentru Reconstrucie i DezvoltareObiectivele BERD:

    Sajute rilefoste comuniste sse ndrepte ct mai rapid ctreo economie de piafuncional

    Siasume o parte din riscurile investiionale

    Spromoveze principii bancare sntoase

    BERD promoveaz:

    Reformele structurale isectorialeCompetiia, privatizarea and spiritul antreprenorial

    Instituiifinanciare puternice isistemul legal - instituional

    Dezvoltarea infrastructurii necesare sectorului privat

    O guvernare sntoasCofinanareaiISD

    Mobilizarea resurselor locale de capital

    Furnizarea de asistentehnic

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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 sumce depete2.5

    miliarde de euro.Romnia se aflpe locul al III-lea ca beneficiar al resurselor BERD.

    Portofoliul BERD n aranoastreste foarte diversificat i include investiii n

    sectorul privat, dezvoltarea sectorului financiar, infrastructura de baz

    (electricitate, transport, infrastructura municipal) i privatizarea cu investitoristrategici.

    EBRDncurajeazfinanareaprivata infrastructurii prin promovarea unor

    finanride tip projectfinance

    BERD susine dezvoltarea sistemului financiar nebancar, prin promovarea

    investiiilorn sectorul leasing ia companiilor de asigurare, fondurilor de pensii

    ifondurilor private de investiii.

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    Proiecte BERD de succes n Romnia

    Susinereaprivatizriicu succes a celei mai mari bncidin RomniaRomanian

    Commercial Bank (In 2003 the EBRD agreed to buy a 25 per cent stake in BCR together

    with the IFC for a combined investment of176 million);Privatizarea cu succes a PETROM:- in 2002, EBRD arranged a syndicated US$ 150

    millionpre-privatisation corporate loan to SNP Petrom, the Bankslargest 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 a16 millionnon sovereign loan to the Administration of Constanta Port tofinance 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 a23.2 millionloan 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 millionin

    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 end-

    March 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 InvestiiiObiective iprioritide finanarepentru 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-capcompanies 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 Statesshare in the Bankscapital is calculated in accordance

    with its economic weight within the European Union (expressed in GDP) at

    the time of its accession.

    In total, the Bankssubscribed 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 - Structure1. 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 Bankspermanent collegiate executivebody. 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 FundFollowing the conclusions of the Lisbon European Council in March 2000, whichcalled for increased support for operations to assist SMEs, the Board of

    Governors decided to set up the "EIB Group", consisting of the EuropeanInvestment Bankand 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 theEIB (59.15%), the European Commission (30%) and European banks andfinancial institutions (10.85%).

    EIB Group is thus able to play a predominant role in boosting thecompetitiveness of European industry through the diversified support itprovides for the activities of SMEs(medium and long-term loans, venture capitaland guarantees).

    The EIB continues to promote smaller businesses through its medium andlong-term global loan financing, arranged in collaboration with the banking sector.

    The relationship between the EIB and the EIF encourages a productivesharing of expertisebetween the Bank and the Fund in support of finance forSMEs;

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    Financing Facilities offered by EIBThe 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; subordinatedloans 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; project-

    related derivatives.)

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    Date ofEntry:

    25/02/2005

    Beneficiary: Gdansk Transport Company SA

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

    Description: Design, construction and operation of 152 km dual carriage motorway from Gdanks toTorun.

    Objectives: 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 thewhole section Gdask-Toru is completed, it will facilitate easier access betweenWarsaw region and Tricity (Gdask, Sopot and Gdynia).

    Sector: Transports.Road transport

    ProposedEIB finance:

    EUR 525 million

    Total cost: EUR 700 million

    Environmental aspects:

    The project falls under the requirements of Annex 1 of the EU Directive 97/11 andrequires full EIA with public consultation.

    Procurement:

    The project has been procured as a Public Private Partnership to design, build, financeand maintain the infrastructure based on combination of shadow toll revenues andavailability and performance payments to the concession company during a 35-yearconcession.

    Status: Signed - 28/07/2005

    A1 Motorway - Poland

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    Date ofEntry:

    16/09/2004

    Beneficiary:

    Municipality of Budapest

    Location: Hungary - European Union.Budapest.

    Description:

    The project concerns the design, construction, operation and maintenance of theBCWWTP and ancillary investments. It includes the following main investments:

    Objectives: The project represents a cost-effective solution to wastewater collection, treatment andsludge disposal in central Budapest to meet EU and Hungarian environmentalstandards. It is expected that there will be indirect benefits to the city through reducedpollution of the Danube and greater tourism potential of the riverfront.

    Sector: Water, sewerage.

    Environment sector.ProposedEIB finance:

    Up to EUR 147 million.

    Total cost: Approximately EUR 529 million.

    Environmental aspects:

    The project has been designed in full compliance with national and relevant EUenvironmental directives. Upon completion and successful start of operationwastewater generated by more than 90% of Budapest population (for the time being

    some 1.8 million) will be treated biologically.

    Budapest Central Waste Water Treatment Plant Project

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    HVB Bank Romania Global Loan II

    Date of Entry: 03/02/2005

    Beneficiary: HVB Bank Romania

    Location: Romania - Accession Countries.

    Description: 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.

    Objectives: 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 promotedby small and medium sized enterprises (SMEs) and local municipalities/authorities/associations.

    Sector: Global loans.

    Proposed EIB

    finance:Up to EUR 20 million

    Total cost: EIB finances up to 50% of total project cost

    Environmental

    aspects:

    The financial intermediary will be requested to ensure compliance of the sub-projects with relevant

    national and EU directives, as appropriate.

    Procurement: 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.

    Status: Signed - 15/09/2005

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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 OrganizationThe 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 Governorsof 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 Kingdomand 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 16-DEC-2004

    Closing Date 31-DEC-2009

    Total Project Cost ** 206.49

    Region Europe And Central Asia

    Major Sector (Sector) (%) Health and other social services (Health) (96%)Law and justice and public administration (Centralgovernment administration) (3%)

    Law and justice and public administration (Sub-nationalgovernment administration) (1%)

    Old Major Sector N/A

    Old Sector N/A

    Environmental Category B

    Bank Team Lead Haazen, Dominic S.Borrower MINISTRY OF PUBLIC FINANCE

    Implementing Agency MINISTRY OF HEALTH

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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 oftransportation.

    Approval Date 16-NOV-2004

    Closing Date 31-JUL-2009

    Total Project Cost ** 377.9

    Region Europe And Central Asia

    Major Sector (Sector) (%) Transportation (Roads and highways) (67%)

    Transportation (Railways) (33%)

    Old Major Sector N/A

    Old Sector N/A

    Environmental Category A

    Bank Team Lead Kerali, Henry G. R.

    Borrower MINISTRY OF PUBLIC WORKS AND TRANSPORTImplementing Agency 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 likelybecome economic as the agriculture sector redevelops in the coming years.

    Approval Date 31-JUL-2003

    Closing Date 31-MAR-2011

    Total Project Cost ** 102.98

    Region Europe And Central Asia

    Major Sector (Sector) (%) 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%)

    Old Major Sector Agriculture

    Old Sector Irrigation & Drainage

    Environmental Category B

    Bank Team Lead Ionita, Gabriel

    Borrower ROMANIA

    Implementing Agency MINISTRY OF AGRICULTURE, FORESTRY, WATER AND ENVIRONMENT

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    Electricity Market Project: The development objective of the Electricity MarketProject 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 regulatoryframework 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 12-JUN-2003

    Closing Date 30-JUN-2008

    Total Project Cost ** 113.6

    Region Europe And Central Asia

    Major Sector (Sector) (%) Energy and mining (Power) (100%)

    Old Major Sector N/A

    Old Sector N/A

    Environmental Category B

    Bank Team Lead Visa, Doina

    Borrower TRANSELECTRICA

    Implementing Agency TRANSELECTRICA, ANRE, OPCOM

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    Instituii financiare private

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    Activele i pasivele intermediarilor financiariTipul intermediarului Sursa fondurilor Destinaia fondurilor

    1. Instituii depozitare:

    - Bnci comerciale Depozite Business and consumer loans,Municipal Bonds, T-Bonds

    - Bnci de economii iasociaii de credit

    Depozite Credite ipotecare

    - Bnci mutuale de economii Depozite Credite ipotecare

    - Uniuni de credit Depozite Credite de consum

    2. Instituii de economisire pe baze contractuale

    - Companii de asigurare devia

    Prime din polie de asigurare Corporate Bonds and Mortgages

    - Companii de asigurri debunuri

    Prime din polie de asigurare Municipal Bonds, corporate Bonds,Treasury securities

    - Fonduri de pensii Contribuii ale angajatorilor i angajailor Corporate bonds and stock

    3. Instituii de investiii

    - Companii de finanare Hrtii comerciale, aciuni, obligaiuni Consumer and business loans

    - Fonduri mutuale Aciuni Stocks, Bonds

    - Fonduri mutuale ninstrumentemonetare

    Aciuni Money market instruments

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    Structura intermediarilor financiari pe piaa SUA

    US Financial Institutions

    26.14%

    5.74%

    1.81%

    12.43%

    4.46%

    16.82%

    9.63%

    4.98%

    13.04%

    4.95%

    Commercial Banks

    Savings and loan associations,

    mutual banks

    Credit unions

    Life Insurance Companies

    Fire and casualty insurance

    companies

    Pension Funds

    State and local government

    retirement funds

    Finance companies

    Mutual Funds

    Money market funds

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    Cursul 2: Componentele SFI 45

    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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    Cursul 2: Componentele SFI 47

    Instrumentele pieelor monetare (cazul SUA)

    Titlurile de stat;

    Certificate de depozit;

    Hrtii comerciale;

    Efecte de comer;

    REPO;

    Fonduri monetare federale.

    US Money Market Instruments - 1996

    32.97%

    20.96%

    33.05%

    1.02%

    8.10%3.90% Treasur y Bills

    Negotiable bank

    certificates of de positComme rcial papers

    Bankers acceptances

    Repurchase Agreements

    Government Funds

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    Cursul 2: Componentele SFI 48

    Instrumentele pieelor de capitalAciuni;

    Creditele ipotecare;Obligaiuni guvernamentale;

    O. municipale;

    Obligaiuni corporativeUS Capital Market Instruments

    6.27%

    4.87%

    3.54%

    5.49%3.73%

    18.92%

    45.22%11.95%

    Corporate stocks

    Mortgages

    Corporate bonds

    T-Bonds

    Municipal Bonds

    Bank Comme rcial Loans

    Consumer Loans

    Comm ercial and Farm

    Mortgages

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    Clasificarea instrumentelor financiare n funcie de risc


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