metode licitatie

8/10/2019 Metode Licitatie

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Metode Licitatie

La fel ca majoritatea statelor suverane, statul olandez folosete licitaiile ca un mecanism dedescoperire a preurilor n procesul de a acoperi nevoia sa de finanare. n 2011, necesitateatotal de mprumut a fost acoperita prin intermediul a 42 de licitaii. 24 dintre licitaii au fost

programate pentru titluri de stat (n cazul n care volumele emise se reporteaz de mai multe orin cursul anului), n timp ce obligaiunile au fost scoase la licitaie de 18 de ori n 2011.Statulolandez i propune ca procesul de emisiune sa fie transparent si previzibil, n scopul de a a creacea mai bun baz pentru licitatii de succes. DSTA utilizeaz trei tipuri diferite de metode delicitaie, toate oferind participanilorcondiii deconcuren echitabil.

Certificate de trezorerie olandezen principiu, DTC-uri sunt scoase la licitaie de dou ori pe lun. Cu toate acestea, ntreoctombrie 2008 i ianuarie 2009, DTC-urile au fost scoase la licitaie n fiecare sptmn ca

urmare a creterii nevoiide finanare. Aceste licitaii suntcu pre unic. Acesta este un mod unicde licitaiede certificate de trezorerie din zona euro, cele mai multe ri folosindo licitaie multi-tarif pentru certificatele de trezorerie. Aceast licitaie este cunoscut pe plan international ca"licitaia olandez", din cauza preului uniform.O licitatie olandeza este un tip de licitatie in care cel care liciteaza incepe de la un pret ridicat,

pe care reduce treptat pana cand un participant este dispus sa accepte pretul oferit sau o rezervade pret predeterminata (pretul minim acceptabil de catre vanzator). Participantul castigator estecel care plateste ultimul pret anuntat. Acest tip de licitatie este convenabil cand se dorestevanzarea rapid a bunurilor.

mprumuturi de stat olandeze (Dutch State Loans)Pentru emisiunile iniiale mari de noi obligaiuni de tip benchmark cu termene mai mari, DSTAfolosete o tehnic numit licitatie olandez direct (DDA). Aceast metod de licitaie a fostintrodus n 2003 ca un mijloc de a ajunge la investitorul final ntr-un mod direct i de a permiteDSTA s emit o cantitate de lichiditi la o singur emisiune de obligaiuni. DDA este unsistem bazat pe reguli care poart elemente att din sindicat i o licitaie olandez . Un aspectprivind licitaia olandez este c nu exist un castigator datorit preului unic. Procesul deconstruire carte, faptul c DSTA prioritizeaz unele conturi de mai sus altele (bani reali, fa dealtele) i de faptul c DSTA are primar Advisors sunt toate elementele dintr-un sindicat.Investitorii finali pot intoduce ofertele lor, prin intermediul unuia sau mai multor dealeri primari.Noua emisiune are un pre peste cel de referin, la fel ca German Bund. Din motive de stabilirea preurilor, o gam de rspndire este indicat nainte de licitaie. Acest interval poate fiactualizat n timpul licitaiei, ori de cte ori acest lucru este justificat de schimbarea cererii de pepia sau de circumstane. Alocarea se bazeaz numai pe preurile oferite, n timp ce la preul de


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cut-off, investitorii cu bani reali, cum ar fi bncile centrale i fondurile de pensii, au prioritatefa de alte conturi, cum ar fi fondurile speculative i alte birouri de tranzacionare.

Pentru un volum mare de obligatiuni noi emise, pe termen lung, DSTA foloseste o tehnicanumita Licitaie olandez direct (Dutch Direct Auction: DDA). Aceast metodde licitaie a

fost introdus n 2003 ca un mijloc de a ajunge la investitorul final ntr-un mod direct i de apermite DSTA s emit o cantitate de lichiditate printr-o singur obligaiune. Un aspect esenialprivind licitaiaolandezeste c nu exist un blestem al ctigtorului, datorit preului unic.Noua emisiune are un pre peste cel de referin, la fel ca obligaiunile de stat germane (GermanBund). Pentru motive ce in de nivelul minim i maxim al preului, este indicat s existe uninterval prestabilit al acestuia. Acest interval poate fi modificat n timpul licitaiei, oricnd aparschimbri n nivelul cererii sau n condiiile pieei.

Credite de stat olandeze (DSL)Toate DSL sunt redeschise prin intermediul TAP-licitaii. nainte de 2009, licitaiile TAP aveau

loc o dat pe lun, la fiecare a doua mari. ncepnd cuanul 2009, licitatiile Tap au loc att ndoua zi de mari (pentru obligaiuni pe-the-termen), iar n a patra mari (pentru off-the-termen iobligaiuni pe-a alerga). Licitaiile TAP sunt, de asemenea, folosite pentru deschideri iniiale deobligaiuni pe termen scurt din data de (noi obligaiuni de 3 ani). DSTA intr ntr-un pre n ecranMTS c se poate i va ajusta n funcie de condiiile de pia. Dealerii primari pot lovi pretul dacei cred c este atractiv. Un comer este apoi face instantaneu. Odat ce DSTA atinge valoareadorit (specificat nainte de licitaie, printr-o gam int) licitaia este nchis. Spre deosebire de olicitaie olandez, aceasta este o licitaie pre multiplu. Beneficiul robinet, metoda de participanieste c ei tiu imediat ce cantitate le-au cumprat, pentru ceea ce pre, astfel nct s poatacoperi riscul de rat a dobnzii imediat.

Auction methods

Dutch Treasury CertificatesIn principle, DTCs are auctioned twice a month. However, between October 2008 and January2009, DTCs were auctioned every week due to the increased funding need. DTC-auctions aresingle price auctions. This is a unique way of auctioning T-bills in the euro area as mostcountries use a multi-price auction for T-bills. This auction is internationally known as a Dutchauction, because of the uniform price. Primary Dealers and Single Market Specialists enter theiryield-bids via Bloomberg. Only the DSTA has insight in the book building and decides howmuch it wishes to allocate at a certain cut-off yield within a pre-announced target range. Nominalbids at an interest rate below the cut-off yield are allotted in full. Nominal bids at an interest rateequal to the cut-off yield can either be allotted in full or in part. This type of auction avoids theso called winners curse. As the DSTA communicates the allocated amounts directly after theauction, uncertainty about the allocation is limited. From December 2011, the auction method


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has been changed from bidding on yields to bidding on price. This change was needed to make itpossible for banks to put in bids reflecting negative yields (i.e. price above 100).

Dutch State LoansFor large initial issues of new longer dated benchmark bonds, the DSTA uses a technique called

the Dutch Direct Auction (DDA). This auction method was introduced in 2003 as a means toreach the end investor in a direct way and to enable the DSTA to issue a liquid amount in a newbond at once. The DDA is a rule based system that carries elements from both a syndicate and aDutch auction. An aspect from the Dutch auction is that there is no winners curse thanks to thesingle price. The book building process, the fact that the DSTA prioritizes some accounts aboveothers (real money versus others) and the fact that the DSTA has Primary Advisors are allelements from a syndicate. End investors can enter their bids via one or more Primary Dealers.The new issue is priced over a benchmark bond, such as a German Bund. For pricing purposes, aspread range is indicated prior to the auction. This range can be updated during the auction,whenever this is warranted by changes in demand or market circumstances. Allocation is basedsolely on the prices offered, whereas at the cut-off price, real money investors, such as central

banks and pension funds, receive priority over other accounts, such as hedge funds and othertrading desks. For more information, see Subject DDA.

Dutch State Loans: tapsAll DSLs are reopened by means of tap-auctions. Before 2009, tap auctions took place once amonth, on every second Tuesday. From 2009 onwards, tap auctions are held both on the secondTuesday (for on-the-run bonds) and on the fourth Tuesday (for off-the-run and on-the-runbonds). Tap auctions are also used for initial openings of short-dated bonds (new 3-year bonds).The DSTA enters a price in the MTS-screen that it can and will adjust depending on marketconditions. Primary dealers can hit the price if they think it is attractive. A trade is then madeinstantly. Once the DSTA reaches the desired amount (specified before the auction through atarget range) the auction is closed. In contrast to a Dutch Auction, this is a multiple price auction.The benefit of the tap-method for participants is that they know immediately what amount theyhave bought, for what price, so that they can hedge the interest rate risk immediately.


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Aezare

Localitatea i pli n euroDSTA pstreaz conturi cu trei (International) depozitarii centrali de valori mobiliare (ICSD):Euroclear rile de Jos, Euroclear Bank i Clearstream Bank. Credite de stat olandeze (DSL),Certificate de trezorerie olandeze (DTC-uri) i efectele de comer (CP) n euro sunt create cuEuroclear Olanda. Dup eliberare a decontrii primar Euroclear Bank are loc pe cont 25003 sauprin podul cu Clearstream Bank. Decontare pe tranzaciile de pe piaa secundar sunt executate

pe cont 97449 cu banca Euroclear sau cont 82913 cu Clearstream Bank. TARGET2 este folositpentru pli directe n euro cu DSTANL2A ca un cod de identificare bancar.

T + 2 perioad standard de decontare pentru DSLPe 15 aprilie 2014, Parlamentul European a adoptat regulamentul privind valori mobiliare dedecontare i Central depozitarii de valori mobiliare (CSDR). Textul acestui regulament include,printre altele, armonizarea perioada de decontare pentru valori mobiliare executate n locuri detranzacionare din Europa, la dou zile lucrtoare de la tranzacionare a avut loc (T + 2). Omajoritate a locurilor de tranzacionare au confirmat c vor pune n aplicare ciclul de T + 2 dedecontare ca din 6 octombrie 2014.

n conformitate cu CSDR i decizia de locurile de tranzacionare, rile de Jos a decis sarmonizeze n continuare perioada de decontare pentru tranzaciile extrabursiere pe DSL nemisiunile primare i pieele secundare, n conformitate cu ciclul de decontare T + 2. Aceastmsur va intra n vigoare din 6 octombrie 2014. Aceast armonizare sporit pe toate pieeleprimare i secundare va reduce ineficienele operaionale i riscuri pentru tranzaciitransfrontaliere. Textul original al comunicatului de pres ESDM, din data de 15 mai 2014, spot fi gsite pe: http://europa.eu/efc/pdf/esdm_press_release_t+2_may_2014.pdf

Decontare i pli n alte valuten cazul instrumentelor emise n alte monede dect euro (CP i olandez de stat DollarObligatiuni), Citibank actioneaza ca un Emiterea i Plat Agent (IPA). Pentru pli n USD,GBP, CHF NOK i conturi la Citibank au avut loc la New York i la Londra.

FOLIEDin 1999 incoace, toate noile obligaiuni olandeze, inclusiv 15 ianuarie 2023 i 15 ianuarie 2028poate fi transformat ntr Separati de comercializare a cotelor de inregistrat turistice i aValorilor Mobiliare principale (benzi) si vice-versa. Dealerii primari au dreptul exclusiv de asolicita o transformare de obligaiuni n fii sau din benzi in obligatiuni. Cererea de


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transformare se poate face prin transferul de obligaiuni sau setul de benzi ntr-un cont piasecundar cu trei ICSD anii. ntr-o zi de afaceri, ulterior, benzile sau obligaiunile vor fitransferate la expeditor.

Colateral

Titluri de valoare, livrate ca garanie hasve s fie transferate n contul 97,449 cu Euroclear Bank.

DSTA se folsete de trei depozitari centrali internationali de valori mobiliare: Euroclear Olanda,Banca Euroclear i Banca Clearstream.

Settlement and payments in euro

The DSTA keeps accounts with three (International) Central Securities Depositories (ICSDs): EuroclearNetherlands, Euroclear Bank and Clearstream Bank. Securities for Dutch State Loans (DSLs), Dutch TreasuryCertificates (DTCs) and Commercial Paper (CP) in euro are created with Euroclear Netherlands. After

deliverance to Euroclear Bank primary settlement takes place on account 25003 or through the bridge withClearstream Bank. Settlement on the secondary market trades are executed on account 97449 with

Euroclear bank or account 82913 with Clearstream Bank. Target2 is used for direct payments in euro withDSTANL2A as a Bank Identifier Code.

T+2 as standard settlement period for DSLs

On 15 April 2014, the European Parliament adopted the regulation on Securities Settlement and CentralSecurities Depositories (CSDR). The text of this regulation includes, inter alia, the harmonisation of thesettlement period for transferable securities executed on trading venues across Europe at two business daysafter the trading took place (T+2). A majority of trading venues confirmed that they will implement the T+2settlement cycle as of 6 October 2014.

In line with the CSDR and the decision of the trading venues, the Netherlands decided to further harmonise

the standard settlement period for OTC transactions on DSLs in primary issuances and secondary markets inline with the T+2 settlement cycle. This measure will become effective as of 6 October 2014. This enhancedharmonisation across all primary and secondary markets will reduce operational inefficiencies and risks for

cross-border transactions. The original text of the ESDM press release, dated 15 May 2014, can be foundon:http://europa.eu/efc/pdf/esdm_press_release_t+2_may_2014.pdf

Settlement and payments in other currencies

For instruments issued in other currencies than Euro (CP and Dutch State Dollar Bonds), Citibank acts as anIssuing and Paying Agent(IPA). For payments in USD, GBP, NOK and CHF accounts with Citibank are held inNew York and in London.

STRIPS

From 1999 onward, all new Dutch bonds including the 15 January 2023 and 15 January 2028 can betransformed into Seperate Trading of Registered Interest and Principal Securities (STRIPS) and vice versa.Primary dealers have the exclusive right to ask for a transformation from bonds into STRIPS or from STRIPS

into bonds. The request for transformation can be made by the transfer of the bonds or the set of STRIPS toa secondary market account with the three ICSDs. One business day thereafter the STRIPS or the bonds

will be transferred to the sender.

Collateral

Securities delivered as collateral hasve to be transferred to account 97449 with Euroclear Bank.
http://europa.eu/efc/pdf/esdm_press_release_t+2_may_2014.pdfhttp://europa.eu/efc/pdf/esdm_press_release_t+2_may_2014.pdfhttp://europa.eu/efc/pdf/esdm_press_release_t+2_may_2014.pdfhttp://europa.eu/efc/pdf/esdm_press_release_t+2_may_2014.pdf


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Antilele titluri de crean

La 10 octombrie 2010 toate mprumuturile restante [1] a rii dinAntilele Olandeze i teritoriulinsular al Curaao au fost transferate n Olanda[2]. Transferul este reglementat prin lege, i nu anecesitat formularea unui act suplimentar. Transferul a ncheiat programul de reducere a

datoriilor, care a fost nceput n 2009.Pentru creditori, implicaiile acestui transfer sunt limitate. Plile principale i dobnzilor lamprumuturile acordate public vor fi efectuate de ctre statul olandez prin intermediulprocedurilor de plat existente i canalele Bncii Centrale pentru Curaao i Sint Maarten(CBCs, fostul BNA) i bncile comerciale locale. Statul olandez va respecta toate obligaiilelegate de creditele plasate privat, de asemenea, prin CBCs.

.Note:[1] Credite includ obligaiuni, bonuri de tezaur i mprumuturi emise public. Nu au existatcertificate de trezorerie restante.[2] teritoriul insular al Sint Maarten nu avea autoritatea de a emite propriile sale titluri de creannainte de 10 noiembrie 2008.

Debt securities Antilles

On October 10, 2010 all outstanding loans [1] of the country of the Netherlands Antilles and the islandterritory of Curaao were transferred to the Netherlands [2]. The transfer is regulated by law, and did notrequire the formulation of any supplementary act . The transfer concluded the debt relief programme which

was started in 2009.

For creditors, the implications of this transfer are limited. Principal and interest payments on publicly issuedloans will be undertaken by the Dutch State by means of the existing payment procedures and channels of

the Central Bank for Curaao and Sint Maarten (CBCS, the former BNA) and local commercial banks. TheDutch State will comply with all obligations related to privately placed loans also through the CBCS.

An overview of the relevant loans can be foundhere.

Notes:[1] Loans include bonds, treasury bills and publicly issued loans. There were no outstanding treasury bills.
http://www.dsta.nl/dsresource?type=pdf&objectid=minfinbeheer:77565&versionid=&subobjectname=http://www.dsta.nl/dsresource?type=pdf&objectid=minfinbeheer:77565&versionid=&subobjectname=http://www.dsta.nl/dsresource?type=pdf&objectid=minfinbeheer:77565&versionid=&subobjectname=http://www.dsta.nl/dsresource?type=pdf&objectid=minfinbeheer:77565&versionid=&subobjectname=


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[2] The island territory of Sint Maarten did not have the authority to issue its own debt securities prior toNovember 10, 2008.

Licitaia olandez direct

Licitaia olandez direct (DDA) este o tehnic de licitaie transparent i bazat pe reguliproiectate de DSTApentru scoaterea la licitaie atitlurilor de crean de stat. DDA a fost folositprima dat n iunie 2003 pentru eliberarea primar a unei obligaiuni de 5 ani. Scopul DDA estedublu, n primul rnd s se angajeze o baz larg de investitori i n al doilea rnds scoat lalicitaie datoria public la cel mai bun pre posibil. Investitorii pot participa direct n cadrul DDAprintr-un (sau mai muli) de dealeri primari. DDA este una dintre cele trei tehnici de licitaiefolosite de DSTA. Acesta este utilizatpentru emiterea primar de obligaiuni cu termene maimari (5-, 10-, i 30 de ani). Pentru emiterea primar de obligaiuni de 3 ani este utilizatlicitaiaTAP. Licitaia TAPeste, de asemenea, utilizatpentru a redeschide obligaiuni dup ce au fosteliberate.

Procesul de licitaie

DDA este guvernat de un set clar de reguli, care sunt pstrate neschimbate n timp ct mai multposibil. n cadrul DDA ofertele nu sunt prezentate la unpre absolut, ci se ia deobicei un pre de

referin, cel mai adesea un Bund german cu o scaden comparabil cu cea de la licitaie.Aceast metod a fost aleas pentru c exist un decalaj de timp ntre plasarea comenzilor ialocarea actual. n aceast perioad, piaa s-ar putea muta, rezultnd un nivel absolut de pre, cenu ar reflecta n mod corect preul de pia. Pentru c spread-urile sunt mai puin volatile dectnivelurile absolute de pre, preul de pia al obligaiunii este mai bine reflectat ca ? pe oobligaiunede referin.O serie de ? randament, denumit "orientare ?", la care ordinele pot fiplasate, se comunic investitorilor nainte de licitaie (de obicei cu o zi nainte). Investitorulindic pe spread ce cantitate, cu un minim de 1000 de euro, a obligaiunii pe care vrea s oprimeasc. Acest lucru permite investitorului s participe direct la procesul de descoperire apreurilor. n afar de sumele licitate la anumite spread-uri investitorii au de asemeneaposibilitatea de a plasa oferte "at best". Aceste oferte vor fi considerate ca ofertele mpotriva cel

mai mic spread n "

spread guidance".

Lichiditate i stabilitatea pieei obligaiunilor nou emise este susinut de un echilibru ntreinvestitorii ce acioneaz pe termen scurt sau. Pentru a asigura un echilibru adecvat, investitoriisunt mpriti n dou categorii: categoria "real monez" (pe termen lung), investitori, cum ar fibncile centrale, companii de asigurri i fonduri de pensii. Iar categoria "altele" (pe termenscurt), investitori, care acoper, printre altele, bncile i fondurile speculative..


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After the auction book is closed the DSTA allocates the bonds to investors at a uniform cut -offspread. Orders at spreads below the cut-off spread, including the at best orders, are alwaysallocated in full. Orders at the cut-off spread may be allocated only partially. At the cut-offspread bids from real money clients are allocated first. If after full allocation of real moneyorders at the cut-off spread, funding is still required, then other accounts will be allocated. In

order to ensure a healthy balance between the two investor categories the DSTA reserves theright to allocate 35% of the total volume to the other category. After the allocation the issuanceprice is set and communicated to investors.

Dutch Direct Auction

The Dutch Direct Auction (DDA) is a transparent and rule-based auction technique designed by the DSTA forthe auctioning of government debt securities. The DDA was first used in June 2003 for the primary issuanceof a 5-year bond. The goal of the DDA is twofold, firstly to engage a broad investor base and secondly to

auction government debt at the best price possible. Investors can participate directly in the DDA of the new

Dutch government bond through one (or more) Primary Dealer(s). The DDA is one of three auctiontechniques used by the DSTA. It is used for the primary issuance of longer dated bonds (5-, 10-, and 30-years). For the primary issuance of the 3-year bonds the regular tap auction is used. The tap auction is alsoused to reopen bonds after they have been issued.

Auction process

The DDA is governed by a clear set of rules, which are kept unchanged in time as much as possible. In theDDA bids are not submitted as an absolute price but as a spread against a reference bond, most often aGerman Bund with a comparable maturity to the bond on auction. This method has been chosen becausethere is a time lag between placing the orders and the actual allocation. During this period the market mightmove resulting in an absolute price level not correctly reflecting the market price. Because spreads are less

volatile than absolute price levels the market price of the bond is better reflected as a spread over areference bond. A range of the yield spreads, called the spread guidance, at which orders can be placed, iscommunicated to investors prior to the auction (mostly the day before). The investor indicates per spread

what quantity, with a minimum of 1000 euros, of the bond he wants to receive. This allows the investor todirectly participate in the price discovery process. Apart from bids at certain spreads investors also have theopportunity to place bids at best. These bids will be regarded as bids against the lowest spread in thespread guidance.

The liquidity and market stability of newly issued bonds are supported by a balance between long- andshort-term investors. To ensure an adequate balance, investors are divided in two categories: the categoryreal money (long term) investors which covers central banks, insurance companies, and pension funds. Andthe category other (shortterm) investors that covers, among others, banks and hedge funds.

After the auction book is closed the DSTA allocates the bonds to investors at a uniform cut-off spread.Orders at spreads below the cut-off spread, including the at best orders, are always allocated in full.Orders at the cut-off spread may be allocated only partially. At the cut-off spread bids from real money

clients are allocated first. If after full allocation of real money orders at the cut-off spread, funding is stillrequired, then other accounts will be allocated. In order to ensure a healthy balance between the twoinvestor categories the DSTA reserves the right to allocate 35% of the total volume to the other category.After the allocation the issuance price is set and communicated to investors.


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Sistem de garantare

n octombrie 2008, Olanda a introdus sistemul su de Garantare a Creditelor de 200 de miliardede euro pentru emiterea de instrumente de datorie pe termen mediu de ctrebnci. Sistemul afost introdus pentru a mbunti finanarea instituiilor financiare, astfel nct s garantezecreditele corporative i de uz casnic. Schema de Garantare a Creditelor trebuie s fie consideratn conformitate cu msurile anterioare de protecie a sectorului financiar.

Prelungirea schemei

Avnd n vedere volatilitatea continu de pe pieele de capital, autoritile olandeze au decis smenin fereastra degarantare deschis mai multdect a fost prevzut. Schema de Garantare aCreditelor a fost prelungit de dou ori, cel mai recent la 1 iulie 2010, pn la data de 31decembrie 2010. Sistemul de garantare de credit a fost suspendat ncepnd cu 1 ianuarie 2011.Instituiile financiare nu mai pot aplica pentru garanii. Pentru a descuraja utilizarea garaniilorguvernamentale, taxele de garantare au fost ridicate n ianuarie 2010 i iulie 2010.

Comision de garantare

Dimensiunea comisionului de garantare a depins de ratingul de credit al bncii n cauz i descadena mprumutului garantat. Taxa pentru creditele cu scadene pn la un an a constat dintr-otax fix i o tax variabil. Comisionului de garantare maxim anual care era valabil ncepndcu 1 iulie 2010, poate fi gsitn tabelul de mai jos.

tabel

Credite vizate

Schema de garantare vizeaza creditele negarantate de rang superior non-complexe. Acestea suntcredite (nesubordonate), care nu sunt garantate cu un bun, cum ar fi efectele comerciale,certificate de depozit pe termen mediu, cu scadene cuprinse ntre 3 i 36 de luni ("plainvanilla"). Toate bncile olandeze pot solicita o garanie de la stat, de la DSTA. nainte degaranie, banca central olandez va fi consultat cu privire la rata de lichiditate i rata desolvabilitate a bncii aplicante. Banks that make use of the Credit Guarantee Scheme are,


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regarding publicly offered guaranteed securities or requests of admission of these securities tothe trade on a functional regulated market based in the Netherlands, not obliged to produce apublicly obtainable prospectus that has been approved by the Netherlands Authority for theFinancial Markets. More than one issuance can be made per guarantee up to the maximumguaranteed amount.

Prolongation facility buybacks of guaranteed debt

Ca parte a strategiei de ieire,ncepnd cu ianuarie 2011, bncile care au folosit schema degarantare pentru a emite obligaiuni au avut posibilitate sa le rscumpere napoi de pe piaa decapital. Facilitatea de ale rscumpra garantat a fost interzis de la data de 30 iunie 2011. Sadecis s prelungeascfacilitatea permanent. Condiiile de facilitatea vor rmne neschimbate. Deexemplu, banca n cauz trebuie s plteasc o "tax de nchidere din" egal cu 15% din taxa de

garantare anualpeste scadena rmas a datoriei n cauz.

Guarantee scheme

In October 2008, the State of the Netherlands introduced its Credit Guarantee Scheme of 200billion euro for the issuance of medium term debt instruments by banks. The scheme had beenintroduced to improve the financing of financial institutions, so as to safeguard corporate andhousehold loans. The Credit Guarantee Scheme has to be regarded in line with earlier measuresto protect the financial sector.

Prolongation of the schemeGiven the continuing volatility in the capital markets, the Dutch authorities decided to keep theguarantee window open longer than previously foreseen. The Credit Guarantee Scheme has beenextended twice, most recently on 1 July 2010, up to 31 December 2010. The Credit GuaranteeScheme has been suspended from 1 January 2011 onwards. Financial institutions can no longerapply for guarantees. To discourage the use of government guarantees, guarantee fees have beenraised in January 2010 and July 2010.

Guarantee feeThe size of the guarantee fee depended on the credit rating of the bank concerned and on thematurity of the guaranteed loan. The fee for loans with maturities exceeding one year consistedof a fixed fee and a variable fee. The maximum annual guarantee fee that were valid from 1 July2010 onwards can be found in the table below.

Targeted loans


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metode licitatie

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