pieţele financiare internaţionale. intermediarii financiari. instituţiile

“Finanţare internaţională”

CURSUL II:“Pieţe, instituţii şi instrumente folosite pe pieţele financiare internaţionale”

Conf. dr Cristian PĂUNConf. dr Cristian PĂUN

ACADEMIA DE STUDII ECONOMICE BUCUREŞTI

FACULTATEA DE RELAŢII ECONOMICE INTERNAŢIONALE

Cursul 2: Componentele SFI 2

Structura Sistemului Financiar

Guvernul

Populaţia

Companii private

Instituţii financiareTranzacţii

financiare

Tranzacţii financiare

Tranzacţii financiare

Pieţe financiare


Pieţele financiare - caracteristici

Pieţe monetare (scadenţă < 1 an):- foarte lichide;- tranzacţii cu instrumente de credit;- fluctuaţii reduse ale preţurilor activelor => risc redus

PIEŢE FINANCIARE

Pieţe de capital (scadenţă > 1 year):- tranzacţii cu instrumente de împrumut şi acţiuni (bonds, equities) - fluctuaţii mai mari de preţ

Piaţa internaţională a creditului, Euromarkets şi FX Markets

- Piaţa primară

- Piaţa secundară

Exchange offices (NYSE, CBOT) OTC Markets


Pieţele financiare - caracteristiciCaracteristici Pieţe monetare Pieţe de capital

Scadenţă Sub un an Peste 1 an

Riscuri Mai mic Mai mare

Instrumente Instrumente de credit Instr. de împrumut + acţiuni

Lichiditate Mai mare Mai mic

Volumul tranzacţiilor Mai mic Mai mare

Instrumente de credit Instrumente de împrumut şi acţiuni

- Titluri de stat; - Acţiuni obişnuite

- Hârtii comerciale; - Acţiuni preferenţiale- Certificate de depozit; - Obligaţiuni

- Forward; - Participaţii la fondurile de investiţii- Credits; - Poliţe de asigurare

- REPO - Participaţii la fondurile de pensii


Resursele de finanţare pentru o companie

Decizia de finanţare

Resurse interne

Resurse atrase

- Reinvestirea profiturilor;- Majorări de capital;- Conversia datoriilor în acţiuni;- Amortizarea mijloacelor fixe.

- Credite;- Obligaţiuni;- Acţiuni.


Avantaje ale utilizării surselor interne de finanţare:

• Creşterea valorii companiei;

• Autonomie mai mare faţă de instituţiile financiare;

• Cost de tranzacţionare mai redus (comisioane bancare şi taxe mai mici);

• Avantaje fiscale aplicate profitului reinvestit;

• Companii mici sau companii aflate la început;

• Companii îndatorate puternic (high debt).

Dezavantaje:

Costul total al surselor proprii este cel mai mare datorită impozitării (tax shield) şi datorită costului de oportunitate)

Când se recomandă utilizarea surselor interne ?

Resursele proprii costă cel mai mult !!!


Avantaje:

• afaceri mature – “cash-flow cows”;

• sunt mai puţin costisitoare decât sursele proprii;

• posibilitatea de obţinere a unor resurse de capital importante;

• scadenţe mai mari;

• deducerea cheltuielilor cu dobânda;

Dezavantaje:

• Costuri adiţionale (taxes, commissions applied);

• Dependenţa de instituţiile financiare;

• Existenţa unui calendar precis de rambursare;

• Necesitatea unei bune proiecţii a dezvoltării viitoare a afacerii.

Când se recomandă utilizarea surselor atrase ?

Acţiuni CreditEBIT 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) 0Retained earnings 214,000 231,000

Efectele impozitării când se utilizează finanţarea prin emisiune de acţiuni

8Cursul 2: Componentele SFI


Finanţare directă vs. Finanţare indirectă

Debitor (beneficiar)

Investitor

Finanţare directă

Intermediarii financiari

Finanţare indirectă


Finanţare directă vs. Finanţare indirectăAvantajele intermedierii financiare:

• o mai bună informare cu privire la excedentul de resurse financiare;

• risc mai redus (unele instituţii financiare pot prelua din riscuri);

• consultanţa financiară;

• facilităţile de finanţare;

• o multitudine de tehnici de financiare;

• condiţiile impuse de intermediarii financiari;

• cost de tranzacţionare mai scăzut.

Dezavantajele intermedierii financiare:

• costuri operaţionale mai mari;

• inexistenţa unui contact direct cu piaţa;

• impunerea unui istoric al relaţiilor cu piaţa.


Serviciile furnizate de intermediarii financiari•Vânzarea şi cumpărarea de active financiare;

•Derularea fluxurilor de încasări şi plăţi;

•Finanţarea afacerilor (incl. export financing);

•Consultanţa financiară;

•Monitorizarea pieţelor financiare internaţionale (rating agencies);

•Asigurarea împotriva riscurilor financiare;

•Garantarea riscurilor financiare;

•Expertiza managerială;

•Monitorizarea companiilor (competitors, clients);

•Management de portofoliu;

•Administrarea fondurilor de investiţii.


Instituţiile financiare de pe piaţa internaţională

Instituţii financiare

publice

Instituţii financiare

private

I. Instituţiile financiare internaţionale:-International Monetary Fund;-World Bank (IBRD, IDA, IFC, IMGA);-EBRD;-European Investment Bank;-Bank for International Settlements;

II. Agenţiile guvernamentale:-Export Credit Agencies;-Export Guarantee Credit Agencies;-Export Insurance Agencies;

III. Instituţiile depozitare:-Băncile comerciale;-Casele de economii;-Băncile mutuale de economii;-Uniunile de credit.

IV. Instituţiile non-depozitare:-Băncile de investiţii;-Fondurile mutuale;-Fondurile de pensii;-Companiile de asigurări;-Companiile de finanţare;-Fondurile cu capital de risc;-Societăţile de valori mobiliare.


Banca Europeană pentru Reconstrucţie şi Dezvoltare


Banca Europeană pentru Reconstrucţie şi Dezvoltare

• BERD a fost creată în 1991;

• Obiectivul iniţial: să furnizeze suport pentru crearea şi dezvoltarea sectorului privat în ţările foste comuniste;

• În prezent BERD furnizează asistenţă pentru dezvoltarea economiei de piaţă în 27 de ţări din Europa Centrală şi de Est şi din Asia.

• BERD este cel mai important investitor în regiune şi mobilizează importante investiţii străine directe în plus de propriile finanţări acordate.

• BERD interacţionează şi cu instituţiile publice, oferindu-şi sprijinul în procesul de privatizare, restructurare a companiilor de stat şi îmbunătăţire a serviciilor publice / municipale.

• BERD are 60 ţări membre şi două instituţii interguvernamentale (UE şi Banca Europeană de Investiţii).


Banca Europeană pentru Reconstrucţie şi DezvoltareObiectivele BERD:

• Să ajute ţările foste comuniste să se îndrepte cât mai rapid către o economie de piaţă funcţională • Să îşi asume o parte din riscurile investiţionale• Să promoveze principii bancare sănătoase

BERD promovează:• Reformele structurale şi sectoriale • Competiţia, privatizarea and spiritul antreprenorial • Instituţii financiare puternice şi sistemul legal - instituţional• Dezvoltarea infrastructurii necesare sectorului privat• O guvernare sănătoasă • Cofinanţarea şi ISD• Mobilizarea resurselor locale de capital • Furnizarea de asistenţă tehnică


European Bank for Reconstruction and Development


BERD în România• BERD este cel mai mare investitor din România cu o sumă ce depăşeşte 2.5 miliarde de euro.

• România se află pe locul al III-lea ca beneficiar al resurselor BERD.

• Portofoliul BERD în ţara noastră este foarte diversificat şi include investiţii în sectorul privat, dezvoltarea sectorului financiar, infrastructura de bază (electricitate, transport, infrastructura municipală) şi privatizarea cu investitori strategici.

•EBRD încurajează finanţarea privată a infrastructurii prin promovarea unor finanţări de tip “project finance”

• BERD susţine dezvoltarea sistemului financiar nebancar, prin promovarea investiţiilor în sectorul leasing şi a companiilor de asigurare, fondurilor de pensii şi fondurilor private de investiţii.


Proiecte BERD de succes în România• Susţinerea privatizării cu succes a celei mai mari bănci din România– 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 Bank’s largest non-sovereign long-term syndicated loan to a state-owned company in Romania at the time. • Furnizarea de fonduri pentru terminalul din Constanţa: - 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 end-March 2005.


EBRD Direct Investment Projects:


EBRD and SME Financing Facilities


EBRD Municipal and Environmental Loan Facility

EBRD Regional Investment


Banca Europeană de Investiţii


Banca Europeană de Investiţii• 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.


Banca Europeană de InvestiţiiObiective şi priorităţi de finanţare 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.


European Investment Bank Shareholders• The shareholders of the European Investment Bank are the 25 Member States

of the European Union.

• Each Member State’s share in the Bank’s 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 Bank’s 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.


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 Bank’s 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.


European Investment Fund• Following the conclusions of the Lisbon European Council in March 2000, which called for increased support for operations to assist SME’s, 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;


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; 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; project-related derivatives.)


Date of Entry: 17/05/2005

Beneficiary: The Region of Pardubice.The Region of Liberec.

Location: Czech Republic - European Union. Pardubice and Liberec.

Description: The project concerns a series of priority schemes for the rehabilitation of the regional road network.

Objectives: The project will improve traffic fluidity and safety along the Region’s road network and decrease cost of road users (fuel and tyre consumption, maintenance, travel time).

Sector: Transports.Transport.

Proposed EIB finance:

To be determined

Total cost: Up to EUR 40 million for the Region of PardubiceUp to EUR 40 million for the Region of Liberec.

Environmental aspects:

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).

Procurement:

EU Procurement Directives have been transposed into the national legislation, and the procedures to be used will be verified during appraisal.

Status: Signed - 30/06/2005

Priority Roads and Motorways Rehabilitation II – AFI Czech Republic



Beneficiary: Gdansk Transport Company SALocation: Poland - European Union.

Gdansk to Nowe Marzy (89.5 km)Description: Design, construction and operation of 152 km dual carriage motorway from Gdanks to

Torun.Objectives: The new motorway section will constitute the first step in completing of the missing link

between Gdańsk and Łódź on the way to industrial Silesia. At the same time, once the whole section Gdańsk-Toruń is completed, it will facilitate easier access between Warsaw region and Tricity (Gdańsk, Sopot and Gdynia).

Sector: Transports.Road transport

Proposed EIB 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 and requires full EIA with public consultation.

Procurement:

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.


A1 Motorway - Poland



Beneficiary:

Municipality of Budapest

Location: Hungary - European Union.Budapest.

Description: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.

Sector: Water, sewerage.Environment sector.

Proposed EIB 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 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.

Budapest Central Waste Water Treatment Plant Project


HVB Bank Romania Global Loan II


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 promoted by 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.



Grupul Băncii Mondiale


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

countries—the 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.


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.


• 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 (Central

government administration) (3%) Law and justice and public administration (Sub-national

government 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


• 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 16-NOV-2004 Closing Date 31-J UL-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 TRANSPORT Implementing Agency NAT'L ADM OF ROADS AND STATE RAILWAYS CFR-INFRA


• 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 31-J UL-2003 Closing Date 31-MAR-2011 Total Project Cost * * 102.98 Region Europe And Central Asia Major Sector (Sector) (% ) Agriculture, fishing, and forestry (I rrigation 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 I rrigation & Drainage Environmental Category B Bank Team Lead Ionita, Gabriel Borrower ROMANIA Implementing Agency MINISTRY OF AGRICULTURE, FORESTRY, WATER AND ENVIRONMENT


• 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 12-J UN-2003 Closing Date 30-J UN-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


• 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 27-J AN-2005 Closing Date 30-J UN-2010 Total Project Cost * * 112.3 Region Europe And Central Asia Major Sector (Sector) (% ) Energy and mining (Power) (100%) Old Major Sector N/A Old Sector N/A Environmental Category F Bank Team Lead Nyman, Kari J . Borrower COUNTRIES OF SOUTH EAST EUROPE Implementing Agency UTILITIES IN SOUTH EAST EUROPE


Instituţii financiare private


Activele şi pasivele intermediarilor financiariTipul intermediarului Sursa fondurilor Destinaţia fondurilor

1. Instituţii depozitare:

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

- Bănci de economii şi asociaţii de credit

Depozite Credite ipotecare

- Bănci mutuale de economii Depozite Credite ipotecare

- Uniuni de credit Depozite Credite de consum

2. Instituţii de economisire pe baze contractuale

- Companii de asigurare de viaţă

Prime din poliţe de asigurare Corporate Bonds and Mortgages

- Companii de asigurări de bunuri

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

- Fonduri de pensii Contribuţii ale angajatorilor şi angajaţilor Corporate bonds and stock

3. Instituţii de investiţii

- Companii de finanţare Hârtii comerciale, acţiuni, obligaţiuni Consumer and business loans

- Fonduri mutuale Acţiuni Stocks, Bonds

- Fonduri mutuale în instrumente monetare

Acţiuni Money market instruments


Structura intermediarilor financiari pe piaţa 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 banksCredit unions

Life Insurance Companies

Fire and casualty insurancecompaniesPension Funds

State and local governmentretirement fundsFinance companies

Mutual Funds

Money market funds


Instrumentele financiare

• Un instrument financiar este un contract între investitor şi debitor;

• Acest contract stabileşte:

• mecanismul finanţării;

• rolul fiecărei instituţii implicate în mecanism;

• suma împrumutată;

• scadenţa;

• moneda în care se face împrumutul;

• costul finanţării (rata de dobândă) şi modalitatea de plată a ei;

• alocarea riscului între părţile implicate;

• condiţiile de rambursare a împrumutului;

• Alte aspecte (clauzele speciale din contractul de finanţare).


Instrumentele financiare


Instrumentele pieţelor monetare (cazul SUA)• Titlurile de stat;

• Certificate de depozit;

• Hârtii comerciale;

• Efecte de comerţ;

• REPO;

• Fonduri monetare federale.

US Money Market Instruments - 1996

32.97%

20.96%

33.05%

1.02%

8.10%3.90% Treasury Bills

Negotiable bankcertificates of depositCommercial papers

Banker’s acceptances

Repurchase Agreements

Government Funds


Instrumentele pieţelor de capital• Acţiuni;

• Creditele ipotecare;

• Obligaţiuni guvernamentale;

• O. municipale;

• Obligaţiuni 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 Commercial Loans

Consumer Loans

Commercial and FarmMortgages


Clasificarea instrumentelor financiare în funcţie de risc

pieţele financiare internaţionale. intermediarii financiari. instituţiile

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