【正文】 Safe Custody/Collateral Book II 保管 /抵押品登記冊 ? Collateral Book抵押品登記冊 ? Role of collateral book includes (1) administrating the collateral inventory, and (2) managing the expiration of limitation period and the maturity date for certain types of collateral. 抵押品登記冊的作用包括： (1)管理擔保存貨 (2)管理部分有有效期限和到期日的抵押品 ? Collateral book should be created separately for each type of ? Collateral book should assign a number for each pledged goods and documents for the administrating ，抵押品登記冊應(yīng)該分配給每個抵押物和文件一個號碼 ? Pledged goods should be sturdily tagged with a note indicating name of pledgor, borrower number, date, collateral number, 物應(yīng)該牢固的粘上標簽，上面寫明名字，借款人號碼，日期，抵押品代碼，等 ? Collateral book should be managed by senior 經(jīng)理進行管理 ? Inventory of collateral should be checked against the collateral book periodically (once in a month)擔保實物應(yīng)該與登記冊進行定期核對（每月一次） ? Adding and removing of pledged goods from the custody should be registered in the appropriate collateral book*.保管場所增加或者轉(zhuǎn)移抵押物都應(yīng)該在對應(yīng)的登記冊上登記 Note: When accepting and returning collateral, receipt should be issued to and received from the borrower by the bank, which should indicate concerned goods and documents in detail: type, number/quantity, date, with signature. 注意：當接受和歸還抵押品時，應(yīng)該交給和收回借款方收條，收條上應(yīng)該寫明相關(guān)物品和文件的明細：種類，數(shù)字 /數(shù)量，日期，簽名 Safe Custody/Collateral Book III 保管 /抵押品登記冊 ? Maturity for certain types of collateral部分抵押品的到期 ? Negotiable instruments such as draft, certificate of deposit, and promissory note have maturity date. 有 到期日的流通票據(jù)，例如：支票，定期存款，期票 ? In accordance with the collateral agreement, such negotiable instruments need to be settled without ，流通票據(jù)應(yīng)該立刻兌現(xiàn) ? Expiration for certain types of security interest擔保利益的到期 ? Depending on jurisdiction and on type of collateral, a perfection of security interest may expire after a certain period (limitation period effects). 根據(jù)擔無誤的權(quán)限和種類，擔保利益的完善可能在一定時期之后終止（有限期間有效）。) = 2,211 ($/m178。 Role of Collateral in Financial Intermediation II 抵押品在金融中介活動中的作用 II ? Lender 出借方 (specifically) ? Encourage willingness of payment to reduce ? Substitute the repayments to reduce ? Protects against borrower’s ? Borrower 借用方 (specifically) ? Access to credit: let borrowers moize their illiquid assets to raise funds獲得融資：借用方可以抵押他們的非現(xiàn)金資產(chǎn)來獲取資金 ? Cost of Credit: potentially reduce funding costs for the lower EL calculated by the lender融資成本：潛在的降低了融資成本，因為出借方計算出的預(yù)計損失較低 ? Overing asymmetric information problems: access to funds even in a financially difficult time, or even without audited financial reports解決了信息不對稱問題：即是財務(wù)困難時期，或者沒有審計后的財務(wù)報表，也可以獲得融資 EL: Expected Loss 預(yù)計損失 PD: Probability of Default 違約概率 LGD: Loss Given Default 違約損失率 UL: Unexpected Loss 非預(yù)期損失 2. Types of Collateral and Regulatory Pitfalls 抵押品種類和法規(guī)缺陷 What is Collateral? 什么是抵押品 ? Under modern collateral law systems, collateral can be any asset which produces future cash flow directly or indirectly, and can be created by any lender and borrower, in any present or future assets and in all transactions, to substitute payments for a part or the entire outstanding debt upon default. 在現(xiàn)代擔保法體系中，抵押品可以是任何直接或間接產(chǎn)生現(xiàn)金流的資產(chǎn)，也可以是由任何出借方和借用方創(chuàng)造出來的，在違約時用現(xiàn)有或?qū)淼馁Y產(chǎn)以及交易中代替償還部分或全部借款 ? Under unreformed collateral law systems, there would be various constraints on asset types eligible for collateral, on persons or legal persons qualified to collateral agreements, or on the enforceability of some collateral, due to the lack of efficacy and integrity of the system. 在創(chuàng)新性的擔保法體系中，由于系統(tǒng)缺乏有效性和不統(tǒng)一，其中有很多對抵押品資產(chǎn)形式，可以簽署擔保合同的個人和法人，或者是對抵押品的強制性實權(quán)的限制條件 Collateral Laws and Collateral Types 擔保法和抵押品種類 ? Collateral Law擔保法 ? Independent and prehensive ―collateral law‖ is rare: generally collateral law is a system which is constituted by several relevant laws and 少見：通常擔保法由一些相關(guān)法律和法規(guī)組成 ? Extent of collateral抵押品范圍 ? Afteracquired property事后取得的財產(chǎn) ? Proceeds收益 ? Supporting obligation相關(guān)義務(wù) ? Unmovable Collateral不動抵押物 ? Real Property: Land and Building房地產(chǎn)：土地和建筑物 ? Plant and Equipment車間和設(shè)備 ? Natural Reserves自然資源 ? Timber to be cut待采伐的木材 ? Goods物品 ? Consumer goods消費品 ? Farm products農(nóng)產(chǎn)品 ? Inventory存貨 ? Equipment設(shè)備 ? Fixtures固定設(shè)備 ? Accessions添加物 ? Intangibles無形資產(chǎn) ? Negotiable instrument流通票據(jù) ? Document of title物權(quán)憑證 ? Investment property投資財產(chǎn) ? Account (book debt）應(yīng)收款 ? General Intangibles一般無形資產(chǎn) ? Other kinds of collateral其他抵押品 ? Deposit accounts存款帳戶 ? Life insurance policy/healthcare insurance receivable人生保險 /應(yīng)收健康保險金 Source: Collateral, Collateral Law and Collateral Substitutes, B. Balkenhol and H. Schutte, Social Finance Programme, Working Paper No. 26, p17來源：抵押品，擔保法和擔保替代品 3. Evaluation of Collateral (Real Estate) 抵押品評估（不動產(chǎn)） Principles of Collateral Evaluation 抵押品評估原則 1. Collateral evaluation is not to find an accurate, unique price, but to find a price and logic which are realistic, practical, and acceptable by ordinary market participants. 抵押品評估并不是為了尋找一種精確的，唯一的價格，而是找到一個合理的、實際的、能夠被普通的市場參與者接受的價格和方法。 EL: Expected Loss預(yù)計損失 PD: Probability of Default違約概率 LGD: Loss Given Default違約損失率 UL: Unexpected Loss非預(yù)期損失 Why is Collateral Evaluation Important? 為什么抵押品評估很重要 ? LGD is estimated from defaultweighted average loss rate during a certain time period. 違約損失率可以通過一段時間內(nèi)的加權(quán)平均違約損失率估計出來 ? Loss rate is given by: 損失率計算方法 ? To reduce average loss rate, banks need to