【正文】 average of A and B (Price D) A和 B的加權平均價格 ? Unadjusted estimated Price E ($/m178。 ? If a bank does not properly estimate collateral values, the collection upon default would bee smaller and take a longer period of time, leading to a depletion of capital and lower 價值，違約后能夠收回的價值就降低了，所需要的時間也更長，導致資本損耗了利潤降低。 1 PV at the default date of recoveries + PV of costs associated with collecting 回收物在違約日的現(xiàn)值 +會收的相關成本的現(xiàn)值 EAD (Exposure at default)違約風險暴露 Wrong Collateral Evaluation 錯誤的抵押品評估 Higher Wrightoffs 更高的壞帳核銷 Capital Waste 資本浪費 Higher LGD Estimation 增高違約損失率 Higher Provision 更高的壞賬損失 Lower Profits 利潤更低 PV: Present value現(xiàn)值 Role of Collateral in Financial Intermediation I 抵押品在金融中介活動中的作用 I ? Collateral stabilizes financial intermediation抵押品穩(wěn)定金融中介活動 ? Collateral better aligns interests of the lender and borrower because:抵押品更好的使出借方和借用方的利益達成一致 ? The lender can maximize the safety of repayment出借方可以使收回借款的可能性最大化 ? The borrower will minimize the risk taking借用方可以使承擔的風險最小化 ? Without collateral如果沒有抵押品 : ? The lender will solely rely on borrower’s cashflow generated by the project (business) for the （營業(yè)）產生的現(xiàn)金流來償債 ? The borrower tends to take more risks in the project (business), which may cause instability in generating （營業(yè)）更大的風險，這會導致無法生產足夠的現(xiàn)金流 ? There will be more vulnerable banks and more risky businesses in the economy, otherwise, resulting in shallow financial 境中會產生更危險的銀行和更有風險的行業(yè)，這樣也會縮減金融中介活動。)? 調整前價格 Note: Each price points should not be separated by a major street or river, which affect the price differences 注：每個價格點不能被主要街道或河流分割，這會影響價格 150m 50m 70m 30m (Price A 30) + (Price B 70) (Price D 150) + (Price C 50) Sales Comparison Approach: Example 市場比較法：舉例 ? Evaluate the land price E價格 ? Three recent real estate transactions around E的附近有三個交易 ? A: $2,000, B: $2,450, and C: $1,900 ? On the map, locate price D between A and B在地圖上找到 A和 B之間的價格 D ? Distances between these points are:這些地點的距離 ? AD: 70m, DB: 30m, DE: 50m, and CE 150m. ? Then dollar price par square meter of E will be: E的每平方米價格是 Price D = 70 + 30 Price E = 50 + 150 = 2,315 ($/m178。 ? Depending on the jurisdiction, different collateral may have different rules for perfection根據(jù)權限，不同的抵押物有不同的完善規(guī)則 ? Perfection upon attachment alone單獨附加的完善 ? Temporary perfection in certain collateral特定抵押物的暫時完善 ? Perfection by pledge or possessory security interest通過抵押或擁有擔保利益來完善 ? Perfection by filing (registration)歸檔（登記）完善 ? Perfection where filing is required under a special law特定法律規(guī)定需要通過歸檔來完善 ? Perfection by public notice (example: news paper advertisement)通過公告來完善（例：報紙廣告） *Based on: Law in a Nutshell: Secured transactions, Richard B. Hagedorn, Thomson West, 2023, p123 6. Collateral Management 抵押品管理 Collateral Management 抵押品管理 ? Collateral Management抵押品管理 ? Collateral management includes two risk management concepts: 抵押品管理包括兩項風險管理概念 ? (1) Collateral management for credit risk management信貸風險管理的抵押品管理 ? (2) Safeguarding the enforceability強制行使權的保護 Collateral Management 抵押品管理 Collateral Management for CRM 抵押品管理 Safeguarding the Enforceability 保護強制行使權 Safe Custody/ Collateral Book 保管 /抵押品登記冊 Credit File 信貸檔案 ? Record Keeping檔案記錄 ? Revaluation/Reappraisal against credit exposure 根據(jù)信用風險再評估 /再評價 ? Numbering/Tagging編號 /標簽 ? Maturity Management到期管理 ? Renewal of security interest 更新?lián)＠? ? Periodical check of inventory 定期實物檢查 Credit File信用檔案 I ? Record Keeping檔案管理 ? Appraiser’s name, the effective date of the evaluation, and signature and address (when the evaluation is outsourced)鑒定人名稱，評估的有效日期，千字和地址（當評估是由外部人員完成的） ? Description of the collateral抵押品描述 ? Real estate: ownership, location, shape, condition, developments, pictures, maps, neighborhood, usage, a copy of construction approval, attached easement, ：所有者，位置，形狀，環(huán)境，發(fā)展狀況，照片，地圖，附近情況，用途，建筑批準書復印件，附屬物，等 ? Goods: location of the goods, quantity, species/variety, measure/weight, value per unit, quality, condition, schedule 商品：物品所在地，數(shù)量，種類 /品種，尺寸 /重量，單價，質量，情況，時間表 ? Intangibles: pledgor, amount, quantity, third party obligor, attached security interest, ：抵押人，金額，數(shù)量，第三方債務人，附加擔保利益，等 ? Description of the evaluation method employed對所用評估方法的描述 ? Description of the source information used in the evaluation評估中信息來源的描述 ? An estimated value of the collateral and the opinion of the loan officer on the evaluation抵押品的估計價值，以及貸款主管的對評估的意見 Source: Interagency Appraisal and Evaluation Guidelines, FDIC, 1994 Credit File信用檔案 II ? Reappraisal重新評估 ? Collateral should be regularly revalued depending on the collateral ? Collateral value should be constantly monitored against credit ? Frequency of reappraisal depends on the market condition重新評估的頻率應該根據(jù)市場情況決定 ? Real estate (revaluation): every 6 months or 12 months 房地產（重新評估）：每 6或 12個月 ? Real estate (onsite survey): every month or 3 months 房地產（實地調查）：每 1或 3個月 ? Farm product: every week or month depending on the market 農產品：根據(jù)市場情況每周或月 ? Inventory: depending on the market 存貨：根據(jù)市場 ? Mobile vehicle: every 3 month or 6 month 機動車：每 3或 6個月 ? Intangibles: daily basis if marktomarket is required (depending on the type of transaction) 無形資產：如果必須按市價調整，則每天進行（根據(jù)業(yè)務種類） Credit File: Example信用檔案：舉例 Type of loan 貸款種類 Original amount or credit line金額 /信用額度 Loan pro