Asset securitization in Europe
Formerly an exclusively US finance technique, asset securitization is gradually gaining ground in Europe. The extent to which this technique has been introduced and developed in European countries varies, depending on economic and legal or institutional factors. Asset securitization is defined as the process of transferring certain receivables, such as bank loans, credit cards, receivables, or trade receivables from their owner to a separate entity which in turn issues and sells such securities representing interests in such receivables. After a description of the term, The situation pertaining to a number of legal and regulatory issues in five European countries is depicted. Finally there are a few observations of a more general nature which conclude this twentieth edition of Forum Internationale.
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account debtor asset securitization asset-backed securities assignment of receivables backed securities bankruptcy belegging in schuldvorderingen capital adequacy capital market Clifford/Chance credit card receivables credit enhancement debt detailed discussion Domestic securitization draft trust law Dutch central economic eligible for securitization equitable assignment Euromoney Conference framework for securitization Freddie Mac French credit institutions French law French Report French Sec French Securitization funding German interest rate International Securitisation Report investors involved issued securities issuers Leemputte legal and regulatory legal assignment legal framework ment Metzelaar Morissey mortgage bank mortgage-backed securities multi-seller Neth Netherlands Note 31 Note 5o off-balance sheet originator Production Seminar Transcripts rating agencies securities backed Securitization framework securitization in France securitization transaction securitized receivables seller Seriere settlor Shenker & Colletta special purpose vehicles SPV's interest Structured Finance sub-participation supra Note 1o2 supra Note 68 Theodor Baums Transcripts from Euromoney transfer of receivables UK Report United Kingdom