Publication: Asset-backed securitization : practices in the Turkish banking sector and a proposal for securitization of problem credits
Abstract
Menkul Kıymetleştirme işlemleri özellikle 1980'lerin başında ABD'de gerçekleştirilmeye başlanmış, daha sonra çeşitli ülkelerde pek çok tip varlığın menkulleştirilmesini olanaklı hale getiren modeller geliştirilmiştir. Halen, özellikle ABD, İngiltere gibi gelişmiş piyasalarda bu kapsamdaki yapılandırılmış finansman ürünlerine sıklıkla rastlanmaktadır. Menkul kıymetleştirmenin 1990'ların başında Türkiye'de çeşitli uygulamaları görülmüş, ancak söz konusu finansman aracı ülkemizde hiçbir dönemde etkin olarak kullanılmamıştır. 2000 yılı sonu ve 2001 yılı başında yaşanan ekonomik krizlerin bir sonucu olarak tasfiye edilerek aktifleri Tasarruf Mevduatı Sigorta Fonu'na (TMSF) devrolan veya kendisi faaliyetlerini sürdürmekle birlikte kontrolü TMSF'de bulunan bankalara ait sorunlu kredilerin en kısa sürede yeniden yapılandırılmaları ve tasfiye edilmeleri gerekmektedir. Bu amaçla içinde bulunduğumuz dönemde TMSF kontrolündeki aktifleri devralması planlanan bir aktif yönetim şirketinin kuruluş çalışmaları yapılmaktadır. Çeşitli ülkelerde de kurulmuş olan aktif yönetim şirketlerinin sorunlu kredilerin yeniden yapılandırılması ve tasfiyesine yönelik çalışmaları değişik aktif grupları ve uygulamaların farklı aşamaları için çeşitli metodlar içermektedir. Ülkemizde yeterince uygulanmamış olan menkul kıymetleştirme, kurulacak olan aktif yönetim şirketinin bünyesinde bulunan ve yeniden yapılandırılan sorunlu kredilerin getirilerine dayanarak ihraç edilecek bonolar aracılığı ile dolaylı olarak hazinenin taşıdığı nakit riskin gayrı nakdi riske dönüştürülmesini ve belli oranda bir nakit girişinin de sağlanmasını olanaklı hale getirebilir.
Asset-backed securitization (ABS) has become widely-used especially in early 1980s in the USA and various ABS models have been created in many countries in the frame of ABS which enable the securitization of a wide range of asset types. ABS issues are very common in the developed markets like USA and England at present. In the early 1990s some applications of ABS appeared in Turkey however this financial instrument has never been utilised efficiently in the Turkish market. Non-performing loans among the assets transferred to the control of the Savings and Deposit Insurance Fund, especially following the crises in the end of 2000 and in early 2001 as results of bank liquidations or takeovers, are required to be restructured and collected within a very short period of time. In this respect, the establishment of an asset management company has been initiated for the purpose of assuming the control of certain assets including non-performing loans, to which SDIF will transfer, at present. There are various methods for the re-structuring and collection of the non-performing loans for different types of asset groups performed by asset management companies in diferrent parts of the world. The Asset Management Company (AMC) to be established in Turkey may use asset-backed securitization as a tool to convert receivables from the re-structured non-performing loans into securities. The cash exposure of the Turkish Treasury due to the non-performing loans in the book of the AMC becomes non-cash exposure with longer tenors as a result of the securitization. A certain level of liquidity is also created in this respect.
Asset-backed securitization (ABS) has become widely-used especially in early 1980s in the USA and various ABS models have been created in many countries in the frame of ABS which enable the securitization of a wide range of asset types. ABS issues are very common in the developed markets like USA and England at present. In the early 1990s some applications of ABS appeared in Turkey however this financial instrument has never been utilised efficiently in the Turkish market. Non-performing loans among the assets transferred to the control of the Savings and Deposit Insurance Fund, especially following the crises in the end of 2000 and in early 2001 as results of bank liquidations or takeovers, are required to be restructured and collected within a very short period of time. In this respect, the establishment of an asset management company has been initiated for the purpose of assuming the control of certain assets including non-performing loans, to which SDIF will transfer, at present. There are various methods for the re-structuring and collection of the non-performing loans for different types of asset groups performed by asset management companies in diferrent parts of the world. The Asset Management Company (AMC) to be established in Turkey may use asset-backed securitization as a tool to convert receivables from the re-structured non-performing loans into securities. The cash exposure of the Turkish Treasury due to the non-performing loans in the book of the AMC becomes non-cash exposure with longer tenors as a result of the securitization. A certain level of liquidity is also created in this respect.