Les Covered Bonds

portait acheteuse de titres (dont des titres privés, pour un montant de 50 milliards, et des titres publics d’une maturité comprise entre 5 et 25 ans) pour une valeur de 150 milliards de livres. En mai 2009, la BCE a annoncé qu’elle rachetait des « covered bonds » (titres de dettes émis par les banques reposant sur un ensemble de créances) pour un montant de 60 milliards d’€ afin de desserrer la contrainte de refinancement des banques commerciales et relancer la distribution de crédit. 64 Si ces mesures

exponentielle au fur et à mesure que le taux de remplissage grimpe. Il faut noter que ce phénomène n’est pas le fruit d’un mécanisme aveugle de l’offre et de la demande basé sur la rareté d’un produit mais plutôt un processus de réflexion attentive marqué de bonds dans la courbe indiquant des augmentations de tarifs ponctuelles suivies de rapides baisses et stabilisations pour essayer de maximiser le rendement6. De la même manière, il a été remarqué que les compagnies aériennes à bas coût ajustent le moment

December of the previous year. On annual average, the three months rates were recorded at 4.70% in 2007, against 5.36% the previous year. 9. On the government bonds market, the outputs were very volatile because of the situation of risk related to the prospects for the American economy. On the whole year 2007, the return on the 10 years government bonds, dropped from 4.70% in 2006 to 4.03% in 2007. In the Euro zone, the short-term interest rates, took again their upward trend in December after two successive

structure Significant shareholders Cross-shareholdings Capital structure Capital Conditional capital Changes in capital Shares and participation certificates Profit sharing certificates Limitations on transferability and nominee registrations Convertible bonds and warrants/options Board of Directors (1) Members of the Board of Directors Professional background and other activities and functions Cross-involvement Elections and terms of office Internal organisational structure Definition of areas of responsibility

When he came near to it he saw it was a splendid palace of beautiful black polished marble, covered with steel as smooth as a mirror. He went to the gate, which stood half open, and went in, as nobody came when he knocked. He passed through a magnificent courtyard and still saw no one, though he called aloud several times. He entered large halls where the carpets were of silk, the lounges and sofas covered with tapestry from Mecca, and the hangings of the most beautiful Indian stuffs of gold and silver

issues specified in the second part of its mandate, but including also general themes which appeared to be of importance for the future development of company law in Europe. Thus, the Consultative Document eventually concentrated on the Which covered both : following topics: 1 A copy of the Group’s terms of reference is provided for in Annex 1. 28 a) General themes: - Facilitating efficient and competitive business in Europe - Modern company law making - Disclosure of information

principaux effets ont été relevés à court terme. Un assèchement de la liquidité Au début de la crise financière, la liquidité s’est fait rare sur certains marchés (marché interbancaires, marchés des ABS, et dans certains cas marché des « covered bonds » obligations sécurisées), alors que la liquidité macroéconomique globale continuait à s’accroître. Des pertes pour les banques et le système financier Sans doute, les banques américaines ont été les plus touchées par la crise financière

|Fusion | |Minutes of the proceedings |Procès verbal des débats | |Mortgage bonds |Obligations hypothécaires | |Nominal/face value |Valeur nominale

predictions from the board that the relationship with the banks would have to be renegotiated. Turnover running at around half the predicted level for the first half of 1995 meant that further losses of £464.5m were accumulated. While the company easily covered its operational costs, interest payments of £60m per month were swamping the revenues generated and the debt burden had mounted to £7.8b. Negotiations with the bank consortium to resolve this situation moved slowly, and on 14th September 1995, Eurotunnel

pour le financement des collectivités locales françaises, ce qui impliquerait notamment la vente partielle de dexia municipal agency, une « société de crédit foncier » du groupe qui refinance des prêts aux collectivités locales par l’émission de covered bonds. Les autres entités du groupe, à savoir denizbank, RBC dexia investor Services et dexia asset management, sont 80 ❙ CONTRôLe PRudeNTieL ❙ BNB Rapport 2011 également destinées à être vendues à brefs délais à des investisseurs