Refinancing Register

The refinancing register is still a shadowy existence. Wrongly, because the banks that are comfortable, use it in different ways for a cheap funding In September 2005, the regulations to the refinancing register were newly regulated. To recast of the paragraph 22a was ff of the German Banking Act. Originally, the securitisation of so-called true sales should be facilitated by the revision mainly mortgage banks. The banking industry is true sales the sale of receivables to a special purpose vehicle formed specially for the occasion. This company issued in Exchange securities in the financial market to refinance the purchase of receivables. The payments of the debtor continues to be on the selling company that distributes the payments to the special purpose vehicle. For a mortgage bank is the benefits of securitization of true sales in the extraction of liquidity and in the transfer of loan risks to the SPV.

Once a claim or a security properly in the refinancing register registered, will receive the transfer authorized a special retirement rights if the refinancing company must apply for insolvency. In accordance with the Act registered securities and claims are therefore not in the bankruptcy estate of the re financial undertaking and protected therefore prior to the enforcement of an arrest or a foreclosure. Credit institutions, which acted not only as mortgage banks, quickly recognized the benefits of the refinancing register. By using the registry, the banks and savings banks can react flexibly and cost-effectively on their liquidity needs. Pfandbriefstelle also can be carried out easier. All on the assets side of the balance sheet assets of a credit institution can be transferred to a special purpose vehicle. Register liens on a plane or ship mortgages are among the assets to such liens, claims against third parties. To transfer a call to the special purpose vehicle, a registration in the register of refinancing must be the exact meets the legal requirements.

In the register are not necessarily required in paper form. In the refinancing register Regulation (RefiRegV) and in the paragraph 22a ff of the German Banking Act ist laid down in detail, which needs a special software must meet in order to genugen the electronic management of the refinancing register. The electronic register guide offers many advantages over the register in paper form banks and savings banks. With both types of register management, monitoring and checking of the regularity but carried an administrator employed by the Federal Agency for financial services supervision (BFin). A good software to conduct a refinancing register complies with all statutory requirements for the proper registration of claims and collateral including the storage of all changes and deletions. In addition the software offers more, the registered data economically to evaluate and to create individual reports. The input of the data should be user friendly and changes or deletions must be always easy to understand. So, banks get a cost effective and easy way of refinancing and the tax credit risks, have cleaned up their balance sheet.

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