Zertifizierung von Verbriefungstransaktionen durch die True Sale International (TSI)

Asset Backed Securities als Instrumente des Kreditrisikotransfers haben in den letzten Jahren ein enormes Marktwachstum erreichen können. Durch die im Rahmen der Subprime-Krise aufgeworfenen Verwerfungen auf den weltweiten Finanzmärkten wird deren Existenz in letzter Zeit aber eher kritisch hinterfragt. Viele der durchgeführten Transaktionen gelten als zu intransparent und risikobehaftet. Im Rahmen dieser Arbeit soll der Fragestellung nachgegangen werden, ob eine Zertifizierung von Verbriefungstransaktionen durch die True Sale International (TSI) geeignet ist, das Transparenzniveau des Verbriefungsmarkts zu erhöhen und dadurch einen positiven Beitrag zur Weiterentwicklung des Marktes zu leisten. Es werden alle Voraussetzungen, welche die TSI an eine Zertifizierung knüpft, eingehend analysiert. Ein Vergleich von zertifizierten mit nicht zertifizierten Transaktionen wird vorgenommen, um abschließend Möglichkeiten zur Weiterentwicklung der Zertifizierungsbedingungen vorzustellen. -- Asset Backed Securities have widely been accepted as instruments of Credit Risk Transfer. Their existence has been questioned in respect to the disavowal of worldwide financial markets due to the subprime crisis. Many transactions are rumoured to be intransparent and risky. This working paper examines whether a certification of true sale transaction by True Sale International (TSI) is able to raise the level of transparency of securitisation markets and thereby contributes to a positive market development. A detailed analysis of all certification requirements imposed by TSI is undertaken. Non certified transactions are compared with certified transactions in order to present possibilities for the improvement of certification criteria.Asset Backed Securities,True Sale-Verbriefungen,Zertifizierung,True Sale International

Ökonomische Analyse europäischer Bankenregulierung: Verbriefung und Interbankenmarkt im Fokus

Die Bankenneuregulierung der Europäische Kommission sieht eine Beschränkung der Kreditvergabe im Interbankenmarkt auf 25 % des Eigenkapitals sowie einen Selbsteinbehalt des Originators in Höhe von 5 % am gesamten zu verbriefenden Forderungsportfolio vor. Eine starre Regulierung führt aber nicht zwingend zu einer dauerhaften Krisenprävention, wie die vorliegende Arbeit modelltheoretisch belegt. Eine starre Kreditvergabebeschränkung erreicht zwar eine Mindestdiversifikation und Eigenkapitalaufstockung im Bankensektor, wodurch das systemische Risiko gesenkt wird. Allerdings geht dies mit steigenden Transaktionskosten einher. Anhand eines Modells von Fender und Mitchell werden die Auswirkungen auf die Screening-Anstrengungen bei Verbriefungen mit komplettem Portfolioselbsteinbehalt, Einbehalt der Equity Tranche und Einbehalt eines vertikalen Anteils durch den Originator untersucht. Aus dem Modell wird ersichtlich, dass ein vertikaler Einbehalt kleiner 100 % des Forderungspools, wie er von der Europäischen Kommission vorgesehen ist, in keiner Situation zu einem optimalen Screening-Einsatz führt, sondern sogar teilweise eine Verschlechterung im Vergleich zum Einbehalt der Equity Tranche darstellt. Eine pauschale Regulierung ist deshalb abzulehnen und eine qualitative, dynamische Regulierung, die mehr Transparenz schafft, zu befürworten. -- The new regulation for banks by the European Commission contains a restriction to 25 % of the equity for credit allocation on the interbank market and an enduring participation of the originator in the whole receivables portfolio of 5 %. But an inflexible regulation does not permanently prevent the market from further financial crisis, which is theoretically analysed in the presented paper. Indeed an inflexible restriction of the equity for credit allocation achieves a minimum diversification and an equity increase on the banking sector, which reduces the systemic risk. Admittedly, this can only occur by acceptance of increasing transaction costs. By applying a model from Fender and Mitchell the impact of the screening efforts for securitizations with complete retention of the portfolio, the retention of the equity tranche and the retention of the vertical fraction by the originator is analysed. The model shows that a vertical retention smaller than 100 % of the pool of receivables, as proposed by the European Commission, does not lead to an optimal level of screening in any situation and might even cause a worsening in comparison to the retention of the equity tranche. Considering the complexity of the financial system, a sweeping regulation must be rejected and a qualitative, dynamic regulation that establishes a higher level of transparency is recommended.Bankenregulierung,Verbriefung,Selbstbehalt,Interbankenmarkt

Three Consecutive Outbreaks of Serratia marcescens in a Neonatal Intensive Care Unit

We investigated an outbreak of Serratia marcescens in the neonatal intensive care unit (NICU) of the University Hospital of Zurich. S. marcescens infection was detected in 4 children transferred from the NICU to the University Children's Hospital (Zurich). All isolates showed identical banding patterns by pulsed-field gel electrophoresis (PFGE). In a prevalence survey, 11 of 20 neonates were found to be colonized. S. marcescens was isolated from bottles of liquid theophylline. Despite replacement of these bottles, S. marcescens colonization was detected in additional patients. Prospective collection of stool and gastric aspirate specimens revealed that colonization occurred in some babies within 24 hours after delivery. These isolates showed a different genotype. Cultures of milk from used milk bottles yielded S. marcescens. These isolates showed a third genotype. The method of reprocessing bottles was changed to thermal disinfection. In follow-up prevalence studies, 0 of 29 neonates were found to be colonized by S. marcescens. In summary, 3 consecutive outbreaks caused by 3 genetically unrelated clones of S. marcescens could be documented. Contaminated milk could be identified as the source of at least the third outbrea

Three Consecutive Outbreaks of Serratia marcescens in a Neonatal Intensive Care Unit

We investigated an outbreak of Serratia marcescens in the neonatal intensive care unit (NICU) of the University Hospital of Zurich. S. marcescens infection was detected in 4 children transferred from the NICU to the University Children's Hospital (Zurich). All isolates showed identical banding patterns by pulsed-field gel electrophoresis (PFGE). In a prevalence survey, 11 of 20 neonates were found to be colonized. S. marcescens was isolated from bottles of liquid theophylline. Despite replacement of these bottles, S. marcescens colonization was detected in additional patients. Prospective collection of stool and gastric aspirate specimens revealed that colonization occurred in some babies within 24 hours after delivery. These isolates showed a different genotype. Cultures of milk from used milk bottles yielded S. marcescens. These isolates showed a third genotype. The method of reprocessing bottles was changed to thermal disinfection. In follow-up prevalence studies, 0 of 29 neonates were found to be colonized by S. marcescens. In summary, 3 consecutive outbreaks caused by 3 genetically unrelated clones of S. marcescens could be documented. Contaminated milk could be identified as the source of at least the third outbrea

Fabrication of a silver nanoparticle-coated collagen membrane with anti-bacterial and anti-inflammatory activities for guided bone regeneration

Alveolar bone loss is a common problem that affects dental implant placement. A barrier between the bone substitute and gingiva that can prevent fibro-tissue ingrowth, bacterial infection and induce bone formation is a key factor in improving the success of alveolar ridge reconstruction. This study aims to develop a bioactive collagen barrier material for guided bone regeneration, that is coupled with anti-bacterial and anti-inflammatory properties. We have evaluated two silver coating methods and found controllable and precise coating achieved by sonication compared with sputtering. The optimized AgNP-coated collagen membrane exhibited excellent anti-bacterial effects against Staphylococcus aureus (S. aureus) and Pseudomonas aeruginosa (P. aeruginosa) with limited cellular toxicity. It also displayed effective anti-inflammatory effects by reducing the expression and release of inflammatory cytokines including IL-6 and TNF-alpha. Additionally, AgNP-coated collagen membranes were able to induce osteogenic differentiation of mesenchymal stem cells that guide bone regeneration. These findings demonstrate the potential application of AgNP-coated collagen membranes to prevent infection after bone graft introduction in alveolar ridge reconstruction