tailieunhanh - Liabilities liquidity and cash management balancing financial risks phần 3

Sự trớ trêu ở đây là rằng những chính phủ châu Âu đã không vội vàng để lừa đảo viễn thông với cuộc đấu giá giấy phép UMTS của họ đã từ bỏ lợi nhuận bất chính, Kho bạc của các công ty viễn thông đã bị cạn kiệt và thu nhập trong tương lai phải được dành riêng để phục vụ các khoản nợ lớn. Thống kê giúp đỡ đánh giá cao phục vụ nợ vô hình thành như thế nào là đứng. | Challenges of Liabilities Management While between 1999 and 2000 there was little change in the amounts committed to extend credit guarantees of debt zoomed. Amounts drawn down and outstanding increased by 258 percent those committed but not yet drawn down increased by 700 percent. This demonstrates the vulnerability of vendors to credit risks associated to their dear customers. In 2000 and 2001 severe credit risk losses hit Nortel Lucent Qualcomm Alcatel Ericsson and other vendors of telecommunications equipment. To extricate themselves somewhat from this sort of counterparty risk related to their product line manufacturers resort to securitization. Vendors can arrange with a third party typically a financial institution for the creation of a nonconsolidated Special Purpose Trust SPT that makes it possible to sell customer finance loans and receivables. This can happen at any given point in time through a wholly owned subsidiary which sells the loans of the trust. Financial institutions do not like to take credit risk and market risk at the same time. Therefore in the case of foreign currency- denominated loans and loans with a fixed interest rate they ask the manufacturer securitizing its receivables to indemnify the trust for foreign exchange losses and losses due to volatility in interest rates if hedging instruments have not been entered into for such loans. As has already been shown it is possible to hedge these risks. oil derivatives and the impact on the price of oil Today oil accounts for a much smaller part of the economy than it did in the past yet no one would dispute its vital role and the impact of its price on business activity and on inflation. In year 2000 the part of the economy represented by oil stood at about 1 percent. This percentage compared favorably to 1990 when oil represented percent and the end of the 1970s when it stood at percent. The economy however grows and therefore as Exhibit documents the number of barrels of Brent .