⚠️Automatic translation pending review by an economist.
This article is one of the chapters of the report submitted by BSI Economics to the Evaluation and Control Mission of the Finance Committee of the National Assembly as part of its mission on private investment in the ecological transition, on the basis of which members of BSI Economics were heard on June 28, 2018.
Full report:
Findings
- French bank lending is dynamic but below pre-crisis levels;
- A securitization market that is gradually recovering in Europe;
- Regulations favoring a renewed enthusiasm for securitization and a deeper securitization market;
- A marked increase in European CLO (Collateralized Bond Obligation) issuance in 2017;
- A favorable environment for linking financing for the ecological and energy transition (TEE), bank lending, and securitization.
Proposals
- Present the foundations of a French securitization model that would reconcile an increase in bank credit for EEF financing with the creation of a new range of high-yield assets that meet EEF objectives;
- Create a Public Securitization Agency (OPT) to stimulate « traditional » securitization and dedicate the capital released to financing the EEF.
- Define the eligibility conditions for receivables transferred to the OPT and prohibit the possibility of « resecuritization » of securities issued by the OPT or the possibility of conflicts of interest;
- Establish the outlines of a retroactive incentive system for banks that increase their volume of TEE financing, while complying with the eligibility conditions for receivables;
- Extend the eligibility of securities issued by private debt funds in order to strengthen the effects of TEE financing through private equity.
