Fourth OECD Workshop on Housing Finance in Transition Economies

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1 DIRECTION DES AFFAIRES FINANCIERES ET DES ENTREPRISES DIRECTORATE FOR FINANCIAL AND ENTERPRISE AFFAIRS Fourth OECD Workshop on Housing Finance in Transition Economies December 2004, Paris Provisional Agenda Day 1: Tuesday 14 th December 09:00-09:30 Participants Registration 09:30-10:00 Introductory Session: Opening Remarks Welcome remarks by Mr. William Witherell, Director of the Directorate for Financial and Enterprise Affairs, OECD Introductory remarks by Mr. Torben Gjede, Director General of the Association of Danish Mortgage Banks Session 1: Overview of Mortgage Markets in the Region Impact on mortgage markets as a result that ten countries joined the EU EC efforts to harmonise a single mortgage market in Europe/ lessons from EU countries Progress of mortgage markets in other transition economies 10:00-11:00 Presentations: Mr. Shigehiro Shinozaki, OECD Secretariat (20 minutes) Mrs. Annik Lambert, Deputy Secretary General, European Mortgage Federation (20 minutes) Mr. Jacek Laszek, Advisor to the President, National Bank of Poland (20 minutes) 11:00-11:20 Coffee break - 11:20-12:20 Ms. Harsha Shewaram, Internal Market DG, European Commission (20 minutes) Mr. Mladen Mirko Tepus, Croatian Central Bank (20 minutes) 12:20-14:20 Lunch Session 2: Effective Housing Finance System for the Low-Income Market Review of housing finance availability for low-income households in the region Effective housing finance products for the low-income segment Government subsidies for housing

2 Part A: Housing Finance Availability for Low-Income Households 14:20-15:40 Presentations: Mr. Loic Chiquier, Lead Housing Finance Officer, World Bank (20 minutes) Dr. Friedemann Roy, European Federation of Building Societies, Germany (20 minutes) Mr. Alexander Kopeikin, Institute for Urban Economics, Russia (20 minutes) 15:40-16:00 Coffee break Part B: Government Subsidies for Housing 16:00-17:20 Presentations: Drs. Marja Hoek-Smit, Wharton School of the University of Pennsylvania, United States (20 minutes) Mr. Andriy Kyiak, Head, Banking Sector Development Division, National Bank of Ukraine (20 minutes) Mr. Achim Duebel, Financial Services & Policy Consulting, Germany (20 minutes) 17:20 End of Day 1 18:00- Reception cocktail hosted by the OECD Day 2: Wednesday 15 th December Session 3: Safety and Soundness of Mortgage Markets Regulatory challenges in primary and secondary mortgage markets in the region Supervisory framework consistent with the development of primary and secondary mortgage markets 09:30-10:50 Presentations: Mr. John Thompson, OECD Secretariat (20 minutes) Mr. Matej More, State Under Secretary, Ministry of Finance, Slovenia (20 minutes) Mrs. Daniela Grabmullerova, Director of Housing Policy Department, Ministry of Regional Development, Czech Republic (20 minutes) 11:00-11:20 Coffee break General discussion (30 minutes) Session 4: Innovations in Mortgage Insurance Different models of mortgage insurance Mortgage insurance in the region: a case study discussion 2

3 11:20-12:20 Presentations: Dr. Mark Stephens, Assistant Director, Centre for Housing Policy, University of York, United Kingdom (20 minutes) Mr. Sacha Polverini, Head of European Regulatory Affairs, Genworth Financial, Belgium (20 minutes) Mr. Andrew Clapham, Director, Pangaea Consulting Ltd., New Zealand (20 minutes) 12:20-14:20 Lunch 14:20-15:20 Presentations: Ms. Maive Rute, CEO, Credit and Export Guarantee Fund KredEx, Estonia (20 minutes) Mr. Valdis Zaís, Director of the Housing Development Department, Housing Agency, Latvia (case study of mortgage insurance) (20 minutes) 15:20-15:40 Coffee break Session 5: Development of Different Secondary Mortgage Markets and Instruments Comparison of different mortgage funding instruments in the region Risk management techniques and the obstacles to implementing them in funding markets Role of institutional investors 15:40-17:20 Presentations: Mr. Tim Lassen, Association of German Mortgage Banks (comparison of funding instruments in the region) (20 minutes) Mr. Mars Aldashov, Member of Board of Directors, Kazakhstan Mortgage Company (20 minutes) Mr. Henrik Andersen, Head of Operations, Group Treasury, Nykredit, Denmark (risk management techniques) (20 minutes) Mr. Stephen Lumpkin, OECD Secretariat (role of institutional investors) (20 minutes) 17:20-18:00 Concluding Session: Roundtable Discussions and Future Works 18:00 End of Day 2 Roundtable discussions toward well-functioning mortgage markets in the region Summary of the discussions by the chairman Future works Closing remarks 3

4 Annotation on Agenda I. Introduction This workshop is organised as a series by the Outreach Unit for Financial Sector Reform, Directorate for Financial and Enterprise Affairs of the OECD, under the aegis of the Committee on Financial Market and the Centre for Cooperation with Non-Members programs. The objective of the workshop is to provide a forum for relevant policy makers, representatives of the private sectors and other experts to exchange information and experiences in the field of housing finance. The workshop will review the current stage of mortgage markets in transition economies and assess the steps needed to develop their markets. This will be held at the OECD headquarters in Paris (OECD conference hall Room 1) on December The discussions will focus on various issues concerning the development of housing finance markets in transition economies such as; 1) Overview of mortgage markets in the region A. Impact on mortgage markets as a result that ten countries joined the EU B. EC efforts to harmonise a single mortgage market in Europe / lessons from EU countries C. Progress of mortgage markets in other transition economies 2) Effective housing finance systems for the low-income market A. Review of housing finance availability for low-income households in the region B. Effective housing finance products for the low-income segment C. Government subsidies for housing 3) Safety and soundness of mortgage markets A. Regulatory challenges in primary and secondary mortgage markets in the region B. Supervisory framework consistent with the development of primary and secondary mortgage markets 4) Innovations in mortgage insurance A. Different models of mortgage insurance B. Mortgage insurance in the region: a case study discussion 5) Development of different secondary mortgage markets and instruments A. Comparison of different mortgage funding instruments in the region B. Risk management techniques and the obstacles to implementing them in funding markets C. Role of institutional investors In this framework, policy makers and experts from target economies, together with experts from OECD members and international organisations, will be invited to this workshop. The meeting will start at 9:00 on 14 December and finish at 18:00 on 15 December. In each session, speakers will make a presentation for up to 20 minutes, followed by 20 minutes of general discussion. The latest information of the workshop is available on the following website: Conference materials will be pasted on this site at least a week before the workshop. II. Target Economies Estonia, Latvia, Lithuania, Bulgaria, Slovenia, Croatia, Romania, Ukraine, Georgia, Armenia, Russia, Kazakhstan, Kyrgyz Republic, Uzbekistan and Azerbaijan (Non-OECD member countries) 4

5 III. Topics to be Discussed (Day 1: Tuesday 14 th December) Session 1: Overview of Mortgage Markets in the Region Capital market and banking sector reforms have been proceeding at different speeds in transition economies. In comparison, mortgage markets in the region are typically small in scale and under developed, though it is generally recognised that fostering mortgage markets contributes to economic development and brings social benefits to the public. The year 2004 is notable for some transition economies because ten countries finally joined the EU. In this context, a selected country that recently became the EU member (Poland) will be expected to review its mortgage market after the accession and discuss its challenges for entering into a new market. Also, considering the effects of new EU members on European mortgage markets, a representative from the European Commission will be expected to discuss how to harmonise a single mortgage market in Europe. In parallel with that, the progress on mortgage markets in the other transition economies will be reviewed. A. What, if any, are the expected effects on mortgage markets for the new EU members? What are their challenges for entering into a new market? B. How should the European Commission deal with the new EU members in order to harmonise a single mortgage market in Europe? What are the efforts of existing EU members to harmonise their mortgage markets with a single market? C. What progress has been made on mortgage markets in the other transition economies? What are the remaining challenges? Session 2: Effective Housing Finance Systems for the Low-Income Market Mortgage lending is not active in transition economies, which is caused by the dominance of deposit-based lending and the vulnerability to serious credit, liquidity and interest rate risks. In some countries, individual savings are kept under the mattress and not mobilised to the broader capital market, much less to the mortgage market. Transition economies have yet to have stable economic conditions. Even the countries that successfully joined the EU have yet to reach the EU economic level in terms of GDP per capita. Against this backdrop, existing housing finance systems tend to be underserved to low-income people. In other words, there exists limited access to housing finance for low-income households. In this context, the discussion will focus on two issues: 1) housing finance availability for low-income households in the region as Part A and 2) government subsidies for housing as Part B. Part A: Housing Finance Availability for Low-Income Households in the Region In transition economies, several issues can be considered limiting the supply and demand of housing finance; e.g. difficult foreclosure, uncertain formal/informal incomes, unreliable appraisal, absence of instruments to mortgage market risks, absence of mortgage insurance, etc. Expensive housing assets will also cause the discussion on housing price affordability versus housing credit affordability, which is often related to supply bottlenecks such as urban development policy and land. Due to the low quality of housing stocks in transition economies, homeimprovement loans for upgrading housing stocks will be an important housing finance product for low-income households in the region. The establishment of a proper financial scheme to rental housing will be also an important issue for them. Although there is no single model of housing finance for the low-income segment, Part A will try to scrutinise the constraints on mortgage lending for low-income people and to consider effective models of housing finance for them in the region, which may include the discussions of alternative market mechanism for 5

6 non-collateralised loans for housing, based on pension savings or employer guarantees, and of possible housing microfinance schemes. A. What limits the supply and demand of housing finance in the region? What are the current concerns regarding the availability of housing finance for low-income households in the region? What are the notable efforts of reforms to date? B. What should be done to improve or create a properly functioning housing finance system for the low-income segment? What models (products) of housing finance will be helpful for low-income households to improve their houses and construct new houses in the region (e.g. home-improvement loans for upgrading housing stocks / alternative market mechanism for non-collateralised loans for housing, based on pension savings or employer guarantees)? What is a promising financial scheme to rental housing for low-income households? Could housing microfinance be effective in the region? Part B: Government Subsidies for Housing Taking account of economic and social conditions in transition economies, government support for low-income households to enjoy rental housing, to improve their housing-quality and to achieve home-ownership will be important, which may enhance the liquidity of mortgage markets in the region. Typical support measures could be government subsidies for housing, favourable tax treatments for purchasing houses and provision of education (training) to borrowers and lenders. Government subsidies to rental housing for the low-income segment may be debatable by contrast with classical housing finance for the middle-income segment. In Part B, the discussion will particularly focus on how to design, implement and monitor government subsidies with an efficient, transparent and fiscally sustainable way, without creating severe market distortions and market disincentives. A promising model of government subsidies in the region will also be discussed. A. How should government subsidies for housing be designed, implemented and monitored with an efficient, transparent and fiscally sustainable way, without creating severe market distortions and market disincentives? B. What models of government subsidies can be promising in the region? (Day 2: Wednesday 15 th December) Session 3: Safety and Soundness of Mortgage Markets Well-organised regulatory and supervisory frameworks are indispensable for transition economies to achieve the maximum benefits from mortgage markets. Most of mortgage-related regulations (e.g. form of mortgages, land register, foreclosure and insolvency rules) are controlled at the national level in the region. However, their regulations still seem to hold the problems of inefficiency and un-transparency. Typical information asymmetry in the region will make borrowers and investors hesitant to enter the mortgage market. Also due to the complexity of mortgage-related products, establishing common standards of regulations for the overall mortgage market will be most challenging in the region. A proactive approach of regulation with transparency is most important for transition economies to vitalise their mortgage markets. In this context, this session will discuss the regulatory challenges in primary and secondary mortgage markets, addressing to the role of government to activate mortgage markets in the region. A. What are the latest developments of primary mortgage market regulations in the region? How effectively should non-depository specialised mortgage lending institutions be regulated and supervised? 6

7 B. What types of regulatory and supervisory frameworks will be suitable to coexist with the development of the secondary mortgage market? What progress has been made in building the regulatory and supervisory framework for the sound secondary mortgage market in the region? C. How can supervisory structures and techniques be made effective to secure the enforcement of regulations in respective primary and secondary mortgage markets? Session 4: Innovations in Mortgage Insurance Encouraging the innovation of mortgage products is important to develop the mortgage market in transition economies. Effective mortgage products must be plain instruments from a borrower s point of view, low-risk instruments for lenders and cost-efficient instruments for borrowers, which will stimulate mortgage issuance. Mortgage insurance, which reallocates risks, will be a key product both for expanding mortgage markets and developing securitisation in the region. This session will particularly focus on mortgage insurance as an innovative product to activate mortgage markets in the region, which may include the discussions of critical requirements for mortgage design in the region. Firstly different models of mortgage insurance in the OECD countries will be overviewed and then a selected transition economy will be expected to discuss its mortgage insurance system as a case study. A. What progress has been made in developing mortgage insurance in advanced countries? What are the lessons from their mortgage insurance models? B. What are the expected effects of mortgage insurance (i.e. critical role of mortgage insurance in the region)? What types of mortgage insurance will be suitable for transition economies? C. What is the latest development of mortgage insurance in the region (a case study discussion)? Session 5: Development of Different Secondary Mortgage Markets and Instruments Capital markets provide issuers of mortgage related securities with opportunities to raise funds for housing finance and may develop the secondary mortgage market. Different countries have developed various funding instruments such as mortgage bonds, contractual savings schemes and mortgage-backed securities (MBS), which reflect their historical and cultural backgrounds. Mortgage instruments such as mortgage bonds and MBS also provide investors with opportunities to diversify their investment portfolios. As investors often seek low-risk investments, issuers of mortgage related securities are required to manage potential risks involved in the products (i.e. credit, liquidity and interest rate risks) to secure adequate funding for housing. Therefore, well-controlled risk management is a key factor to develop the secondary mortgage market. Considering capital market funding for housing, institutional investors such as pension funds and insurance companies will particularly contribute to growing mortgage markets, improving liquidity and developing mortgage market infrastructure. In this context, the discussion will focus on three issues: 1) comparison of different mortgage funding instruments in the region; 2) risk management techniques and obstacles for transition economies to implement them; and 3) role of institutional investors to vitalise mortgage markets. (Different Mortgage Funding Instruments) A. What are the latest developments of mortgage funding instruments in the region? B. What types of funding instruments may be encouraged in the region? What are the prerequisites of developing funding instruments in the region? 7

8 (Risk Management Techniques) A. What types of risks will be crucial to manage in the region? How could the risks be evaluated and managed in the region? B. What is the role of government to reduce the risks? C. Will international standards such as Basel II be effective in helping to control the risks in the region? D. What is the most promising risk management technique in the region from an issuer s point of view? How could it be achieved in practice? Are there serious obstacles to implementing it in the region? (Role of Institutional Investors to Vitalise Mortgage Markets) A. What is the role of institutional investors in the mortgage market? B. What are the obstacles to attracting institutional investors? C. What is the best way to effectively attract domestic and foreign institutional investors to mortgage secondary markets? Concluding Session: Roundtable Discussions and Future Work The main purpose of this session is to encourage open discussions toward well-functioning mortgage markets in the region, based on the discussions in each session. Then the future work to connect to the next workshop will be discussed. The floor will be open to all participants. 8

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