Debt Recovery Management

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1 Debt Recovery Management Internal Control perspective Codrut Constantin Internal Control Institute

2 1. Contagion Risk 2. The companies gained experience in being default. What should we do? 3. Case study: Execute and recover fast vs. breaking the egg 4. Q&A

3 Contagion risk = 5!?!? Ireland, Greece & Portugal triggered Italy, Spain 5 th of July 2011 Moody`s downgrades Portugal (among other factors deterioration in Greece) 6 th of July 2011 Started a sell-off in Spanish and Italian government bonds 18 th of July 2011 Yields of bonds increase with 100 bps Italian / 80 bps Spanish From early July to mid-august the CDS of SoGen & CA S.A. doubled while the exposure to the 5 remained equal.

4 Contagion risk = 8!?!? 26 th Apr S&P downgrades Spain to BBB+ 10 th Oct S&P cut Spain's sovereign credit rating to BBB- i.e. 1 notch above junk territory accusing a deepening economic recession 19 th Nov 2012 France rating has been reduced from AAA to AA1 and has kept its negative outlook. Moody's blamed the risk of a Greek exit from the euro & stalled economic growth. 22 nd Feb 2013 UK rating was cut from AAA to Aa1 - continuing weakness in the UK s medium-term growth outlook, with a period of sluggish growth 8 th March Fitch Downgrades Italy to 'BBB+'; Outlook Negative With Q4 `12 data confirming that Italy's ongoing recession is one of the deepest in Europe. 19 th March 2013 Cyprus rejects a bailout condition on levying its banking depositors with 6.75% - 9.9%!!!!!! UNACCEPTABLE Black swan!

5 We need a long breath of five years and more, Angela Merkel declared in a conference in Sternberg, Germany

6 Solutions found so far: Stronger fiscal discipline (especially for the high deficit/debt economies) ECB intervention banking system support (LTRO, etc.) Write down default debts (Greece, and others?!?) IMF structural programs for the 3 I, G & P Improve the EU Stability Mechanism Firewall April `12 agreement for new level of 700 billion Single Bailout of 41 bio EUR to Spain

7 What this means for us: The banking sector will suffer stronger regulation (Basel 3, new CAR level, etc) The banking sector will continue to have very low (or even negative ) growth High volatility in both price and access to funds ECB has a positive impact in the result(ltro cheap money ), but the source of the issue remains EU area banking weaknesses If the locomotives (Germany, France, northern states) will stop the whole train will eventually stop An aggressive growths of the NPLs (already at an alarming level of 1.5 trillion)

8 The companies gained experience in being default. What should we do? PREVENT (Business and Internal Control perspectives) 1. Have the business will to recognize risks and increase the mix of collaterals (including personal guarantees from share holders with very well determined assets value and type/place) 2. Set up Early Warning Signals control the business of your business by regularly checking their performance 3. decrease the turnaround time for restructuring requests and strengthen the position of the bank especially with personal guarantees 4. Evaluate the risks and include its costs in the way you do business do your business according to the risk you can take or the risks will take you under. 5.Keep a very strong communication with the clients segregate efficiently the roles sales/risk/collection/recovery workout

9 The companies gained experience in being default. What should we do? CURE THE EXISTING PORTFOLIO 1. Find a solution with the client meet him (restructure, settlement, etc.) 2. Control your spending and DO NOT throw good money over bad money - if you have taken the risk don t increase it, write off! 3. Claim against the debt, and sale or rent after 4. Segregate efficiently the roles sales/risk/collection/recovery workout 5. Control efficiently the force execution process Check your performance indicators regularly and meet actively any slow-down Control your providers: external collectors and executors Participate to all auctions with an employee and give him the authority to make decisions on the spot

10 CASE STUDY Company A: SME, 7 mio EUR yearly T/O, 350k EUR net profit, EBITDA 10% Banking history: 2 other banks, loans of 2 mio. EUR, no incidents, no delays. Facility type: Investment loan + Working Capital Credit Line + LGs Approved amount: > 1 mio. EUR Tenor: 5Y for Investment and 1Y for CL Purpose: Acquisition of bakery equipment Guarantees: Mortgage on office building property of the company, pledge on bakery equipment, pledge on C/A of the company, and Personal Guarantee of the shareholder.

11 CASE STUDY Succession of events: The company disbursed all amounts, the bakery line is delivered but technical problems appear at the installation moment 2 LGs are due and the company asks a ST loan for 6 months in order to cover the amounts of the LGs. Loan is approved One bank is declaring due an overdraft of 0.5 mio EUR, and starts to pay it from CA turnover => the company starts to have cheque incidents The credit line is not prolonged The shareholder divorces and leaves all his personal assets to his wife The Banks start force execution The Company enters in Insolvency

12 Questions? Thank You!

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