Traduction de «Collateral security for loans » (Anglais → Français) :

The current Romanian legislation prohibits the use of oil stocks as collaterals, i.e. assets offered to secure a loan.

‘collateral’ means the forms of collateral security referred to in Article 2(m) of Directive 98/26/EC of the European Parliament and of the Council , including any allowances accepted as security by the clearing system or settlement system.

So did you go to a bank and say, I have collateral on a loan, and I'll use this money I'm going to get from Elections Canada as security for a loan that I will get from my bank?

These companies will make people put up property, if they have it, as collateral even for a couple of hundred dollar loan, which seems ridiculous, except that they know how fast a $200 loan spirals out of control to where all of a sudden it is not so ridiculous to have a house as collateral for that loan because the loan is not $200 for very long.

The Directive also includes rules for payment systems which are not based on netting but on gross settlement systems (where each payment order is settled individually on a real time basis as it arises during the day): The proposed Directive would also exempt payment systems from national rules giving retroactive effect to the insolvency of a participant in a payment system, such as the zero-hour rule. Such retroactive effect allows the liquidator of an insolvent institution to challenge payment orders which have already been introduced into the payment system, thus leading to the unwinding of the settlement operation. This unwinding is h ...[+++]ighly disruptive and can lead to systemic risk. The same is true for revocation of payment orders. Revocation of a large payment order in a payment system during the settlement process, could lead to systemic risk. The Directive would therefore bar revocation of payment orders after the moment contractually fixed by the payment system participants. The insolvency of a participant in a payment system, insofar as it concerned its dealings with the payment system, would be governed by the insolvency law of the country where the payment system was located, according to the proposed Directive. This would avoid conflicts of law and the ensuing legal uncertainty and thus facilitate cross-border participation in payment systems. Collateral security is pledged by the participants in a payment system in order to secure its exposures against the other participants. When collateral security is provided in a cross-border arrangement, its realisation in case of default of the pledging participant can be hindered by conflicts of law which may either weaken the collateral security or even render it unenforceable. In order to ensure collateral security can be realised immediately and in priority over all other creditors (so as not to jeopardise the liquidity of the other participants in the system, i.e. to avoid systemic risk) in the case of a defaul ...

Given that for most cases no bank would be willing to provide these means without a government guarantee because the companies have no collateral securities to offer, the Commission accepted that the THA could provide such guarantees on bank loans, or could itself provide such loans. These guarantees and loans may well constitute aid, but the Commission decided they are compatible, provided that they are limited to the absolute necessary.