When it comes to interest-rate risk management, it is quite common for corporates to have a rather static interest-rate risk policy in place which dictates, for example, fixing the interest rate for a pre-specified percentage of their (future) funding needs, without… read more
Principles for implemeting an FTP framework
The basic idea of transfer pricing in financial institutions is to allocate costs and benefi ts equitably across the bank. This enables the creation of (isolated) internal P&Ls for diff erent departments. Hence, funds transfer pricing (FTP) helps management to measure… read more
Impact of Basel III on corporate banking relationship
While Basel III may restore the health of the financial markets and the banking industry in the long run, it will also have an impact on the real economy and business in the mean time. The economic impact of Basel III… read more
Speculating on the rise – and fall – of security prices
Put and call options are quite well known among a large crowd. The ‘straddle’ however, is less familiar to the general public. It became famous after its (mis)use by Nick Leeson, which caused the bankruptcy of Barings Bank in 1995. In… read more
in turbulent times
On my return from vacation I found that the new policy rules had been published for care under the Exceptional Medical Expenses Act - as Marlies Veldhuijzen van Zanten, the Netherlands’ State Secretary for Health, Welfare and Sport, had indeed previously… read more
SEPA as lever for supply chain financing
The Single Euro Payments Area (SEPA), as a subset of the ISO 20022 XML standard, promised companies standardization and effi ciency across the eurozone and non-euro countries that have accepted the SEPA standard (e.g. Denmark and Switzerland). SEPA adoption however falls… read more
Most banks have significant amounts of non-maturing products on their balance sheets, such as current accounts and savings deposits. The contractual maturity is very small, so that the client could withdraw his or her money at short notice and banks can… read more
Per 1 januari 2011 is de liquiditeitsopslag in de korte rentenormering komen te vervallen. Dit kan betekenen dat consolidatie van een investeringskrediet naar een lange lening aantrekkelijker is geworden. In het algemeen lijkt hiervoor de combinatie van renteswap met een roll-over… read more
Alternative valuation method in the sustainable energy industry
Zanders has been involved in financing issues and transactions related to sustainable energy for several years now, supporting developers, power companies, and start-ups in a variety of countries.
As part of one of its consultancy projects, Zanders advised a Dutch… read more
Roll-over loans with swaps now allowed in healthcare sector
It’s finally happened. After prolonged lobbying by healthcare institutions and banks, the Dutch Healthcare Authority (NZa) will amend its policy on standards for long-term interest rates.
This means a significant difference on the interest paid on long-term loans. The combination… read more
Developments Healtcare institutions
The Dutch healthcare sector is in flux. The newspapers report on new developments almost on a daily basis.
In the previous issue of Zanders Magazine we argued that the credit crisis came at the wrong time for this sector: precisely… read more
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