The refinancing serves the raising of funds for the own assignment of credits with the credit institutes as enterprise purpose.

Apart from the proportionate employment of own capital funds, binding prescribed in the KWG, for this inserts can such as time deposits of own customers, of other banks by interbank trade, special institutes for refinancing, which is used public hand or institutional investors. Beside inserts also as credits taken up means are used.

For the procurement the money market and the capital market infrage come. At the money market inserts are in-collected by other banks or institutional market participants or procured through at the capital market emitted debenture bonds, mortgage bonds and loans. In addition means can be procured by large investors in the way of the demand sales. A conceivable extension of the own capital funds basis is made likewise by the capital market.

The True Sales represents a very modern form of the Refinazierung. Here by a credit giver credits with identical running times and same risk structure are bundled and sold at investors in confirmed by a document form. It concerns with the credit giver Kreditinstitut can the own capital funds structure be improved, however on the other hand naturally also the interest income from the sold credits reduces. At present it concerns a pure model for further discussion, since the own capital funds ratios are generally not exhausted. at that Hamburg stock exchange is a market for such confirmed by a document demands to be furnished.

Congruence conditions

Economical task of the credit institute is it to procure time near for assigned credits refinancing means with congruent running times this meant that the credits have the interest height available a running time on the one hand identical for the condition stipulation of a time limit of the credit longer or stand for the entire credit period and appropriately on the other hand.

The refinancing is made more difficult by the fact that credits are usually erased at your run time in equal lasting rates or by annuities rising, which are frequently finaldue taken up refinancing means however and are available during the agreement running time in equivalent height and must with interest be served. The economical betraglichen congruence between credit and refinancing is tried to carry in a collective view of the entire Kreditportfolios for example in a period or a layer balance calculation.

Deviations from these congruence conditions brought German banks occasionally in the past into economic difficulties.

Tasks of transformation

The refinancing costs of the loan business are coined/shaped to a large extent of uncertainty over the future interest development at the money and capital market. This uncertainty becomes larger, the further the prices which can be prognosticated lie in the future. , Be antizipieren future developments to and secured by interest derivatives the risk can be tried.

• In short and medium-term range can, depending upon expectations over the future development by period transformation refinancing means in one - with expected rising interest - for higher amount, than it corresponds to the acute refinancing need, be procured. Accordingly the refinancing means can be procured with shorter connection periods with the expectation of falling interest.

• Of amount transformation one speaks, if first more refinancing means are procured, than this corresponds to the concrete credit new business. Up to the appropriate granting of credit such amounts are platziert yielding interest, usually with shorter running times with other banks at the money market.

• The increasing Internationaliserung of the economy can make refinancing measures in strange currency necessarily, or according to estimate of the foreign exchange risks desirably. In this case also a currency transformation would be to be accomplished, which is securable by foreign exchange derivatives. Here on the one hand refinancing means in other currencies can be procured, than they find as credit use. On the other hand credit products, which leave to the applicant for the credit choice rights, develop into which currency of credits are led back at the market.

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