ARTICLE · 10 NOVEMBER 1995

French Rules Applicable To Securitisation - Part II

SG Archibald Andersen

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FranceEmployment and HR

ASSETS SECURITISATION OUTSIDE THE VEHICLE SET BY LAW

Several banks and financial institutions have preferred over the last few years to implement the securitisation of their receivables without using the specific vehicle, i.e. the so-called "Fonds commun de creances", set up by French law.

These asset securitisations aim at the same goals as those achieved through the FCC: replacement of doubtful receivables, improvement of the rate risk management, increasing of equity and capital profitability.

2.1 Legal securitisation versus non-legal securitisation

2.11 Implementation of high-performing vehicles

Most of the securitisation operations performed outside the legal mechanism set up by the Law dated December 23, 1988 are based on the implementation of high-performing vehicles from a tax and finance point of view.

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