Юридические документы о лизинге.
Проект документов о лизинге учрежден 01-10-1999 ; редакция от 01-11-2001.
Международная лизинговая энциклопедия.
The International Leasing Encyclopedia by Steven Gilyeart.
Энциклопедии не было в интернет последние полтора года, но это не означает, что ее нет вообще. я взял на себя смелость разместить на этом сайте всю подборку статей (собственно энциклопедию), с указанием адресов электронных почт авторов материалов и редактора. Материал на английском языке.
Leasing in Latin America Today
by Alejandro Trujillo Tealdo
President, Leasing Grancolombiana, SA
Leasing in Latin America today is widely varied in its development. Brazil, with possibly the mostly highly developed economy, has one of the most highly developed leasing industries. However, leasing also plays an important role in the economies of Mexico, Chile, Colombia, Venezuela, Ecuador and Peru. And, finally, Argentina has recently entered the ranks of leasing countries, thanks to new legislation that favors its development. Although leasing in Latin American represents only 5 percent of total leasing volume worldwide, the balance of assets in regional leasing comes close to US$ 25 million dollars. Yet, more important is the steady, general growth of leasing in the region, which is higher than 30% annually. A country-by-country review may be helpful:
With a record US$12 million in new businesses in 1997, Brazil confirms that the industry is in good shape and that it has an operational and regulatory framework in accordance with its development.
By December 1997, there were 66 companies with a total of 666,775 contracts with a net value of US$ 13.467 million dollars. In 1997, Agreement ICMS No. 4, confirmed that the tax on Circulation of Merchandise ("ICMS") was to be credited to the lessee in operations of mercantile renting and that it was to be inserted into the lessee's account at the time of the sale of a rented property.
Operating Leases. Last February, the Central Bank of Brazil issued Resolution 2465, modifying the concept of operative leasing to be more in accord with the international understanding of this product. As a result, companies are now in the process of implementing agreements with suppliers to promote each other jointly. Significant growth in operating leasing is expected, mainly in the automobile area.
Financial Leases. Rental payments under a financial lease of at least 2 years are totally deductible as an expense by the lessee. In case of an irregular canon, not more than 65 percent is permitted to be paid off in the first year. Repossession of assets has a favorable legislative treatment, and with a well-developed market for used equipment, especially vehicles, repossession is economically feasible.
Vendor Leasing. Vendor leasing is used both locally and for exports. The role of Brazil in MERCOSUR, the free commerce region to which it belongs along with Argentina, Chile, Paraguay and Uruguay, generates an important volume of opportunities abroad. Likewise, import leasing and cross border leasing, funded by foreign banks, also assists in the promotion of exports. As, it is customary to index these contracts to dollars, there is generally no major exchange risk. Exporters and large companies are the players in this market.
Funding. Funds are obtained through the issuing of bonds, an approach that allows local and foreign investors enter this market through syndications and securitizations. Funding through banks has also become more and more common.
Market Sectors. The largest leasing market sectors are Services and Individuals (physical persons) with 32.8 %and 29.1% respectively. The latter is a totally new and recently authorized business in Brazil. Next is Commerce with 13.4 %, Others with 12.5 %, Industry with 11.1 % and Business with the Government with 1.1 %. Vehicles rose from 69.1 % in 1996 to 81.6 % in 1997. Very low percentages were experience with Machinery and Information Technology equipment as they were 9.1 % and 5.5 %, respectively. Real estate was 2.3 %, Others 0.8, Furniture 0.3, Facilities 0.3 and Planes 0.1 %.
Leasing in Brazil should progress with normal development, since the opening of the market to individuals (physical persons) generated a unique one-time increase. Leasing's market penetration expressed as a percentage capital goods acquisition, has remained around 20 %.
The main characteristic of the Mexican market has been the division into financial rental and pure rental (operating). Only financial leasing is regulated. Specialized companies, credit entities, banks, foreign companies and pure rental companies all take part in the leasing market.
It is certainly more agreeable to mention a difficult period when it is over. The end of 1994 and the exchange crisis suffered by Mexico generated many problems in the leasing business, such as overdue payments, which reached 25% by the end of 1996. There were also problems with funding and growth.
From 1990 to 1994 figures for new businesses had risen rapidly. New companies had entered the market and funds were being obtained from various sources, including debt from foreign banks (not always with the exchange risk covered), bonds, public promissory notes, and local bank credit. After a number of alliances between companies (8), absorption from main banks ( 11), market exits (12), and business closings (2), the leasing industry had learned a hard lesson. Specialized companies had been reduced to 37, 10 of which are foreign, holding 10 % of the assets. Banks reached a 31% participation at the end of 1997, and pure renting companies a 6 % participation. Local, specialized leasing companies still remain in the majority.
Transportation equipment has grown considerably within the industrial portfolio of lessors, thanks to its simple and easy handling.
Repossession is still a problem in Mexico, as supporting legislation remains inadequate.
The future of leasing in Mexico looks good, with there expected to be a 34-50 % increase in the purchases of equipment for this year and through the year 2000.
The remarkable growth and stability of Chilean economy in recent years has been good for leasing. The need for readjustment and modernization of factories entering the global market helped. Ingenuity and innovation in the small and medium sized industrial sector helped increase exports. The salmon industry is just one example.
The volume of salmon operations between 1990 and 1995 rose 432 %. It reached US$ 2.3 million in leasing volume by the end of 1996. However, leasing's market penetration decreased from 28 % achieved in 1994 to 12 %, due to the revival of alternative financing sources. In spite of Chilean banks being authorized to perform leasing operations, specialized leasing companies were the ones to hold the major percentage of the market, thanks to a number of funding source options, including local and international banking credits, long term bonds, and credits from multilateral banks and national development corporations. Recent changes regarding titling of contracts will also allow for important new leasing investors, such as insurance companies and retirement funds.
Of the fifteen leasing companies in Chile, three lease companies--Leasing Andino, Santiago Leasing and Leasing Santande--have over half the market.
Regulation of Financial Leasing. Financial leasing in Chile is generally regulated through standards taken from the Commerce and Civil Code, which allow for a wide range of contractual and commercial possibilities. However, bank-affiliated leasing companies are supervised by the Superintendency of Banks and Financial Institutions. For public enterprises trading on the Stock Exchange, supervision is conducted by the Superintendency of Values and Insurance.
Real Estate Leasing. Real estate leasing, which is subsidized by the State for the benefit of the working class, is not generally of interest to the leasing industry.
The Future. For the near future, growth in capital formation and the need for machinery and equipment should create a potential for growth in the leasing industry in Chile.
A number of events in recent years have had negative impacts on the leasing industry in Colombia, including the elimination of deductibility of lease payments for big industry, proposals for adverse legislation, a ban issued by the Bank of the Republic (our Central Bank) on the acquisition of our own position in foreign currency through debts for work capital, by an increase in the cash reserve requirement for the Certificates that are issued to capture money from the public, by the reserve for foreign debts longer than six months, and by the economic stagnation of the country, rooted in the political crisis and its resulting fiscal deficit. As a result, the leasing industry's volume decreased from US$1.774 million in 1996 to $US 1.218 million in 1997.
The number of leasing companies have also been reduced by half.. Three ended up in liquidation or were taken over by the Bank Superintendency, 17 were bought by or merged with other, stronger companies. One company, Leasing de Occidente, acquired seven others, one of which had already absorbed another. In this regard, it is worthwhile to note that solutions to the difficulties undergone by the Colombian leasing companies were handled by the industry itself, initially with cash purchases of lease contracts and later through mergers or portfolio acquisitions. Also, although the number of companies declined, the value of contracts did not, and industry consolidation is expected to increase the industry's efficiency and ability to compete with banks. Yet, it should be noted that there are only two leasing companies left that do not belong to a financial group.
Adding to these problems were competition and funding problems, which caused margins to diminish from 10 to 4 points on average. Arrearages also went up to a dangerous 4.66%, which was still lower than the 13.68% average for loans issued by the same companies, and a 6.6% average for the credit sector in general. Despite the legal difficulties involved,the ability to repossess the equipment can help reduce losses.
Lease Products. The mostly common products in the market are direct finance leasing, import leasing, vendor programs, real estate leasing, and cross-border leasing (mainly with Panama through bank branches or related banks). Thanks to the demand generated by privatizing, project leasing has been taking form lately with 12 year minimum terms, lease payment deductibility and operating lease treatment.. Small and medium sized businesses, which are rated today as those with assets under approximately US$5.5 million as of December 1997, are also able to deduct lease payments. Lease payments are otherwise not deductible. This will change in 2006, when all leases will be placed on the balance sheet of the lessee and treated as a loan, with adjustments for inflation.
Market Sectors. Transportation and vehicles lead the market with almost 30 %, due mainly to the scheme of free marketing that permitted import of trucks, buses and vehicles from Mexico, Venezuela, Ecuador and Chile without customs duties. There was also a renewal of the vehicle stock 5 years ago that was urgently needed. Real estate leasing became important three years ago and is in high demand today through sale-lease-back structures due to the economic depression. However, real estate leasing is risky, as current law does not allow repossession of the business facilities in case of bankruptcy or concordat.. The industrial sector, with a 30 % share, is also important. The construction field has benefited from an increase in public works in energy, communications and roads. Computers and office equipment has a 7 percent and a rapid turnover due to their fast technological obsolescence .
Cross-border Leasing. International leasing, including cross-border and import leasing, have benefited from recent legislation, allowing for less expensive funding and better financing terms.
The Future. Infrastructure projects, the fresh start from a change of government, and the changes coming for operating leases will allow for a diversified portfolio of efficient lease products. Although the growth of the leasing industry came to a halt for a time, national GNP did not. Inflation has always been close to 20 percent, but it has been stable. Fiscal expense has been high, but reserves have never decreased more than 7 percent. Some foreign investment has moved away, perhaps frightened by the Asian phenomenon, but our new funds come in. From a Latin-American friend, I heard that nothing too bad ever happens to Colombia, but nothing too extraordinarily good either. Columbia has always paid its sovereign debt on time and has never renegotiated it..
Leasing has an important role to play in Peru's economic and industrial growth and social reordering.
Leasing Companies. In 1994, there were 3 lease companies, one of which almost had the market to itself. Today, there are 32 lease companies, including 9 specialized companies, 5 financial ones and 18 banks. At the end of 1997, the distribution of leasing business was 56 % to specialized companies (57% in 1996), 2 % for financial ones (2% in 196) and 42 % for banks (41% in 1996).
Funding. The most common funding instrument is the Financial Rental Bond Security, created by the Law for Financial Rental for the purpose of allowing the borrowing of money from the public at long term. It is supervised by Conasev, the National Commission for the Surveillance of Enterprises and Values. However, the Law of Banks is being interpreted in such a way that it would force the issuance of bonds to be handled through the Superintendency of Bank and Insurance.
Operating and Financial Leases. Operating leasing are already being being offered under the label financial leasing, despite the youth of the Peru leasing industry.. Such leasing has been widely accepted by the lessees, thanks to the promotion it has been given, especially in the vehicle area.
The Future. Growth of the industry in the future is estimated to exceed 35 %.
Leasing Companies. Only independent and specialized leasing companies are permitted to engage in leasing; banks are not.
Leasing Volume. Leasing volume was US$58.3 million in 1997, up from US$32.0 million in 1996, with 90% being operating leases.
Leasing Law. There is no specific leasing law in Costa Rica. The rules are established through standards and interpretations stated by the General Direction of Direct Taxing, from the Ministry of Finance. The last statement, issued in July, 1997, confirmed the ability to do operating leases with a purchase option to the lessee, so long as the purchase option was not symbolic.
The Future. For the next few years, the greatest opportunities for leasing companies are in vehicle rentals. There is also high demand in telecommunications, energy and piers.
Leasing, supported by proper legislation, can play an important role in the development of a country's economy and its increase in exports. Globalization, including the FTAA coming in 2005, indicate a strong future for the leasing industry in Latin America.
Posted 3 July 1998
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