Change font size:   

 
Cash management poll 2008:

Cash management poll 2008:

Results now live

Abigail Hofman:

Abigail Hofman:

I wonder if ______ is an extremely optimistic person or in a cocoon of senior management denial

September 2006

Does east follow west to the euro?

by Kathryn Wells

After EU accession in 2004, the next target for central Europe’s governments is the euro. In the scramble to comply with the Maastricht criteria, have they started to borrow techniques, invented by their western European counterparts, for massaging the numbers? Kathryn Wells reports, with research by Pauline Thomas.




COUNTRY PROFILES: Case 1: Czech RepublicCase 2: HungaryCase 3: PolandCase 4: Slovakia

EARLY IN 2005, Hungary sent out RFPs for a large asset-backed securitization to finance a motorway infrastructure project. The issuer was to be Hungarian motorway operator AAK, and the deal, securitizing cashflows of as much as €3 billion from vignette stickers, which drivers purchase from the motorway operator and display in their car windows in order to travel on the motorway system, was slated to materialize later that year.

The transaction, though, has never happened. This has not been due to a lack of demand but rather to the intervention of the EU’s statistical agency, Eurostat. As part of wider moves to clamp down on one-off boosts to state budgets generated by asset-backed securitizations, Eurostat decided not to allow more than €11 billion of such financial engineering in Germany and Hungary to qualify...


You must be a Level 2 subscriber to access this archived content. 
If your subscription includes access to the archive, please log in now to view. 

To gain access to this content visit the subscription page or call our hotline on +44 (0)207 779 8999.
Subscribe online now and save up to 30% on your subscription.



Subscribe

Subscribers to Euromoney benefit from:
    
Level 1:

  • Online access to the past 12 months content
  • Tailored RSS news feeds direct to your desktop
  • News delivered directly to your mobile device or PC
  • Personalised email newsfeed of 'Top stories' and 'Breaking news'

    Level 2:

  • Exclusive access to euromoney.com - Read the latest issue early online, search for specific developments by region or sector, interrogate the results of Euromoney's benchmark polls, and view the archive dating back to 2000
  • 12 monthly issues of Euromoney magazine
  • More than 30 specialist research guides free
  • The results of Euromoney’s polls and surveys
  • Tailored RSS news feeds direct to your desktop
  • News delivered directly to your mobile device or PC
  • Personalised email newsfeed of 'Top stories' and 'Breaking news'

Click here to subscribe




If you gear up 15 times and fund overnight there is no model in the world that is going to be able to solve that

At least one banker does not subscribe to the view that the meltdown in structured finance was entirely a result of inaccurate modelling

Ruromoney Jobs Post a job