Israelis, the use of credit card spending is higher than the European countries

According to the survey, with the Israelis, such as credit card spending amounted to NIS 94,000,000,000, representing a growth of 7% last year. This year a total of 4,200,000 issued credit cards, a total of 11 species, 75% of the Israelis, the use of credit cards, mainly used for private consumption (excluding motor vehicles), the number of credit card transaction volume of checks is a 2-fold. Israelis, the average annual credit card spending 5800 euros, higher than the European credit card spending highest in France (3380 euros) and ranked second in the United Kingdom (3300 euros). On the credit card market turnover, in European countries, Israel ranked fifth. Israeli credit card market success is mainly due to the intense competition in the field, the unique design of payment and credit card gifts, and other activities.

Credit card spending by foreign tourists Portugal

Portugal's foreign visitors continue to drive a strong increase in consumer credit card. According to the international network of credit card services company "Unicre" The latest data show that in 2007 in Portugal the use of foreign bank credit card spending amount increased by 20%, created in the past 10 years, the highest point. Unicre statistics, in 2007, Portugal's foreign trade bank to use credit and debit cards amounted to a total of 240 million euros the previous year, an increase of 20 billion euros. In shopping, foreign tourists on the amount of credit card transactions over the previous year, an increase of 200,000,000 euros

G & D for Euro 2008 soccer championships design unique credit card

Munich, Wiesbaden. DG German publishing house for the family credit cooperative banks (Volksbanken. Raiffeisenbanken) to provide a limited version of the sports MasterCard credit card. This card is designed to be the original Adidas "Europe Pass" (EUROPASS) Football Championship, is involved in the supply of specialized sports, especially soccer matches customers. The credit card through cooperative bank, a subsidiary of family order. Credit card manufacturer G & D to use a special kind of production technology, so that the card face a slightly impressive flash. As the credit card company MasterCard is the European Cup in 2008 season, the official organizers, if the customer is in the MasterCard sports portal - Web enthusiasts www.activefever.de card to open an application, the consumption of 1 euro each customer can have additional points, And the proceeds can also accumulate points to the significant number of dividend, In addition, these customers can also participate in the lottery Web site to provide games and activities. DG Press of the Executive Committee of the Andreas. Dr. Ma Ding said: "MasterCard sports enthusiast Web site Web site with a lot of measures to encourage customers to apply for the MasterCard credit card, because the period of the credit cooperative banks family is the increase in customers The best period. And because of the unique design of the card to make it very suitable for the European Cup in the 2008 season sales, and competition. The structural design of the card contains a transparent multi-layer coating, a great printing technology is applied to the surface of the card "permit Europe," football fans on site and Active Fever logo, together with a special production process to create Impressive results. G & D Division to cover Aikesaier director. Danning Ge said: "The growing number of new grasped the design of the card holder's heart, and the card into a great fashion items. As This time, in almost new three-dimensional football MasterCard credit card, a credit cooperative bank's family was impressed by the Federation of customers. "

How to make good use of credit cards in Europe

Europe travel to China and opening up, more and more people choose Europe as a resort. Travel to Europe, travel farther, carry cash in the body is not safe. Therefore, the use of credit cards is not only convenient but also more secure. To apply for dual-currency card Many people now use the dual-currency card is the yuan / dollar. If you use this card in consumption in the euro zone, although no credit card fees, but the use of U.S. dollar-denominated time required to pay the additional cost of conversion. There are many banks to launch RMB / euro dual currency card, which can be removed from unnecessary expenses, such as people's livelihood, ICBC, Bank of China, and so on. Signed in Chinese Consumer credit card use in Europe, few will want to password, are generally recognized signature. Therefore, after the credit card receipt, in addition to Yankan card information should also be immediately written on the back of the sign. The best recommendation is signed by Chinese abroad will be to reduce the risk of fraudulent use of a lot. Separate card number Away from home, we must be careful custody of the property, it is best to open sub-wallet and passport. Suggested that credit card numbers copied down another save, even if lost, report the loss can also provide information in a timely manner, the first card lock to prevent theft. Appropriate adjustments to credit Students often see here that the post size limit. I think from a security point of view, not appropriate the amount is too high. The best estimate is needed to travel to spend more or less the total amount, if the original line is indeed a huge difference, to raise the application again. To retain documents Each card, remember to keep receipts, do so well documented. Will not say for sure that the wrong amount of the deduction status, but be careful to avoid the loss prevention is better. On-line booking and shopping In addition to direct sales in Europe, online shopping and booking air tickets are very common. These sites accept VISA and MASTER cards. Usually need to enter the cardholder name, card number, card expiration of the time, as well as the back of the card's three-digit security code. As proof of identity Many European airlines are providing e-tickets. There are credit card, do not need to be manually check-in counters for boarding. Directly in the automatic machine with your credit card as identification to verify it. When the counter long queues, you can quickly and easily get the formalities of.

European Footballer of the theme of the launch credit card

Tin Shing Bank and the European Footballer of the channel announced in Shanghai, and will be jointly launched the "European Footballer of the theme of the card." The introduction of credit cards, marking the fans not only can this card to watch the English Premier League matches, but also through credit cards to demonstrate their professional die-hard fans of the character. It is reported that Sheng-day European soccer channel for all European football cards on behalf of the cardholder to pay fees for the first year, such as the European Footballer of the channel subscription card will not only enjoy the 12-month interest-free installments, will also be exempt Annual meeting expenses

European credit card asset securitization

Assets on the basis of characteristics Analysis of the credit card portfolio of assets on the basis of the characteristics is necessary because we will be able to find out how the transaction is carried out. Its main characteristics are as follows: account balance (and its weighted average balance of a variety of distribution). The weighted average credit limit its effectiveness. Account for the period (and its weighted average balance of a variety of distribution). Account of regional distribution. Cardholders a variety of balance and the distribution of the weighted average account balance of the distribution of credit risk in the portfolio is effective in a wide range of determinants of the two. It must be noted that although all cardholders in terms of lower weighted average account balance is better than a combination of higher portfolio, and the individual cardholders, the lower the account balance given customer credit records to stay A bad impression. Therefore, credit card receivables portfolio weighted average account balance and credit card issuers to issue linked to the strategic consideration. In addition, the weighted average account balance should be given to the weighted average credit limit the use of the frequency link analysis, in other areas. Given a credit limit the use of low frequency combination is better. On average, a low-frequency limit the use of credit card and a frequent use of a given credit limit of the cardholders, it is not easy even in times of economic downturn breach of contract. Account based on the number of years (the age) division of the credit card portfolio structure shows that aging of assets in a variety of combinations in the great differences in Table 1 gives the number of years divided by two credit card portfolios of the initial structure of aging. Allen 2000-A combination of a shorter aging. In the completion of the transaction, less than 55 percent of cardholders in the securities held by the trust in Royal Bank of Scotland credit Qatar more than two years. This is Grace Church of the aging of the credit card is a big difference in the grace period for the church credit card portfolio, when the transaction is completed, approximately 88% of card holders have a Qatar for more than two years. Trust, the longer the aging is useful, because a combination of longer aging, the former assets of more stable performance. This is because the new receivables portfolio at the beginning of the 18-month increase in the loss often, tend to decline since the loss, and then later a stable performance. Over time, lower-quality, high-risk accounts were written off and removed from the portfolio, the quality of the rest of the high risk on account of lower to show a more stable performance. Finally, the analysis of the accounts of the regional distribution is also very important. A wide range of regional distribution of the loan portfolio is useful, because when a regional economic recession, diversified portfolio can help reduce losses. Asset performance Credit portfolio analysis of the key performance factors such as the combination of income, the monthly payment rate (MPR), debt arrears, and the loss of additional income. Most of the euro on the credit card ABS, the performance of these factors Buluboge published in the monthly report. What are the factors on the performance of public needs and how to calculate the performance of these issues have to be followed to achieve a higher standard, which led to the credit card ABS market has a high degree of transparency. This has allowed us to construct meaningful data in order to effectively track all or part of the major credit card market performance. Barker to asset management companies have established a market CCABS the euro, known as the euro back to credit card indicators (BECCI). BECCI including the public's rating of the credit card market transactions that occurred about 120 million euros receivables portfolio performance indicators, the figure is about credit card ABS market in Europe's 85%. If the results can not be traded through open or have not yet obtained, the transaction does not include in BECCI. Through a variety of performance indicators in public ratings of the outstanding notes weighted calculated. We will discuss the combination of income, the monthly payment rate (MPR), default, loss of additional income and additional income rate (ESE) and the rate of loss cover (COC). At the beginning of the five performance indicators, the latter two indicators are linked. A variety of performance indicators show that Europe and the U.S. credit card assets. Europe on the use of our credit card assets BECCI, and the U.S. credit card asset quality, we use the Standard & Poor's credit card index system. Income Portfolio Portfolio income equal to the cost of financing revenue, said that for the balance of outstanding receivables portfolio as a percentage. The cost of financing income, including interest receivable, the annual fee, the delay in payment of fees, super-limit credit card fees and credit card fees. Portfolio income from its customers to use credit cards to decide. Cycle accounts usually have a period of accounts than in January (the end of the month, customers often pay off their balance) and higher financing costs and income. Revenue also depends on the duration of the portfolio account the characteristics of the structure, if the term structure of the lower stability of a large number of customers may benefit from preferential interest rates. The percentage of accounts with the term structure and improve the stability of the decline in income also improve. Figure 1 gives the United States, Europe and some of the important credit card income. As shown in Figure 1, as the monthly income of the different number of days, whether in Europe or the United States, were displayed on income volatility. For example, in the United Kingdom in June 2002 to celebrate the 50th anniversary of the enactment of such legislation, the Bank of England increased by an additional holiday. Since over 90% of Europe's credit card assets of the trust is the basis of pounds of income in June to reduce the number of days of the great European performance indicators. On the main trust of the cash income fell by 1 / 5 over, and then make the combination of nearly 20% of revenue. On the rate of pay On payment rate (MPR), including the principal of the month, the combination of income and other costs of recovery. This is an important variable, because it means that the assumption that a stable combination of conditions, the receivables base is how quickly recovered. Therefore, if MPRs higher, investors in the early amortization period may be paid more quickly. MPR depends on the proportion of short-term customer, which is also affected by the issuers of the customer strategy. Higher short-term gains in reducing the proportion of customers at the same time, but also on the rate of pay increase. Usually, MPR and the credit card-related quality of the relationship. Although the ratio of short-term customers will not increase too, but will be paid on the rate of kept to a minimum the cardholder if the interruption of revenue streams, its budget will be less flexible. Figure 2 shows that in January 2000 and September 2002, when the combination between fluctuations on earnings at the same time, the monthly payment rate has been relatively stable. Debt arrears Debt arrears futures customers can not pay due to the number of days, the indicator has become a measure of predictability in the portfolio loss of a reliable indicator of trends. As shown in Figure 3, in April 2001 and September 2002, Europe and the United States Securities and credit card debt owed one to fluctuations in the previous post, but in Europe the figure has been consistently lower than the United States. In September 2002, the European one-year debt, the average default rate is 4.53 percent, a figure the United States than the 5.29 percent low of 76 basis points (0.76 percent). In the analysis of a specific credit card portfolio of debt arrears, on the other hand, requires attention to the factors that the issuer of debt arrears and the loss of countermeasures. Figure 4 gives the credit card on the three main British Trust (RBS from the Allen Trust and MBNA EBL of the two main trust) of more than 30 days of the debt owed. At first glance, the combination of Allen as the other two portfolios because of its debt arrears continued to increase until October 2001. In by the end of September 2002, Allen's portfolio of outstanding debt ratio of 6%, much higher than the combination of the two MBNA EBL debt default ratio (less than 4%), but if the combination of the two losses came in response to consider We can understand why. MBNA EBL with its parent company (United States MBNA EBL) to deal with the loss of policy that is, if more than 180 days overdue, the account will be canceled out. In the United States have such a policy is, if the debt arrears amounted to 180 days overdue, companies have to write off debt owed accounts. In the UK there is no such a policy after a specific period that can write off the debt. Alternative provision, if the receivables were convinced that the formation of the loss was written off. RBS in overdue debts owed more than 365 days after the loss to write off accounts than MBNA EBL to write off the date of the postponed for 6 months. This may explain why the combination of Allen's outstanding debt is much higher than the proportion of MBNA EBL. Debt owed by various groups are often in arrears for the period of the report, generally 30 to 59 days, 60 to 89 days, 90 days and a few more days. We have created a model that will enable us to those who do not have to consider the issue of countermeasures adopted by the loss also evaluate the different combinations of the steady-state level of debt arrears. The model will enable us to a report in 365 days in order to account for the company to write off the loss of more than 30 days in arrears of debt and the assumption of 180 days will be able to write off the loss of accounts to describe the condition of these figures. Figure 5 shows the two imaginary horizontal line with the combination of Allen's actual debt owed curve, the two dotted lines on behalf of the steady-state model of a debt default. If the loss is a period of 365 days to write off, the model of a debt default ratio is 8.91 percent. If it is 180 days, the ratio dropped to 4.05 percent. The model did not consider the amount of recovery, and thus the model of debt default ratio of 8.91 percent and the actual proportion of debt owed 6.06% (9 at the end of 2002, an average of more than 6 months) showed that the difference between the land clearance process will effectively reduce the level of debt owed by About 32% (model predicted the total proportion of the arrears was 8.91 percent, while the actual proportion of arrears of the report is 6.06 percent. 2.85 percent of the difference may be due to the amount of recovery, and therefore 2.85% / 8.91% = 32%). Figure 5 shows that under the same conditions, the combination of Allen and the proportion of debt owed MBNA EBL is the same. In addition, the model did not consider the amount of recovery, and this is a prudent assessment. Loss That the combination of the loss suffered by the loss of credit. The maximum loss of credit card accounts in general, about 18 to 24 of them were observed. Figure 6 gives BECCI by the Statistics and Standard & Poor's losses came to the curve with the curve of debt arrears, Europe and the United States of the loss curves have also shown a similar relationship. However, in Europe and the United States demonstrated by the enormous differences show that Europe than the United States Securities and credit card credit card securities more attractive, the response to the U.S. market to more competition and a greater tendency to bankruptcy. Additional revenue Additional revenue measure is a combination of credit quality indicators, the negative often lead to additional revenue to pay installments in advance. Additional income is less income portfolio management fees, ticket income, losses and other costs. Figure 7 are given credit cards in Europe and the U.S. Securities March period, the average additional income. Traditionally, the European credit card securities additional revenue is higher than the United States. The reason is that in Europe there is a combination of higher revenue and lower the number of losses. Additional revenue and offset the loss rate Because of the additional revenue can offset the loss of ticket, which is the holder of the notes in the first line of defense in the additional income portfolio play an important role. However, the deteriorating economic environment, with additional revenue similar to the different combinations are different. Table 2 shows the additional revenue on two different credit card portfolio generated. Although the two have very similar combination of additional revenue, but all other performance indicators are very different. According to the combination of income, the monthly payment rate and the loss to determine, first by the combination of high-quality borrowers may constitute, and the second from sub-optimal portfolio like composition of the borrowers. When the economy is deteriorating, by a combination of high-quality borrowers, or subprime borrowers directly affect the composition of its performance. Subprime borrowers tend to have a very rigid budget, an increase in revenue and almost no flexibility (as in the rate paid on the part of the set) and thus the economy's slide could lead to the formation of a second combination of higher default and loss . The high-quality borrowers because of their higher level of reserves and hence easier to deal with the deteriorating economic environment. Therefore, changes in the performance of the assets of the severity of the combination of high-quality bound smaller. However, this article will introduce the ratio of two to help us predict the deterioration of the economic environment under the conditions of changes in asset performance. Is an additional revenue rate (ESE), and the other is the rate of loss cover (COC). ESE equal to the additional revenue divided by the combination of income, which measures income managers will be transformed into additional revenue. The higher the ratio of predictable economic downturn on the performance of smaller assets. As shown in Table 2, high-quality issuers (Issue 1) than the second-best issuers have higher rates of additional revenue. In September 2002, Europe and the United States credit card portfolio in additional revenue rate is 44% and 39%. COC is a measure of investor security is more important indicator, since it mean that with the additional revenue losses in the previous year. The higher the ratio of the Trust's ability to cope with economic decline, the stronger. High-quality portfolio (1 issuer) than the second best combination (Issue 2) have a higher COC. Because of the high-quality portfolio, the ratio was 1.66, meaning that additional revenue could be offset losses in excess of the amount of loss is the ratio of 66%. The second best combination, COC may cover only the amount of the loss is equivalent to the amount of the loss of 53%. In September 2002, Europe and the United States credit card portfolio of COC were 2.15 percent and 1.06 percent.

France and Germany to create Europe bank credit card

Bankers on April 16 said that France and the four banks are Bank of Germany on Europe to create a preliminary discussion of credit cards in the hope of the United States against Visa and MasterCard. The above-mentioned banks, including BNP Paribas, Societe Generale, Deutsche Bank, Germany's Commerzbank, DZ Bank, as well as in Berlin, Germany, Deutsche Post Bank. The card will be one of the founders of the European Union Jean Monnet named

Minsheng Bank and Visa jointly launched the people's livelihood student Visa credit card.

Borrow to pay the Visa global network, on the one hand, people's livelihood Visa credit card by the parents of students to apply for master card, my students to apply for credit cards, consumer outside the territory of the yuan in order to pay the debt, saving the overseas remittance of fee spending, parents Can also keep up-to-child spending, the appreciation in the yuan's trend, but also the use of credit card repayment period to achieve the purpose of saving money; run as pay tuition, buy cars, buy large household appliances such as the consumer, if the credit limit Not enough, parents can also go to domestic credit card in RMB deposits, and the children can Germany paid a total of nearly 100 groups and individuals Scholarship Foundation, who issued to the applicant's standards, the amount varies. Germany by the Ministry of Education to develop regulations for issuing the scholarships, all families of the Qing Han Germany or foreign students have the right to apply for a scholarship fund for any. To learn more about how to obtain scholarships Germany, I can write directly to the German embassy cultural offices scholarship application form. Upon receipt of the forms at the same time, you have to read carefully, because some foundations do not accept individual applications organizations need to come forward to apply for it himself. I have asked the foundation to produce the first two semester report card, I have to be an excellent chief be taken into account. Also, note that German law prohibits a person at the same time have two scholarships. Here are a few well-known German scholarship: Friedrich Ebert is a prerequisite for the scholarship: After graduation, which scientific and technological research and social science papers published, please go to Europe and the United States in 12 academic journals published on the finest creations. Get the scholarship application after the first few months, the 880 marks a month, may rise after the examination. Hans scholarship of the Buick Le I can not directly apply for scholarships, which can only be in charge of the unit and higher levels for my application to prove that you are a bit of good educators. I need my written assurance Xuechengzhihou must return to the motherland and at least 5 years in the education field. The scholarships 880 marks a month, and stationery costs 150 marks and 70 marks medical insurance. If the family members went to Germany and another family benefits 300 marks. Rainbow scholarship if I graduated from the professional environment, now engaged in environmental protection, then I can apply for the University of units or the Green Party and Greenpeace provided by the Rainbow Scholarship. Karl -duyi-funded scholarships specifically for students in the third sector to Germany to learn or improve their short-term. General funding only one year and has committed funds to be returned to the expiration of one year. The place does not accept individual applications, only the public and government departments were studying abroad. German Christian Fellowship of Christian clergy or outstanding graduates receive scholarships. Germany grants the Christian Service to accept applications for individuals, groups come forward to accept the application. An immediate increase in new consumer outside the credit limit, than the traditional remittance is both time and money.

Germany continued growth in the credit card market

Germany's credit card market is continuously expanding domestic competition has become increasingly keen. However, the market really have so much potential for the time being remains unknown. Germany, Europe's largest country there are only 3,000,000 VISA card users. And the United Kingdom as many as 30,000,000. Germans only 1% of shopping is the use of credit cards, while the United States as much as 18%. However, sales of advertising and encouragement from Visa card (Visa Intelna-tional) and the European card (EUfOCtql'd) in the number of customers are double-digit rate of increase. Analysts pointed out that the Germans like to pay in cash as well as the clearing bank, even though the credit card market will continue to grow, but the prevalence of credit cards may be lower than market forecasts. In fact, every year is not a credit card issued by the company are expected to increase

Germany to facilitate credit card

Today, in Germany, less cash in the wallet, and known as "credit card" is more a variety of magnetic cards. In Bo, a German company's senior manager of the friends I have read given his wallet, which converted into cash up less than 200 euros, if the money is used to his luxury car, "BMW" has only enough fuel three times However, flying inside of a variety of colorful credit card but there are as many as 78. A card around the world Germany is currently the main flow of credit card "cash card (EC)" and "credit card (VISA)" two broad categories. The former user accounts in the bank liquidity (Girokonto) into the memory of the cash-based, like a purse, as long as the money on account, cardholders will be able to use its cash or consumption; the latter is a kind of money after the first Also the magnetic-currency accounts. According to the user's income, repayment requirements and so on in the past users have different lines of advance, usually allowed to advance at least 1000 euros. This, of course, to spend the money needed to pay interest, but if the required period of time to Qian Hai, the interest was not high. With credit card is very convenient indeed. Germany is currently the vast majority of shops and transport, catering, accommodation, entertainment, health care and services have been adopted by the company and the bank card network, consumer cards are quite common. Both the hotel, enjoy shopping or other services, as long as the card when clearing a brush, and then enter a password or a sign of an end to all problems will feel easy at the same time shows the stock cool. In Germany, there do not even need a credit card identification will be able to rent a car. Some car rental companies simply do not recognize only the identification cards of money. In some big cities such as Berlin's train station is also equipped with automatic machine rental. Just brush a credit card, enter a password, and then prompted to choose models based on the screen, such as hiring, machines will spit auto rental car keys and the necessary proof car and told the location of the car park, all the formalities have been completed. "Malicious overdraft" was subject to heavy penalties Credit card can be a great convenience to consumers, while in Germany it is not difficult to obtain credit cards, as long as 18 years of age, income, place of residence are fixed by the bank to apply for credit cards, of course, would like to open a bank Account. Open an account, consumers must provide their ID cards issued by the Civil Affairs Bureau and the proof of fixed residence, some banks also require proof of income. If a foreigner to open an account, but also to produce a long-term residence visa valid passport. If the documents are available, quite simply open an account, the bank clerk in the presence of the surface to fill forms, bank customers and then personal computers enter the data, all the proof copy to stay at the end, customers will be able to go home waiting for. Usually 1-2 weeks, various types of credit card and password will be sent to each home. In fact, if the user to maintain credibility, it is simple: non-cash card overdrafts, credit card pay back the money in a timely manner, then in the hands of the credit card will be very convenient and "friendly." However, if illegal, but it is not talking sensibilities. Several of my friends have since been inadvertently feel the credit card "dangerous" side of experience. In early 1999, my friend received a notice of a supermarket, said that years ago she used credit cards to spend nearly 50 marks, but the bank refused to pay the money on the grounds that her cash flow account not enough money left . The supermarket will be paid immediately asked her yet, more and pay a fine as a 50%. In fact, my friend years ago through the bank statements that his account of the limited amount of money, and also intend to deposit some money, but it was just Christmas and New Year, or those days she has enough to do Or bank holiday break, to save money to do so after years of delay. She also fined but the heart against flu, so one after another to find a bank to conduct business with the theory, explained that the number of holidays during that period, the bank closed the regular rest, she did not have the opportunity to save money. Moreover, she owed the money are not many supermarkets, less than half the time, the fines are so high, hard to understand. However, the bank told her that time although more rest days, but there is still business days. The business is more blunt answer: not much knowledge is still remaining in the account by credit card spending, which "malicious overdraft" suspicion, punishable by heavy fines for granted. 1 marks must also But compared with other colleagues in my credit card at the time of encounter, it seems more "tragic." This is the money of ordinary people Datailielie, often over money, but can not remember in what place, careless of such harm him. He left for home, business to the Ministry of the bank to withdraw their accounts. At that time, he did not know that his credit card in less than a 1 marks the arrears, which may be the sum of outstanding advances that interest. Shortly after the return, he received a bank transfer to open an account at the time of the notice, he reminded the specified time limit on further debt or face additional "warning of interest." He would like to have their own home, but also the amount owed is too small, this little money on that world-famous big banks, is nothing, so they pay no attention to it. Thought there banks to continue heavy with Cold Cuiyao arrears letters, "warning of interest" has become "punitive interest." Only six months after he was owed by less than 1 marks to facilitate the roll due to profit by almost 20 marks. In the near future, the bank also sent the "ultimatum" to tell him, if not a week will pay off debt and the interest of all, it is necessary to him to court. At this time he did not realize the serious international long-distance immediately asked me to help settle the matter. I rushed to the bank, when his total debt has reached nearly 23 marks. The matter of bank employees very seriously told me that this gentleman had repeatedly ignored warnings to the banks being considered for inclusion in the "credibility of the very poor" rating. If so, the future anywhere in the world, he will be very difficult for the bank's credit card customers, "the non-performing loans also do not act," even record may be the bank's cooperation in the banking system for the record.

India: Global retail "gold mine"

Indian retail market value of a total of 330,000,000,000 U.S. dollars, and in the past 5 years, the average annual growth rate of 10%. Due to India's rapidly growing middle class, Wal-Mart, Carrefour and other international retail giants have their eyes aimed at India. Do not go to college education software Bank cards quickly Safety Q-for-money Q phones to communicate without limits of age Magic Show do not miss the chance expression of feelings Guanzhongkuibao perspicacious QQ Xiu Xiu really a personality self - In response, India's Minister of Industry, Commerce and卡梅尔纳斯that organized large-scale retail enterprises have many benefits: first, consumers can buy at lower prices and better products, sales Means that the increase should be more large-scale production, more employment opportunities for a better future. Second, farmers can own product marketing with the bulk of the processing and packaging linked, so that their products sell better price, which is anxious to raise the income of the farmers of the large agricultural India, is very important. Retail market has great potential In India, large-scale development of the retail sector is also very likely to return attractive. As the world's fastest growing economies, India in the past 3 years, the average GDP annual growth rate of 7.5 percent. In view of the younger population in India and the savings rate characteristics, even the most conservative economists have forecast that the number of India in the next 10 years will keep about 6% economic growth, an optimist to believe that this figure may increase 8% or higher. More importantly, India's main source of economic growth comes from personal expenditures, which retail trade is no doubt a very favorable growth characteristics. Private consumption accounted for 64 percent of India's economy, more than 58% in Europe and Japan by 55%. In addition, business opportunities and also the potential value of most retailers. At present, India is still a poor country, an average of every 50 households only have a credit card, only 1 / 6 of the family refrigerator, but it indicates the potential development of a huge domestic retail market. Moreover, in accordance with annual household income of more than 4400 U.S. dollars standard, India is currently a total of 58,000,000 households belong to the middle class, and if the standard down to 2000 U.S. dollars, India's middle class families will be 300,000,000. For such a huge purchasing power of retailers, no doubt can not be ignored. Opening up retail is not easy In India, internal opposition to opening up the retail industry is very powerful voice, people worried that the entry of foreign supermarket chains to India Jikua millions of small shops. But India's Congress Party-led coalition government has put forward 15 years to complete lifting of the retail industry regulation, the full liberalization of the Indian economy. Whether or not to allow foreign direct investment into the Indian retail industry has become a test of the Congress Party can overcome resistance to reform of the touchstone. For example, from the land, the development of enterprises in India, one of the main problems is access to land. In many parts of India, the land-use rights often vague and land acquisition are also bound by the terms of a variety of restrictive. For example, in New Delhi, in February 2006 the Supreme Court asked the Government to take action against illegal construction and living with the abuse of land, which led to a large number of shops were forced to shut down or demolished, land-use risks to become India's most concentrated expression. It is incredible that India is currently the largest retail enterprises with annual sales amounting to RMB 3,000,000,000 yuan, the top 5 retailers combined market share of less than 2%. But a 2003 survey in India, the opening of a new shop on average from 11 government departments obtained 15 permits, which usually takes six months and 50 million rupees. At the same time, the informal retail sector would also be prepared to deal with complex rules, the high cost of the tax system; from the choice of employment, although the retail industry in India to create a large number of job opportunities, but in the eyes of the Indians in this industry And decent enough. It is because of this, both those opposed to large-scale development of the domestic retail industry is also opposed to foreign access to the retail industry that the emergence of large-scale retail sector will take away the livelihood of small shopkeepers, but also will allow only those who have received basic education to people No livelihoods depend. Foreign investment in retail or blowout India's large retail chains and retail is almost a white. Have more than 1000 million people in the capital, only a handful of the several department stores and other so-called market as farmers markets, shopping is a great inconvenience to India, the feelings of foreigners in general. However, in India, in addition to the retail industry is the largest off-farm sources of employment, total absorption of India 6-7 percent of the employed population, to create the industry's equivalent to the value of India's 10% of the national GDP. It is the biggest foreign investors look forward to opening up India's retail industry. In a recent economic summit of India, Indian Finance Minister said the Government of India has begun discussions on this issue, in four months, the measures will be introduced. At present, India's opening up retail to foreign investment, there are three restrictions: no more than 49% of foreign investment; foreign investment in any supermarket in the city can not open more than one number; in either format of foreign investment in India to open stores must sell food. Fortunately, the Government of India has recently announced a series of huge infrastructure projects. For example, in the next 6 years will cost Rs 1,000,000,000,000 (1 U.S. dollars or about 45 rupees) to 60 cities in the country's infrastructure. India's electricity supply, road and port development lags behind, needs investment, which is considered to be the development of the informal retail sector the biggest obstacle. Once the above is really the elimination of obstacles, India retail industry may be the development of high-speed blow-out

Brazil and India to become a popular credit card market

Brazil to the high consumption of clothing products with a strong trend in imports of textiles, for example, as well as its domestic consumer-to-date fashion favored by the global management consultancy AT Kearney (AT Kearney) that the company, the world's clothing retailer in Brazil has a huge potential for success. Kearney retail clothing Index (AT Kearney Retail Apparel Index) to focus on driving the 10 indicators, including consumption of clothing and import / export, and then assess appropriate clothing retail investment prior to the 30 big emerging markets. Kearney consulting firm partner Hana Ben-Shabat that Brazil as a result of a large population and high demand, its success has become the most attractive emerging market for clothing. Brazil clothing market each year to more than 7% growth, forecast up to 37,200,000,000 U.S. dollars. Brazil since the age of 29 years of age population of the total population of more than 60%, to be called a young country, its average annual consumer spending on clothing purchases amounting to 402 U.S. dollars more than the average Chinese consumer's 6 times. Brazil and the use of consumer credit card to buy clothing rate than other emerging markets than many consumers. In addition, the small, local retailers in Brazil's highly fragmented domestic retail apparel market, accounting for about 6 percent. Kearney clothing retail index ranked No. 2 and 3 of the emerging retail clothing market in China and India, if sustained economic boom risen, China and India will have two places in the clothing product per capita consumption of a significant amount of growth potential. 84,000,000,000 U.S. dollars of trade volume to give China the world's No. 3 largest clothing market, and large-scale retail clothing accounted for only 17%. China, the average monthly cost of clothing for 45-90 dollars, compared with the other countries most obviously on the low side. However, regular buyers - high-end clothing of the rich middle class has emerged in the metropolitan area, in particular the consumers of occasions, such as the Chinese New Year, weddings and important meeting, an annual procurement of up to 3 - high-end clothing . Kearney consulting firm pointed out that China's consumer focus more on the upstart fashion, it is more about fashion brand, it is to remind the international clothing retailers should meet the needs of Chinese consumers popular taste. In India, clothing and food is secondary to the 2nd largest grocery retail products, accounting for 37,000,000,000 U.S. dollars in India's retail market into one; India because of disposable income than the growth rate for China or the United States, forecast its apparel retail market Can grow 12-15%. India's middle class is gradually increasing, mainly garments for the development of shopping mall focusing on the building, as well as the continued popularity of the use of credit cards in India driven by the growth of retail clothing. Kearney clothing retail index ranked 4-10 in emerging markets were Turkey, Chile, Romania, Argentina, Thailand, Russia and the United Arab Emirates. Note: The index of retail clothing line with the consulting firm AT Kearney since 2001, a year of the 30 emerging markets for the most attractive retail investment research, the release of the global retail development index (Global Retail Development Index), published for the first time this year in response to attractive investment in the retail clothing market research.

Asia's credit card revolution

28-year-old teacher in Hong Kong money-ho (Chan Ho, who) have two Visa (Visa) credit card, is an Banking Corporation (HSBC), is one of the Bank of China. Mr. Qian, but do not want to use them. A year ago he was the first to apply for credit cards, and then his home from Beijing to Hong Kong for five years. Indonesia's 25-year-old secretary Rica? Sapp Na Tian (Rika Septiana) has four credit cards, but she only occasionally use, "most of them in case of emergency." "I like to use cash because it can immediately I know how much was spent," Mr. Qian said, "If the credit card might be too much money. Here, even young teens are sometimes Five or six cards, they usually just shopping card, but in the end, they had to pay money. " Mr. Qian's cautious attitude with what he had seen at the Hong Kong young people's spending habits in sharp contrast. However, as Mr. Qian Sapp and Miss Tian Na carefully so the cardholder, in millions of credit card users in Asia are very representative. These users have just a taste of the joy brought about by the credit and risk, the credit goes from the plastic in their wallet card, and in the past, they did not expect that dream would be so much credit. Over the past decade, international banks and credit card companies in Asia to start a financial revolution. Credit card culture from Hong Kong, and other pioneers spread out in the growing prosperity of the Asian continent to take root, and gradually affected the region's consumption habits, banking, retail and Internet business, and so on. The new wealth in the region first of all obviously be reflected in television sets, motorcycles and air-conditioning consumption, followed by the performance of the car and the hot new home purchase, is now in the credit card on the significant demand reflected. Visa Mini card is the credit card industry's latest innovation, the target users in Asia, "Bobos" (or middle-class Bohemia). Visa Mini cards can be hung on the neck, is the fashion accessories, is portable payment. But the revolution come slowly, the risk and potential returns with a large Asian market itself. On the credit card company, the first in the region means that a huge growth opportunity. Industry newsletter, "Nielsen report" (Nilson Report) shows that in 2002 the Asia-Pacific region have 448,000,000 credit cards from Visa, MasterCard, JCB, American Express (American Express) card and to (Diners Club) People use credit cards for 63 million deal, the transaction amounted to 874,000,000,000 U.S. dollars, an increase of nearly 2001 over 15%. 2002 is the most recent annual data published years. American Express Asia-Pacific region president Jim? Bush (Jim Bush) said: "In the Asia-Pacific region, discretionary spending only 7% through the credit card ... ... developed in the market, the proportion is as high as 40% . Currently is undergoing a cultural shift, that is, people traditionally regarded as the credit card tool, now in its pay as a tool to use, greatly enhanced convenience. " For credit card companies and banks, their challenge is not only about the use of consumer credit growing enthusiasm, but also try to avoid excessive action. Business growth is not easy and will not foolproof, South Korea events on the alert. Last year, South Korean credit card boom appears out of control situation, therefore, financial institutions suffered huge losses. At that time, no way out of credit card users a "window-shattering", to use this card to borrow money also that the card debt. South Korean credit card market in Asia, the share of the market so much, so the Korean market's sharp contraction of the whole of Asia would weaken the credit card market growth. In other parts of Asia, the amount of credit card transactions is still vulnerable to the impact of unexpected events, such as last year's outbreak of "atypical pneumonia" to contain the travel and tourism industries. Visa said that in the third quarter of 2003, while in Asia, the company issued debit card number than the 50% increase over the same period last year, but the number of credit cards issued increased by only 6% in the same period last year. Debit card directly from the user's bank account the amount, not to provide users with credit. However, the credit card company or look at the future full of confidence. To these companies, mainland China, India and a total of 2.3 billion people, the future means that there are great opportunities for development. Strangely enough, Asia's largest economy, Japan is also the same situation, because the plastic card in the face of such temptation, the Japanese are still very stubborn, unmoved. Visa International (Visa International) Asia-Pacific president and chief executive officer Keeley (Rupert Keeley), said: "70% of the region's consumption from Japan, China and India, but in these three countries, all of the credit card market Is still in the early stages. " "We see China and India, the credit card market is explosive growth, but the base is very small," he added. In the third quarter of last year, India Visa's retail spending in 2002 than in the corresponding period of 48%, while China increased 144 percent. In India, ICICI Bank chief executive officer of Mumbai's K? V? Cammaert (KVKamath) decided to not miss this opportunity. "Cultural changes are made by the lenders. In the past India has never Consumers borrowing," he says. Mr. Major pointed out that in the past three years, subject to a relatively low rate of support, retail consumer finance industry, the annual growth of 40-50 percent. He is expected in the fiscal year ended in March, the new consumer credit facilities will be 20,000,000,000 U.S. dollars, accounting for the gross domestic product of 4% a few years ago however, consumer credit to GDP ratio of less than 1% . "We have had a per capita income of 500-600 U.S. dollars' turning point '," he said, is for this reason that India needs more and more middle-class household appliances, motorcycles, houses, of course, the credit card. ICICI is trying hard to develop the retail banking business, the current monthly 10-120000 credit card. The bank issued nearly 2,000,000 credit card (or India has been issuing nearly one-third of the total) and 4,000,000 card is automatically put (ATM cards). It is estimated that in 2006, the total number of Indian nationals held by the credit card will more than double, reaching more than 14,000,000. International Bank of India is also keen to expand credit card business, but the low profit margins may be very cautious, because India's personal income is not high, at the same time the new card's high proportion of debt owed. Many credit card accounts at the "inactive" status, but also worried that card holders, credit card spending will be as legitimate economic activity has been included in the tax base and therefore often reluctant to use credit cards. These obstacles to a mixture of cultural and institutional factors, in Asia in the development of the credit card market is quite typical. Bankers and credit card business managers, said from South Korea, the United Kingdom and the maturity of financial markets, over-expansion of credit to draw lessons. A sharp rise in interest rates could lead to a good market, the market suddenly turned bad. At the very least, some countries may raise interest rates this year. "The business risks, and South Korea is an extreme example," a senior Hong Kong's commercial banks say, "You will be able to earn substantial revenue and profit, but if you have decision-making mistakes, may soon lose money." If there is no credit bureau, it is difficult to assess credit risk. Credit Bureau is to make a joint bank together to share customer credit information of the organization. However, some Asian markets such lack of bodies. At the same time, bank customers are not always the real income sufficient to understand and therefore can not use a standard scoring system, to make rapid credit decisions. "The credit card is issued by the volume of products, each applicant can not make judgments," HSBC India chief executive officer Neil business? Booker (Niall Booker) said. Some governments are taking measures to change the rules to encourage the issue of credit cards. Last December, the China Banking Regulatory Commission Chairman Liu Mingkang said that China plans to issue the approval of the first group of foreign brands of RMB credit card. China's market has 544,000,000 debit card and credit card 25,000,000. December was announced, Pudong Development Bank and Citigroup (Citigroup) will be allowed to issue a joint credit card, and use the Citibank credit card in Singapore's central computer. Last month, China's central bank also approved the RMB credit card use in Hong Kong, the RMB card, and the flow of hard currency is the Hong Kong region. In China, Visa's target market is a monthly income equivalent to 300 U.S. dollars or more groups, the group currently number about 60,000,000, 2010 may be increased to 200,000,000. However, China's credit card business is currently still state-controlled, a number of international companies are strongly demanded to enter the market. Thailand has so far only about 200 million people have credit cards, but Thai Prime Minister Thaksin Shinawatra (Thaksin Shinawatra) is to encourage economic growth led by consumption, and the mobilization of national credit card. "A lot of people in the past may be looking for loan sharks, now has shifted to the formal banking sector in the area," the Bank of Thailand has Yongrong? Thailand's Dragon (Yungyong Thaicharoen) said, " 'new debt' in large part only Is the old debts of light exposure. No doubt it will be even better. Sharks usually charge high interest. " It appears that shoppers prefer to Thailand due to GE Capital (GE Capital) of the money, resulting in a bad debt, not by the local triad of loan-sharking and has not expired. However, Yong-wing view, there is no indication that Thailand will be similar to the Korean consumer credit situation out of control. "We have been very reassuring," he said, "Thailand's financial institutions appears to be from South Korea to learn the collapse of the credit card market, trying to control credit risk has been highly systematic. Borrowers often use interest-free period credit card to buy Durable goods such as motorcycles, or for the sole purpose of maintaining the balance of payments. As the world's most populous Muslim country, Indonesia is also not developed by the credit card market, but consumer credit is growing rapidly. Recorded from the point of view, the country's local bank , Consumer credit is more secure than the commercial lending business. Indonesia has a population of 220,000,000. Citigroup in the country issued 1,400,000 credit cards, credit cards in the local market, accounting for nearly half. As the Indonesian market is very limited, so Citigroup's credit card issued by the credit limit can be as low as 350 U.S. dollars only. However, the South Korean credit card crisis shows that even in a well-known conservative Confucian tradition, the market bubble can be formed quickly. Early this year, the Taiwan government announced plans for the credit card business, banks are required to separate the accounts in order to avoid credit card crisis, so that regulatory authorities by surprise. Taiwan's credit card number from 1997's 7,700,000 to its current more than 37,000,000. "We know the area of credit card problems, but we first have to establish transparency, and then be able to tell how big the problem," the Ministry of Finance, a financial Bureau (Bureau of Monetary Affairs) officials at the time said, "In Taiwan, almost all card issuers were Bank, the credit card business losses can be easily banks and other lending by the profit to cover up. " In fact, for most other parts of Asia, the smaller the credit card market for South Korea to resist the disaster-card offers the best protection. In India, there are only very few sales point to accept credit cards. "I have credit card business is not very worried," ICICI's Cammaert said, "Despite our large credit card issuers, but our credit card debt less than the total amount of 150,000,000 U.S. dollars, the bank less than 1% of total assets. I Estimated to be 5 years after the credit card business will be some people worried. I am concerned over the situation in South Korea, but would like to appear as early as the situation also go again. " Over the past four years, South Korea's credit card business emerged in the explosive growth of out of control. However, the credit card crisis in the industry to Korea as a special case, although the matter will slow down credit card in the Asian region to promote speed, but it will not interrupt this trend, not a debit card business. "In most markets, credit card loans account for only a small fraction of household debt," Visa said that the Guoqi. "In the future for a long period of time, the use of credit cards in Asia and the number of users will continue to grow," HSBC (HSBC) Asia-Pacific region in charge of personal banking services Nick? Sibley (Nick Sibley) said, "I mean 20 years or so of the time. " pp collection agent Paypal Paypal payment of receivables Paypal

Citibank and India were pushing a Web site on-line credit card

Citibank (City Bank) and Internet portals India Indiainfoline.com will be launched in India, the first online credit card. It has the same Peony Card. Citibank said it called the "eCard" (e-card) service, the price of 250 rupees (equivalent to 5.39 U.S. dollars). It can only be used for the Internet, and do not use any form of plastic materials. Consumers will receive a unique credit card numbers, transaction, this number will not be shown and that third parties do not know. This will provide a safe and comfortable environment for online shopping. It all can be used to accept any sites Peony Card. The outcome of the transaction will be secure channel directly in Hong Peony Card network of electronic query. Cardholders through on-line shopping has accumulated a certain number of shopping. Indiainfoline.com and in the shopping malls in exchange for. Indiainfoline.com is a commercial and defense information Web site, which provide the main stock market, a company or industry, mutual funds and personal financial management. It is a financial services company by ICICI, Intel invest in the.

Careful calculation and strict budgeting plan to go abroad working-class feel fine on the hard road

Master of study abroad, parents, but only 400,000 yuan of savings, she can not take place? Hit zero down payment to buy Dongshan Bank cards quickly Safety Q-for-money Q phones to communicate without limits of age Magic Show do not miss the chance expression of feelings Guanzhongkuibao perspicacious QQ Xiu Xiu really a personality self - Experts said that the national good, professional, or can it! In September, little Tommy is a senior secondary. Like all of us, she is faced with a choice of jobs or continuing their education? Now the domestic undergraduate students less and less optimistic about the employment situation, and the school's own professional education is more popular. Tom small would like to study abroad in 2012, to obtain a master's degree in accounting and then return to employment. Paishang students to the real calendar, little Tommy found a lot of issues to be considered. In addition to the choice of countries, institutions and professional, the most important thing is to study the issue of funding: parents are ordinary workers, there are only funds available for home Sansishiwan. Using this Sansishiwan yuan, if the reading of 1-year master's degree courses, but afraid to adapt to; but the 2-year tuition and living expenses are afraid they can not afford. Reporter Notes Break with both hands with fingers Operators, there have been three primary school students, seven secondary school students and two university students studying abroad this. Often chat with friends, heard Shuishui also read out. All along, that study is a luxury projects. In fact, from a study to determine the direction of the preparations for the funds overseas to fight, every step needs careful calculation and strict budgeting. The money, not necessarily to study, on the contrary, too much money can not necessarily go smoothly. Of course, no matter how new sources, to study the suitability of the investment in the end, depends on whether the school have achieved, whether the input into output. Tang small information --- Learning Senior students in reading, the former 6 term average of 82 sub-branches; has IELTS test, the score of 6 points. Economic --- Parents are still working. Father was a doctor, a monthly income of 6 thousand dollars in annual salary of about 80,000 yuan; mother is a teacher with a monthly income of 4 thousand dollars in annual salary 5-60000 yuan, little Tommy, I have no income. Parents have a name for more than six months time, for a total of 300,000 yuan; demand deposits have 260,000 yuan. Sanshiyiting own, car-free. Father 130,000 investment in the stock market. Said the study consultants Why small soup for Australia to study As opposed to reading at home, the cost of studying abroad is not a small number. Tom's family since childhood circumstances, although household income is not large enough, but more stable income. In addition, the house has, time deposits and certain investments. Parents can be made available to small soup of the cost of studying abroad, while small, but if the right to choose, careful calculation and strict budgeting, little Tommy can still reach a successful study of dreams. --- Choose how to save money to study national and professional Students, in addition to consideration of their favorite professional schools and, starting from its own financial capacity delineation of the target is an important step. Have sufficient financial strength to support the option, of course, the United States, Canada, Europe, Australia, Japan and other countries to study. These countries have a developed economy and advanced education. But for those "very difficult", choose those with advanced education in the world, and a stable social environment and better living conditions in developing countries or regions of the study (such as South Asia, Oceania countries). To the study of these countries, there are three major advantages: First, the professional school curriculum with international practice, or widespread international recognition of diplomas; Second, in addition to a study of professional programs, but also a skilled master a foreign language; Third Low cost. The study of these countries to study the cost of living, the only developed countries to study the equivalent of three to one-fifth of the cost. 0000 prompted reporters Britain to the professional accounting master's view, tuition fees, living expenses and miscellaneous expenses add up to at least a year to 17000-22000 pounds (1 pounds = 15 yuan) between. Master degree in accounting coupled with the general reader to ACCA (UK Chartered Certified Accountants) certification, in other words, it is necessary to study accounting, you have to prepare for 2 years to 2 years and a half years, in small family soup is a very heavy burden . On the other hand, the United States, with regard to tuition fees, and professional schools as a result of different economic class of the American University tuition fees vary considerably: the general public about the annual tuition at the University of 13000-20000 US dollars (1 U.S. dollar = 8 yuan); private university tuition fees per year for 22,000 To 29,000 U.S. dollars. The cost of living by location, the consumer price index, could 450-1200 U.S. dollars per month, which is also the general expenses of the students instead of spending much like San Francisco, New York, Philadelphia, Los Angeles, Boston, Chicago, Washington, the capital and other places , The lowest monthly expenditure in a thousand dollars. Tom suitable for small to Australia to study accounting After careful consideration, the small soup to implement its final destination --- Australia to study. First, because the Australian students to increase the number of bank loans; Second, the modest level of consumption in Australia, with a total expenditure of less than Britain and the United States into a 3-5. The ultimate goal of a small soup locked in Sydney's University of Science and Technology of the accounting profession, a year in tuition 22000-23000 between Australian dollars (1 dollar = 6 yuan), equivalent to RMB 12 million yuan; in the class of choice, she 2 years as an elected school years --- just an immigrant can apply for the minimum number of years. Taking into account the financial problems of small soup relief would like to learn the language courses, she thought that their level of English can continue to improve, so pay close attention to two months to review the notes, and finally won the IELTS 6.5 points --- directly into the master's time The basic points. Soon, she got a smooth admission notice. Accounting and IT is Australia's "front-line project", to be sure that qualified for the future in Australia, Europe or Hong Kong and other cities in developed countries and are suitable for employment. More importantly, accounting for the bachelor's degree students are not very strict reading of both liberal arts, science or engineering is basically suitable for all applications; accounting Australia in recent years is a short career, two years later, little Tommy to apply for right of abode , And then moved to Australia. 0000 prompted reporters "Language courses": In accordance with the provisions of Australia, to pursue a master's degree students need IELTS 6.5 or more, does not meet the scores of students in accordance with the "need for every 0.5 minutes a 10-week language study courses", that is to say If the soup is only 6 points khao, she must be on a 10-week language training courses. Language classes a week at a cost of around 350 Australian dollars, the cost of living is about 250 Australian dollars a week, then at least a week will be the cost of 600 million, 10 weeks is the 6000 Australian dollars, equivalent to RMB is about 36,000 yuan a. Preparations for the capital - two needs 430,000 yuan Consultants to study just a little Tommy account: 2-year tuition cost of living + + = miscellaneous 22,000 × 2 +1.2 million × 2 + insurance 329 × 2 + round-trip air fares to Australia about 2000, about 71,000 Australian dollars, equivalent to about RMB 426,000 yuan. In other words, the information submitted to the visa officer, must have a minimum of 430,000 yuan. In accordance with the requirements of the Australian consulate, students can only prove that the funds in time deposits, little Tommy's family 300,000 yuan fixed deposits is clearly not enough to get a visa. Based on the facts, study consultant to the small soup provides two options: 1. Passbook savings used as collateral for bank loans Consulate does not recognize the physical security (pledge), ruled out the soup with a small mortgage possible. Little Tommy, 26 million parents demand deposits, which can get 200,000 yuan of bank loans, according to 90% of the loan rate, little Tommy will be 180,000 yuan of bank guarantee funds, together with the 300,000 yuan of deposits , 480,000 yuan of funds proved sufficient to ensure that small soup 2 years of studies and life. 2. With the assets of immediate family members to prove Little Tommy to get more money, but also through the gift of immediate family members, access to the transfer. If she has to work or live in Australia's immediate family, can also be secured qualification. 0000 prompted reporters Australia is not only require students to prove that the funds in time deposits, the United States, Britain is also the case. To bank loans, it should be in accordance with the commitments at the time of repayment period for repayment, there is generally no more than your school life. A small soup as an example, such as a bank loan of 100,000 yuan, equivalent to the cost of living within a year, so it can be repaid within a year; if little Tommy is a borrowing 250,000 yuan, a figure more than a year To spend, then she would need to pay off 2-year period. It is worth noting that if you get a visa immediately to pay the debt, is likely to have been repatriated to the consulate, the consulate because you think it is not honest! In a foreign country's financial plan Do as the Romans do in light of local conditions, after the entry of the cost of living: To obtain a visa and admission notice, the small soup can be sent to Australia to the smooth. Before all the attention really remember, and so on the advice "from" the brother Dan, in addition to learning the attention of life, but also pay attention to spend on what. Dan said: obtaining visas, freezing of bank deposits will be lifted. At this time you will be better distribution of the money Hua Xiao. Shall be designated to the school, the best is to become part of the deposit money orders he had with Australia, the local bank is soon to open a local bank account to manage their own money. For example, just school, you may be boarding in the Home-stay, local families to take care of your personal life, so spending more a week to 220 Australian dollars; lived in a month or two later, more familiar with local conditions, You can select some room apartment, home or with friends and co-tenant, about 80 Australian dollars a week per person, including water and electricity costs, but also their own cooking. Said Dan: Australia's most decentralized campus in the city, you can hire his own needs as housing, in general, in their forties and fifties-minute train ride to school is normal. Therefore, the cost of living in about a week in 200 Australian dollars, of which 100 million live, eat 60 Australian dollars, transport 40 Australian dollars. Financial care: + local credit card accounts People have said over and abroad, with so much cash is of no use. In the UK, if you go back 10 pounds, Zhang notes, people will think you are strange! Not only in the United Kingdom, the United States, Canada, Australia and other countries abroad, which are denominated in Canadian money is not easy. The best solution is to do "a + a local credit card accounts." Parents apply for a credit card at home, the children do go to a card. On the one hand, because the children outside in the consumer, can repay the parents at home and at the same time can also monitor consumption. This could be a dual currency credit card may also be a foreign currency card, credit card spending abroad is not the fees. On the other hand, and many foreign countries, Australia and the local banks generally does not approve of students to apply for credit cards, as students without proof of assets and sources of income. Commonwealth Bank is the only one of the four major banks to apply for bank credit cards, but the feasibility is not high, it is proposed that students apply for credit cards at home. Immigration provided for students to apply to the territory after a bank account through this account, the costs deducted to pay the procedure becomes simple and easy, as well as conducive to the parents of electronic remittance. To Australia, for example, Commonwealthbank (Federal Bank), NationalAustraliabank (National Bank), the Australia-New Zealand Bank (ANZBank) and Westpac Banking (WestpacBank) can choose. Commonwealth Bank one of the largest network, the maximum credit is Australia's biggest bank. Unlike China, Australia's banks charge a monthly generally, "management fees" and about 5 yuan a month, if the student is, it has to show the bank your student card, which can be free of charge

Australia to launch credit card and debit card personal identification numbers to verify functionality

In most credit and debit card personal identification number (PIN) to verify the function of a few days ago at the launch of Australia as a whole. Cardholders can choose to enter the PIN for authorization, that is, credit card or a card in the press after the POS machines on the "Cr" or "credit card" button. The local financial services industry, the introduction of the PEN (pen) or PIN (personal identification number) choice of services so that consumers use credit or debit card to enjoy shopping more convenient. Pen or PIN project head of Simon Greig said, "Australia has 44,000,000 credit cards and debit cards, credit card purchases each month the number of people reached 100,000,000 1 thousand 8 million. From now on, we have a To facilitate the mandate of choice, that is, in the POS credit card by pressing the button to enter the PIN to authorize transactions. " He said that as long as they have activated the card PIN, be it credit card or debit card in Australia as a whole can choose to authorize the PIN. This change is not mandatory. PIN to activate the card cardholders still have the option to sign for transactions authorized. Australia all financial institutions and organizations card (Visa, MasterCard, American Express and Diners) supported the plan.

Australia credit card use

1. Kind VISA, MASTER, AMEX. Remember the three is enough. What other BANKCARD, DINERS CLUB, and so are not used. According to limit the cost of each type of card services and hours: General cards, gold cards, platinum cards, and so on. 2. Issued VISA and MASTER can be obtained from a number of banking institutions. AMEX is not linked with the bank, a few years ago not to be known as the credit card. You can apply for credit cards from any bank, but in order to facilitate, or from your own bank. And all such payments more convenient. 3. Need Everyone has the credit card. In the booking arrangements, car rental, online shopping, etc., often have to have a credit card will not work. Of course, the usual 55 days of interest-free is also an advantage. 4. Choose For most of the spending habits of Chinese farmers, according to the terms of the option key to see the extent of: (1) annual fee (2) Insurance (3) limit (4) Service (5) interest (6) General. Chinese farmers living within our means, usually to reimburse the full amount of their pay. Basically, do not pay interest on the annual fee is particularly important. My principle is not received from the card's annual fee. I am a private AMEX Gold, VISA Gold, Virgin Blue Master, not the full annual fee. Insurance refers to the unauthorized use of credit insurance. With its heart was stable. It seems that regard, AMEX Gold best. There are limits in 2000, 6000, 12000,. . Several stalls. Unless you have a specific plan, or your income is very high, generally stand up to banks to the temptation to retain the lower limit. You can never limit the access to high, the only possibility in the unauthorized use of a greater loss of time, why? If you are eligible to limit access to large, long-distance travel can sit before the request to raise the limit. In fact, online banking so easy, probably will never need to do so. The service system is attached to other benefits, such as points, travel insurance, and so on. AMEX Gold with the highest points, VISA Gold to buy air tickets, family travel insurance are included. Virgin Card used to buy most tickets are automatic park 10% to 20% discount. Credit card interest rate from 12% to 23%. In addition to occasionally forget also, in general do not pay interest so he did not care. In theory, VISA than MASTER general, but you will not find nearly the difference. For so many years, in addition to the one found in a hotel in Suva, Fiji, only MASTER no VISA, never took note. 5. Fees The more original the business to charge its customers to pay credit card fees, generally about 1%. Taking into account the total points scored in the value of the general 1% to 0.5%, and then to the local charges of credit card do not have to be considered. 6. Get cash Cash Advance to pay fees, from the beginning of calculating interest on the same day, so not as a last resort should not use a credit card now. There is a proactive Cash Advance, is to leave the card on top. Due to mention that you are your own money, you do not need to pay the interest. 7. Bank Card Key Card. This card comes to the outside. The reason is that many people do not know, really khaki foreign banks can be used. You look at the back of the card, if PLUS, or markers, such as CIRRUS, outside the mark of the same machine can withdraw the money. The limit on the same day and in Australia as equivalent. Slightly higher fee, but you can put up with

Australia asset securitization market inspiration

Australia, as a common law country, not for asset securitization transactions in the basic law. Related to asset securitization transaction, in particular the transfer of assets, such as legal issues, mainly based on English common law procedures. In the establishment of the SPV, Australia, and there are no special laws and regulations, but by a different form of SPV, respectively, follow the "Company Law" and "Trust" and other laws. In the transfer of debt, as long as there is no provision to prohibit the transfer of the claims, which agreed to transfer without the consent of the debtor, but in order to claim the legal effect of a more transfer of complete, the need to inform the debtor. For mortgage securities, to the need for the Government's land registration agencies of the creditor to register. The sale of major assets based on the real Department of English common law on the sale of financial assets, the sale of real assets can be achieved with the sponsors of the bankruptcy isolation. Claims have not yet formed a true sale of assets can be. With regard to taxation, taxation of the SPV, the SPV according to the organization, the application of the respective company or trust of the tax provisions. Trust for the type of SPV (that is, SPT), if all of the revenue from the trust vested in the immediate beneficiaries of all, trust no right to deal with its own revenue, then the SPT can be identified as a "pass" (pass through) the Institutions, do not pay taxes as the main, be exempt from paying income tax. If the trustee is free to decide whether the accumulation of trust income or cash flow to reinvest, then the trust will be in accordance with the general provisions of the income tax to pay income tax. In the establishment of the Trust, the creditor will have a link, such as stamp duty, but many of Australia's state government are carried out from this. In addition, Australia has the goods and services tax (GST), in securitization transactions in the transfer of assets to the SPV without charge GST, for asset management services, trust management, transaction management services for a range of related services provided by the securitization By the needs of service providers to pay GST, but the cost of such revenue through the arrangement agreement passed on to the SPV. In accounting, although Australia's accounting standards are not directly related to the accounting treatment of securitization, but Australia generally accepted international accounting standards. The accounting treatment of securitization, the majority of accountants to adopt International Accounting Standards No. 39 (IAS39). International Accounting Standards Board explained Notices No. 12 (SIC12) pointed out that if the promoter for the SPV has substantial control, SPV will be merged into the sponsor's statements. Australian Accounting Research Foundation (AARF) under the emergency group (UIG) in July 1999 issued a notice UIG28 relative SIC12, to reduce the need for securitization of the combined statements of the SPV range of conditions. Australian Accounting Standards Board (AASB) is developing a statement on the merger guidelines. Fourth, the practice of operation Australia's commercial banks and housing loans is to launch securities transactions in the main, the current RMBS remains Australia's leading securities market varieties. Queensland, to the Suncom Metway Bank, for example, we have Australia's commercial banks, asset securitization operations carried out to introduce. Suncom Metway Bank is Australia's sixth largest bank, 380 million of assets, 227 branches. The bank's credit assets constitute 40% of business loans, 60% for housing loans, personal housing mortgage loans about 200 million Australian dollars or so; constitute a source of funds in the retail channel (deposits) and wholesale channels (Securities Issue, and so on) each accounted for 50%. SuncorpMetway in the securitization of credit assets are very active. Since 1999, Suncorp Metway began issuing Apollo series of RMBS products, a total of 10, 2005 issue of the two, a total of 3.36 billion Australian dollars. The bank issued securities products have been widely welcomed by investors at home and abroad. The bank has a dedicated team of securities, each year the Board of Directors in accordance with the plan formulated by the organization of the securities business line of credit, credit, finance, accounting and other departments together. The trip securitization, according to the team to the person in charge, the bank engaged in credit asset securitization business, the main purpose is two-fold. The first is to broaden the financing channels, asset-backed securities the banks have a more diverse group of investors, such as through offshore transactions in securities, attracted 66 international investment institutions; Second, the release of regulatory capital, in Australia on APRA Capital adequacy ratio (CAR) is the regulatory requirements of 9%, SuncorpMetway of the CAR's internal control requirements of 10%, CAR's current value is 10.8 percent, a decrease of Form securitization of risk assets, you can achieve the purpose of the release of capital . According to reports, Suncorp Metway's securitization transaction costs for 35bp, and 28bp release of capital can save the cost of capital, so the actual cost of the Securities 7bp. Australians have the money to buy a house of culture, the mortgage default rate is very low, typically between 0.4% -0.5%. Selected as the bank's asset securitization pool table with the quality of assets is consistent quality. On the securitization transaction costs, with Suncorp Metway Bank in 2005 issued a series of Apollo's RMBS transaction, for example, the cost structure is as follows: the investors to spread 21bp, the cost of the Trust 4bp, the cost of rating 2bp, service charges 3bp And custodial fees funds 3bp, legal fees 1bp, cost accounting 0.5bp, mortgage insurance 5bp, the transaction fee arrangements 9bp (3bp /). Suncorp Metway in securities transactions, the main problem is investor relations, the key is to do a good job in investor education, providing high-quality information, and investors and maintain good communication. In the securitization of credit enhancement products, mainly in three areas. First, on the basis of the credit assets of insurance, such as the purchase of mortgage insurance, when the breach occurred, paid for by the insurer; Second, is secured asset-backed securities, market professionals such as financial products, MBIA Guarantee Agency To carry out such operations, but only the general security level of priority securities; the third is to be retained by the promoter of the rights and interests of grade securities, other investors with the level of credit enhancement.

Australian central bank: Mortgage-Backed Securities in circulation since the credit crisis has decreased 20%

Bank of Australia Assistant Governor Debelle said that since 2007 occurred in the medium-term credit crisis since the Australian residential mortgage securities in circulation decreased by 20%. Comprehensive news on July 28 reported that Bank of Australia (Reserve Bank of Australia) assistant governor Guy Debelle 28, said, the residential mortgage securities (residential mortgage-backed securities, RMBS) in circulation from 1 year to come to the credit crisis has occurred Dropped 20%. Debelle in a bond market gave a speech at the meeting pointed out that "despite the risk of re-pricing of the bond market in Australia so that all areas are affected, but the asset securitization market suffered the greatest impact." Debelle said, "Since mid-2007 took place since the credit crisis, Australia RMBS circulation is very low." Debelle said that since July 2007, the average Australian RMBS quarterly sales of 2.0 billion Australian dollars, a year earlier RMBS average quarterly sales of 180 billion Australian dollars. Debelle speech did not mention the Australian central bank monetary policy. According to the bank in the Western Pacific (Westpac Banking Corp) data, as of June 30 6 months, Australia mortgage bond sales in the second half of 2007 from 48.7 billion Australian dollars to 19 billion Australian dollars, a record low. Australia RMBS issued in the first half of 2008 than the same period in 2007 dropped by nearly 96%.

Norway's scholarships and loans

Lu Si no university scholarships or other forms of financing, only a few research awards, teaching awards places. As the applicants more generally more difficult to obtain. For foreign students, such as scholarships, the school asked them to school before the issuance of national or international organizations to apply for the scholarships. Norway currently has an official government scholarships and education loans. The former is the Government of Norway to the cultural exchange agreement signed with the country's students and young researchers to provide scholarships for the Government of each other, and so on. Norway and the education loan fund is to finance the establishment of their students, but may also apply for foreign students. They must be full-time students, and one of the following conditions: from developing countries, and has been living in Norway; in Norway University has a 3-year-formal learning (including preparatory courses) and has made a good test Results; pre-school in Norway has been working for at least 1 year; with Norway person to marry or have Norway as refugees. There are cases where the foreign students, not loans: from Norway or foreign financial assistance; in other developed countries have already finished a university education; learning to apply for a doctoral degree; in the national study after graduation has been working for more than 4 years . The general loan for a period of five years, made before the semester begins each semester.

New Zealand student loans

New Zealand Immigration Service and the Bank of China to launch a new student loan program, which is the New Zealand Government, following cooperation with the CITIC Industrial Bank study loans after the launch of the second project. Compared with the first item, the Bank of China's loans to students at a minimum of 200,000 yuan, and that can be acceptable to the sale of assets and third-party guarantees, intending to study in New Zealand to help more students

Deutsche Bank loan benefits students

Bank loans to university students to postpone rehabilitation after Deutsche Bank said the original plan to be in accordance with this In the beginning of October to start college students loans. Deutsche Bank spokesman said Deutsche Bank's loans for all university students Principal residential address in Germany, in principle, but also in Germany's University of Chinese students, Chinese students Application, Deutsche Bank will handle the case. According to the plan, starting from October, Deutsche Bank will be in the vicinity of the University of all branches of student loans to start consulting business. China interested students can go to the loan consultation. Deutsche Bank's loans to college students and the period loan transfer period can be flexible in accordance with the situation agreed that the loan period for the 18-6 0, the maximum loan of 800 euros per month, per annum to 5.9% -9.9%, with a repayment period of up to the amount of repayment under 144 Months.

Morgan Stanley to freeze part of the home equity loan

The second-largest U.S. brokerage Morgan Stanley to thousands of customers a few days ago issued a circular to freeze their home-equity loans. The so-called home equity loans, credit refers to loans to applicants who approved the House or home as collateral to the bank to apply for a "legitimate purpose" (such as car buyers, individuals working capital) in a single cycle of loans or lines of the individual Credit business. Morgan Stanley spokesman said the company's regular customers of the value of assets and risk assessment, as part of the customer to change the value of the assets, Morgan Stanley has recently been informed of these customers on their home equity credit line to change the situation. Bloomberg News also revealed that the second-largest U.S. bank JP Morgan Chase Bank since March this year, has 150,000 customers on the home equity line of credit for the change, both of which reduced the amount of loans, including loans to be suspended. U.S. house prices fell lead to a substantial shrinking asset buyers, mortgage default rate continues to rise. U.S. real estate research firm RealtyTrac's statistics show that in June the U.S. buyers who were unable to repay the loss of housing and the right to redeem the number of cases than the 53% increase over the same period last year.

Foreign investors bought 56% of the amount of 4,000,000,000 U.S. dollars of the Federal Home Loan Mortgage Corporation

As the foreign investors (especially from Europe) in the near future to the United States government bonds increased interest in the United States high-yield demand continued to be strong. U.S. 10-year bond yield rose to 4.30 percent from 4.60 percent, nearly, which is due to hold U.S. assets of foreign investors increased. Market News Asia reported that investors bought 4,000,000,000 U.S. dollars Federal Home Loan Mortgage Corporation (Freddie Mac) bonds, European investors bought 15% of other countries to buy 1%. Breakdown of the types of investors, the central bank accounted for 32% of the share. The euro / dollar trading at 1.1975/78, the dollar / yen trading at 116.25/27.

Mortgage repayment ahead of schedule problems

Mortgage loans in the asset securitization process, the borrowers to repay ahead of time will seriously affect the conduct of securities pricing, which has always been concerned about the early repayment of foreign scholars accumulated a wealth of research results, which were reviewed in this article. Key words: mortgage; early repayment of loans; Summary of Key words: F830.572 China: A Article ID :1003-9031 (2007) 02-0069-04 foreign mortgage market has existed for a long Period of time. After years of development, currently in the capital markets account for a large share. In the United States, since the 20th century occurred during the 30 mortgage loans in 1968 to have a first mortgage securities sold (Mortgage Pass-through Securities) mark of the mortgage-backed securities, mortgage securities market has been rapid development. In 2000, the mortgage has been more than 5,000,000,000,000 U.S. dollars of assets, more than consumer loans, commercial loans and business loans combined. [1] in the mortgage securities and derivatives research, in advance of repayment by the acts of academic and practical concerns. Repayment in advance (prepayment) refers to the borrowers in the loan before the due date to repay some or all of the loans. The borrower (mortgagor that is) to repay ahead of schedule, although the lender will not lose the principal, but the early repayment behavior affected the lender's cash flow. Early repayment resulted in a single act of mortgage repayment of principal and interest cash flow uncertainty, which also increased the mortgage-backed securities on the basis of the assets - mortgage portfolio of cash flow uncertainty. The previous uncertainties affecting the lender's loan rate of return, then an uncertainty is affecting the bond issuers and investors of revenues and costs. This shows that the early repayment of the impact from running through the issuance of mortgage loans into mortgage-backed securities with a final maturity pay off the entire process. As a result, this problem has been developed in the field of academics and financial managers of concern and research in this subject has accumulated a great deal of results, this paper is to advance through the mortgage repayment problems of research results, in order to further improve our housing Mortgage forward play. And the impact of a mortgage early repayment of mortgage securities can be considered as factors underlying asset portfolio with a combination of options. The combination of options in general can be seen as a combination of two options: The borrower has the right to early repayment of the right to buy (the price for the repayment of outstanding balances), and the borrower's breach of contract to sell the right to (price to the market value of mortgage assets ). In theory, when interest rates higher than market interest rate refinancing, the early repayment options for real, the borrower will choose the implementation options; when interest rates lower than market interest rate refinancing, early repayment options for the virtual value of the loan People will not choose to repay ahead of schedule. Early analysis of early repayment options to the main theory. However, the actual results are not entirely the case, when market interest rates higher than the refinancing rate, or even ahead of the repayment options at a depth of real value, the borrower does not choose to repay ahead of schedule; On the other hand, when interest rates lower than the refinancing rate, The borrower will repay ahead of schedule. Option theory can not explain very well in advance of the actual repayment and default, Green and LaCour-Little (1999) pointed out that the borrower's repayment ahead of schedule often appears to be reasonable. [2] to explain the reasons for the early repayment of the principal assumption that there are internal and external assumptions two broad categories. The former will act as early repayment of the endogenous variable interest rate, the interest rate assumption that the effects of fluctuations in the value of the options in order to influence people's decision to repay ahead of schedule; the latter assumption of repayment in advance by act other than interest rate factors These factors include: seasonal factors, the characteristics of mortgage loans, economic activity status, demographic factors, and so on. 1. The interest rate factor is the impact of interest rates ahead of time to repay an important factor. When the current lower interest rates gradually, people will want to carry out the new financing, get a lower interest rate loans. The current mortgage interest rates and the difference between the contract rate (the interest rate difference) is to stimulate the refinancing of power. The greater the gap between the two, on the mortgage re-financing of the stronger power. Not only the size of interest rate changes affect the repayment ahead of schedule, interest rate changes also affect the path of the early repayment. In general mortgage interest rates begin to decline to a certain extent, most sensitive borrowers will take action, resulting in high rates of repayment in advance. In this context, even if mortgage rates drop again, and even lower interest rates, remaining ahead of the borrower's repayment rate is not significantly decreased and stabilized. This is because the initial drop in interest rates, most have the ability to refinance and sensitive to changes in mortgage interest rates were gradually leaving the pool of loans, or those remaining on the mortgage refinancing stimulus is not sensitive or because of poor credit records, and other causes Eligible for a new mortgage, which showed in the refinancing was stimulated by a slower repayment ahead of schedule. This phenomenon is called "burnout phenomenon" (burnout). 2. Seasonal factors, seasonal factors, means the repayment ahead of schedule to show a seasonal trend. The reason the housing market and the level of activity related to the transaction. In the United States, home to buy in the spring, in the late summer and gradually reached a peak in the fall and winter to gradually decline. Due to borrowers tend to sell through their existing homes to buy new housing, and housing mortgage loans and require the borrower to sell the home after not have to pay off the balance of payments, the repayment ahead of schedule of activities is often an increase in the spring , To the highest in the summer, followed by a slow decline in the autumn, winter to reach the bottom, in order to repay ahead of schedule showing a typical seasonal characteristics. In addition, the United States like the majority of families in the school year between the summer migration, the United States in the school calendar is also an impact on early repayment of the important factors. 3. The characteristics of mortgage loans (1) the type of loan. Generally speaking, fixed-rate mortgages (Fixed Rate Mortgage referred to as the FRM) is greater than the risk of early repayment of adjustable-rate mortgages (Adjustable Rate Mortgage referred to as ARM) ahead of the repayment risks. When mortgage interest rates decline, due to adjustable-rate mortgages are adjusted from time to time the contract rate, the interest rate adjustment on the contract equal to the market interest rate plus a margin or financial institutions based on the cost of funds rate plus a margin, as long as the borrower By this margin is less than the savings obtained in advance for the repayment and refinancing for the cost, it would not have taken place through refinancing and for the repayment ahead of schedule, in advance thereby reducing the risk of repayment. (2) mortgage properties. Mortgage properties will have an impact on the early repayment. For example, in the United States, the Federal Housing Administration (Federal Housing Administration referred to as FHA) and Veterans Administration guarantees (Veterans Administration referred to as the VA) security guarantees and conventional (non-governmental security) is a difference between an indisputable fact. For all of the repayment ahead of schedule, government-guaranteed loans with conventional loans secured, the former for the early repayment of more sensitive. FHA / VA loan repayment ahead of schedule with low sensitivity is a major cause of these borrowers is that the vast majority of new home buyers. Secondly, FHA / VA and conventional loans to borrowers than lower mortgage income, the amount of cash to pay less, which makes mortgage re-financing more difficult. Since the application fees and valuation fees are fixed, and FHA / VA borrowers, the average mortgage balance smaller, so a further advantage of the lack of financing, and a small number of well-to-FHA borrowers do not need to refinance. (3) age of debt. U.S. mortgage prepayment behavior research shows that the debt at the age of two and a half less than the loan repayment rate in advance of its relatively low market little affected by fluctuations in interest rates and other social factors. This is because as the age of the debt to extend the work of the  changes such as divorce, and increase the likelihood of the incident, which houses the possibility of selling it to increase. 4. The overall level of economic activity in the overall level of economic activity for the relocation decision-making have a strong impact, the impact may be positive it may be negative. In general, health and prosperity of the national economic situation led to the growth of personal income, labor migration opportunities to increase consumer confidence improved, so that the increase in family mobility, resulting in the improvement of housing turnover rate; for the national economic slump, On the other hand will appear in another. Similarly, the region's overall level of economic activity and regional migration patterns will also affect the volume of housing transactions. Regional economic poverty may be through the outward migration of the population in the form of housing led to the increase in trading volume. 5. Demographics of the population age structure of the factors in the demand for housing has had a significant impact. Practice has proved that there is no critical mass of the first to buy a house, trying to second-hand house trading will be a lack of buyers, thus they are forced to lock themselves in the first housing above, and the first person to buy a house just for the general composition of the composition or are about to The new family of the young people. This is most evident in the United States, 50, of the 20th century during the baby boom during the 60 people who were born in the 1980s became the first person to buy a house, which stimulate the housing has become an essential element of the transaction. In addition, with age, migration patterns will change, as people like to retire after the noise from the city to move to a quiet suburban or rural, which will have an impact on housing demand, thus affecting the rate of repayment ahead of schedule. The full text of this article for the original PDF is not installed the browser to download and install the original text of the summary: Mortgage Asset Securitization implementation of the process, the borrowers to repay ahead of time will seriously affect the conduct of securities pricing, which has always been concerned about foreign scholars also ahead of schedule The section has accumulated a wealth of research results, which were reviewed in this article. Key words: mortgage; early repayment of loans; Summary of Key words: F830.572 China: A Article ID :1003-9031 (2007) 02-0069-04 foreign mortgage market has existed for a long Period of time. After years of development, currently in the capital markets account for a large share. In the United States, since the 20th century occurred during the 30 mortgage loans in 1968 to have a first mortgage securities sold (Mortgage Pass-through Securities) mark of the mortgage-backed securities, mortgage securities market has been rapid development. In 2000, the mortgage has been more than 5,000,000,000,000 U.S. dollars of assets, more than consumer loans, commercial loans and business loans combined. [1] in the mortgage securities and derivatives research, in advance of repayment by the acts of academic and practical concerns. Repayment in advance (prepayment) refers to the borrowers in the loan before the due date to repay some or all of the loans. The borrower (mortgagor that is) to repay ahead of schedule, although the lender will not lose the principal, but the early repayment behavior affected the lender's cash flow. Early repayment resulted in a single act of mortgage repayment of principal and interest cash flow uncertainty, which also increased the mortgage-backed securities on the basis of the assets - mortgage portfolio of cash flow uncertainty. The previous uncertainties affecting the lender's loan rate of return, then an uncertainty is affecting the bond issuers and investors of revenues and costs. This shows that the early repayment of the impact from running through the issuance of mortgage loans into mortgage-backed securities with a final maturity pay off the entire process. As a result, this problem has been developed in the field of academics and financial managers of concern and research in this subject has accumulated a great deal of results, this paper is to advance through the mortgage repayment problems of research results, in order to further improve our housing Mortgage forward play. And the impact of a mortgage early repayment of mortgage securities can be considered as factors underlying asset portfolio with a combination of options. The combination of options in general can be seen as a combination of two options: The borrower has the right to early repayment of the right to buy (the price for the repayment of outstanding balances), and the borrower's breach of contract to sell the right to (price to the market value of mortgage assets ). In theory, when interest rates higher than market interest rate refinancing, the early repayment options for real, the borrower will choose the implementation options; when interest rates lower than market interest rate refinancing, early repayment options for the virtual value of the loan People will not choose to repay ahead of schedule. Early analysis of early repayment options to the main theory. However, the actual results are not entirely the case, when market interest rates higher than the refinancing rate, or even ahead of the repayment options at a depth of real value, the borrower does not choose to repay ahead of schedule; On the other hand, when interest rates lower than the refinancing rate, The borrower will repay ahead of schedule. Option theory can not explain very well in advance of the actual repayment and default, Green and LaCour-Little (1999) pointed out that the borrower's repayment ahead of schedule often appears to be reasonable. [2] to explain the reasons for the early repayment of the principal assumption that there are internal and external assumptions two broad categories. The former will act as early repayment of the endogenous variable interest rate, the interest rate assumption that the effects of fluctuations in the value of the options in order to influence people's decision to repay ahead of schedule; the latter assumption of repayment in advance by act other than interest rate factors These factors include: seasonal factors, the characteristics of mortgage loans, economic activity status, demographic factors, and so on. 1. The interest rate factor is the impact of interest rates ahead of time to repay an important factor. When the current lower interest rates gradually, people will want to carry out the new financing, get a lower interest rate loans. The current mortgage interest rates and the difference between the contract rate (the interest rate difference) is to stimulate the refinancing of power. The greater the gap between the two, on the mortgage re-financing of the stronger power. Not only the size of interest rate changes affect the repayment ahead of schedule, interest rate changes also affect the path of the early repayment. In general mortgage interest rates begin to decline to a certain extent, most sensitive borrowers will take action, resulting in high rates of repayment in advance. In this context, even if mortgage rates drop again, and even lower interest rates, remaining ahead of the borrower's repayment rate is not significantly decreased and stabilized. This is because the initial drop in interest rates, most have the ability to refinance and sensitive to changes in mortgage interest rates were gradually leaving the pool of loans, or those remaining on the mortgage refinancing stimulus is not sensitive or because of poor credit records, and other causes Eligible for a new mortgage, which showed in the refinancing was stimulated by a slower repayment ahead of schedule. This phenomenon is called "burnout phenomenon" (burnout). 2. Seasonal factors, seasonal factors, means the repayment ahead of schedule to show a seasonal trend. The reason the housing market and the level of activity related to the transaction. In the United States, home to buy in the spring, in the late summer and gradually reached a peak in the fall and winter to gradually decline. As the borrowers tend to be sold through their existing homes to buy new housing, and housing mortgage loans and require the borrower to sell the home after not have to pay off the balance of payments, the repayment ahead of schedule of activities is often an increase in the spring , To the highest in the summer, followed by a slow decline in the autumn, winter to reach the bottom, in order to repay ahead of schedule showing a typical seasonal characteristics. In addition, the United States like the majority of families in the school year between the summer migration, the United States in the school calendar is also an impact on early repayment of the important factors. 3. The characteristics of mortgage loans (1) the type of loan. Generally speaking, fixed-rate mortgages (Fixed Rate Mortgage referred to as the FRM) is greater than the risk of early repayment of adjustable-rate mortgages (Adjustable Rate Mortgage referred to as ARM) ahead of the repayment risks. When mortgage interest rates decline, due to adjustable-rate mortgages are adjusted from time to time the contract rate, the interest rate adjustment on the contract equal to the market interest rate plus a margin or financial institutions based on the cost of funds rate plus a margin, as long as the borrower By this margin is less than the savings obtained in advance for the repayment and refinancing for the cost, it would not have taken place through refinancing and for the repayment ahead of schedule, in advance thereby reducing the risk of repayment. (2) mortgage properties. Mortgage properties will have an impact on the early repayment. For example, in the United States, the Federal Housing Administration (Federal Housing Administration referred to as FHA) and Veterans Administration guarantees (Veterans Administration referred to as the VA) security guarantees and conventional (non-governmental security) is a difference between an indisputable fact. For all of the repayment ahead of schedule, government-guaranteed loans with conventional loans secured, the former for the early repayment of more sensitive. FHA / VA loan repayment ahead of schedule with low sensitivity is a major cause of these borrowers is that the vast majority of new home buyers. Secondly, FHA / VA and conventional loans to borrowers than lower mortgage income, the amount of cash to pay less, which makes mortgage re-financing more difficult. Since the application fees and valuation fees are fixed, and FHA / VA borrowers, the average mortgage balance smaller, so a further advantage of the lack of financing, and a small number of well-to-FHA borrowers do not need to refinance. (3) age of debt. U.S. mortgage prepayment behavior research shows that the debt at the age of two and a half less than the loan repayment rate in advance of its relatively low market little affected by fluctuations in interest rates and other social factors. This is because as the age of the debt to extend the work of the  changes such as divorce, and increase the likelihood of the incident, which houses the possibility of selling it to increase. 4. The overall level of economic activity in the overall level of economic activity for the relocation decision-making have a strong impact, the impact may be positive it may be negative. In general, health and prosperity of the national economic situation led to the growth of personal income, labor migration opportunities to increase consumer confidence improved, so that the increase in family mobility, resulting in the improvement of housing turnover rate; for the national economic slump, On the other hand will appear in another. Similarly, the region's overall level of economic activity and regional migration patterns will also affect the volume of housing transactions. Regional economic poverty may be through the outward migration of the population in the form of housing led to the increase in trading volume. 5. Demographics of the population age structure of the factors in the demand for housing has had a significant impact. Practice has proved that there is no critical mass of the first to buy a house, trying to second-hand house trading will be a lack of buyers, thus they are forced to lock themselves in the first housing above, and the first person to buy a house just for the general composition of the composition or are about to The new family of the young people. This is most evident in the United States, 50, of the 20th century during the baby boom during the 60 people who were born in the 1980s became the first person to buy a house, which stimulate the housing has become an essential element of the transaction. In addition, with age, migration patterns will change, as people like to retire after the noise from the city to move to a quiet suburban or rural, which will have an impact on housing demand, thus affecting the rate of repayment ahead of schedule. The full text of this article for the original PDF is not installed the browser to download the full text of the original installation, on the second mortgage repayment ahead of forecast models should be pointed out that early repayment of the forecast was not to predict a specific individual act of repayment in advance ( In fact it is impossible in mortgage rates over the next unknown case forecast behavior of repayment in advance), its fundamental purpose is that given all the available on mortgages and mortgage people and the current economic situation, that is expected of The entire loan portfolio ahead of the rate of repayment. Ahead of the forecast rate of repayment of the principal methods of repayment are ahead of schedule, the theory and practice of empirical analysis. 1. Repayment ahead of schedule in practice has been on the market use a number of practices as a benchmark for repayment ahead of schedule in the United States Federal Housing Authority has the experience and conditions of the early repayment rate (Conditional Prepayment Rate referred to as CPR) and the Public Securities Association (Public Securities Association referred to as PSA) in advance of the benchmark rate of repayment. [3] of the earliest of the early repayment rate assumption is extremely briefly, then assumed mortgages in the first 12 years, there is no repayment in advance. This is obviously unreasonable assumption, was "ahead of Federal Housing Authority to repay the experience of" alternative. Office of Federal Housing Authority is based on the experience of the Federal Housing Administration (FHA) from 1970 to guarantee the mortgage repayment in advance of empirical data, on a regular basis by (usually about a year) the survival of mortgage-form table of data Given 30-year mortgages until the due date in the course of any given year of the possibility of survival, these data will contain the rate of repayment ahead of schedule. Office of Federal Housing Authority to repay ahead of schedule experience was measurement is the rate of repayment in advance of the most commonly used, but it can not be said that a particular combination of the rate of repayment ahead of schedule, mainly because of the Office of Federal Housing Authority in advance of the repayment rate is derived from A variety of mortgage interest rate period. Early repayment rate and interest rate cycles associated with, it is estimated that the rate of early repayment, different interest rate cycle in advance of an average repayment rate of market participants are not very useful. In addition, the Office of Federal Housing Authority, the experience did not provide a consistent standard, as the new form is published on a regular basis about a year, and each table is often different statistics-based operations, which should make people wonder what Forms the basis for repayment ahead of schedule. Forecast for repayment ahead of schedule another benchmark is conditional prepayment rate (CPR). It assumes that a combination of the remaining part of the principal amount of mortgage remaining in the period ahead of the monthly repayment. It is called conditional prepayment rate because it is based on the remaining balance of the mortgage terms for the calculation. Public Securities Association (PSA) in advance to repay the principal benchmark for mortgage-backed securities is estimated (Collateralized Mortgage Obligations referred to as CMOs) and the introduction of a standardized model of early repayment. In fact it is not a real model, accurate, it measures just ahead of the repayment of a market conduct practices. The benchmark 30-year mortgages assumed the following CPR: for the first month of 0.2 percent, after 30 months of monthly growth of 0.2 percent, when it reached 6% per year, while the remainder of the year, always at 6%. The benchmark known as the 100% PSA or referred to as 100PSA. The size of the advance repayment rate of PSA can be expressed as a percentage. For example, 50PSA refers to the PSA benchmark rate of repayment in advance of the half; 150PSA refers to the PSA benchmark rate of repayment in advance of 1.5 times. In fact, the above-mentioned practices of the early repayment of the assumptions are too simple, but its biggest drawback is that early repayment rate is nothing to do with interest rates and therefore, the academic and practical attention to the early repayment of the relevant Theoretical and empirical analysis of the study. 2. Repayment in advance of the theoretical research Archer and Ling [4] will be about repayment in advance of the study were divided into two groups: those from the options theory, the decision-making ahead of the repayment options as the value of the endogenous variables in the study Fluctuations in interest rates and housing prices in advance where the value of the repayment options and the implementation of the best; proceeding analysis of the evidence from other people's behavior in advance loan repayment. With the theoretical option of early repayment conduct a study of literature at least back to Dunn and McConnell. The market is no friction, that does not exist under the assumption that the transaction costs, they use the interest rate contingent claims theory of the Government National Mortgage Association (Government National Mortgage Association referred to as the GNMA) guaranteed mortgage-backed securities pricing, and the establishment of borrowing Were the best model for repayment ahead of schedule. [5] Brennan and Schwartz to relax on the assumption that early repayment of that mortgage refinancing in interest rates higher or lower than the mortgage interest rates are likely to repay ahead of schedule. [6] to follow this assumption, Schwartz and Torous repayment ahead of schedule in the act of the introduction of Poisson process, the establishment of the early repayment of the proportion of the opportunity to model (Proportional Hazard Model), and further violations will be taken into account factors that will be applied to the results of Mortgage-backed securities pricing model. [7] Stanton in a random study under the assumption that interest rates ahead of repayment options, as well as the value of mortgage securities prices. [8] in advance by act of repayment in advance repayment option value, but also the value of the options being the main two random variables: r interest rates and the value of mortgage housing H. Usually assume that changes in market interest rates following CIR model: in-θ refers to the risk-free rate of the value of long-term trend, k refers to the speed of adjustment factor, σr for the volatility of interest rates, dzr a standard Wiener process. Changes in the value of housing to meet the standard log-normal distribution: style of α that the revenue generated returns home, σH residential income fluctuations in the rate of return, s as a means to maintain the home to pay the cost, dzH a standard Wiener Process. In these two factors, from more than two-, Kau et al [9] get the value of the mortgage M partial differential equations of the following: in-ρ means dzr two state variables and the correlation between dzH, ρdt = dzrdzH. The combination of a certain type of boundary conditions can be the best of H * and r *. Rational theory that the early repayment options when market interest rates lower than r *, people choose to repay ahead of schedule. 3. An Empirical Study of repayment ahead of schedule due to the use of options theory can not explain very well in advance of the actual repayment, more and more people concerned about the empirical study. From the statistical analysis methodology, the mortgage repayment in advance of the behavior characteristics of variable duration, the rate of repayment in advance of distribution for the performance of the loans after the initial stage of a gradual increase in the fourth to the seventh year between the peak and then decline . As a result, this kind of problem with empirical research for the duration of the data model - the survival time model, including the opportunity to model (Hazard Model) and discrete-time model and so on. Data analysis is continuing econometrics in the relatively new and rapidly growing area of continued analysis of the variables of interest is an event from start to finish (or termination) went through before measuring the length of time. In the early repayment of the empirical study, the proportion of the opportunity to model (Proportional Hazard Model) is one of the most popular model, the model set: λ (t) = λ0 (t) exp (-βx) which λ0 (t) Is the opportunity to baseline (Baseline Hazard), by the individual characteristics of the decision, x as a function of opportunity to influence the Association of variables (the impact of the early repayment of exogenous factors), β Society for the variable parameters. Cox [10] The likelihood Division (Partial Likelihood Estimate) provides a baseline estimate without the opportunity to λ0 β value can be estimated on the way, do not know the function of survival, the Association for the analysis of the different variables (the impact in advance Repayment of exogenous factors) for the opportunity to influence the function appears to be more convenient and thus be more widely used. The proportion of the opportunity to benefit from the model, scholars estimate the quantitative changes in the rate of repayment in advance, age, and debt refinancing as well as the lag effect of seasonal factors, the impact of early repayment rate has been studied. In recent years, scholars will use options theory to model the ratio of opportunities, will repay ahead of schedule as a breach of contract and options combined, the study of early termination of the act of mortgage (mortgage termination). Early empirical research data combinations Securities Data (Pool Data) for analysis. However, the combination of the data can not distinguish between a good result in early repayment of the endogenous variable (interest rate changes in the refinancing) and exogenous variables (such as seasonal factors, age of debt, etc.), a result of the recent empirical study of the beginning of the more To use more data loans (Loan Level Data). The use of credit data, the expansion of the early repayment of the research, makes it possible to analyze the borrower's credit history and personality characteristics of the borrower and the lending LTV ratio (Loan-to-values) for repayment ahead of schedule. The full text of this article for the original PDF is not installed the browser to download the full text of the original installation, and three mortgage Conclusions of the early repayment behavior affected the lender's cash flow, but also mortgage-backed securities holders of cash flow, there has been widespread concern . Overseas, the mortgage market is very developed, in advance of the behavior of repayment from the simple theory to practice and then to study theoretical research and empirical analysis, to obtain a great deal. In particular for mortgage loans and have detailed comprehensive statistics for the early repayment of empirical research to create a good condition. In China, the rise of home mortgages in the near future, in comparison with foreign countries, the mortgage related to the small study, the lack of an effective forecasting and early repayment of conduct to guard against the risks associated with early repayment methods, in some areas of commercial banks Even in the loan contract only through the advance payment to prohibit circumvent this risk. Due to various countries in the policy and consumer habits and preferences, and financial markets to improve in areas such as a big difference