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Mortgage Market Structures in Selected CEE

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MORTGAGE FOREIGNSTRUCTURES FOREIGN MORTGAGE STRUCTURES: descriptions of selected countries' housing lending markets The publication became possible due to support of the European Union. Published in November 2006 Copyright © Kyiv, 2006 by the European Commission This publication has been produced with the financial assistance of the EUROPEAN UNION. The findings, conclusions and recommendations expressed in this publication are those of the authors' alone and should in no way be taken to reflect the views of the EUROPEAN COMMISSION. FOREIGN MORTGAGE STRUCTURES: descriptions of selected countries' housing lending markets Kyiv – 2006 Foreign mortgage structures: descriptions of selected countries' housing lending markets. Information handbook. Kyiv 2006 Authors of the text are Hans-Joachim Dubel: (chapters 1, 3, 4, 7, 9, 10; co-author chapters 6, 8) independent international consultant, specialised in financial sector development; Leif Andersen (chapter 2; co-author chapter 8), lead mortgage expert, and Olena Prokopovych (chapter 5; co-author chapter 6), financial specialist, both working within the EU-funded «Establishment of Mortgage Market Rules and Legislation in Ukraine» Project. Team Leader: Pierre-Yves Divisia Chief Editor: Leif Andersen Production Manager: Sergiy Grytsenko Translation: Svyatoslav Kutepov Design and Lay-out: Maxim Nevіnchany This publication has been prepared within the implementation of the «Establishment of Mortgage Market Rules and Legislation in Ukraine» Project. The Project has been implemented by a TECNITAS-led consortium. The Project is funded by the European Union within the EU's Technical Assistance programme for Ukraine, the grant No. EuropeAid/115248/C/SV/UA. Any part of this publication may be used in any form by specialists in their work without any written permission, but obligatory quoting of the Paper's authors and Project's sponsors is required. The publication became possible due to support of the European Union. Ukrainian National Mortgage Association (UNIA) was founded on 5 June 2002 in Kyiv. It unites around 30 commercial organisations – nearly 20 leading commercial banks, as well as legal, insurance and real estate companies. UNIA, being a professional and credible mortgage think tank, provides a uniquely well-placed platform for dialogue between major mortgage market players in order to develop a transparent, well-regulated and efficient mortgage market structure in Ukraine. Together with the Ministry of Finance, the Association is the Project's main official beneficiary and partner. CONTENTS About authors . .6 Introduction . .7 Chapter 1. Czech Republic . .8 Chapter 2. Denmark . .27 Chapter 3. France . .49 Chapter 4. Germany . .65 Chapter 5. Kazakhstan . .88 Chapter 6. Poland . .106 Chapter 7. Russia . .127 Chapter 8. Spain . .146 Chapter 9. United Kingdom . .163 Chapter 10. United States . .186 AUTHORS ABOUT AUTHORS Hans-Joachim (Achim) Dubel Achim is an independent international consultant based in Berlin and founder of the financial sector policy think tank Finpolconsult (www.finpolconsult.de ). He is inter alia a permanent consultant to the World Bank and the EU Commission and a member of the EU Forum Group on Mortgage Finance. Achim was previously on the staff of the Financial Sector Development Department of the World Bank in Washington, DC, and of empirica, an economic policy think-tank based in Bonn and Berlin. He holds a diploma degree in economics from the University of Bonn and a post-graduate degree from the German Development Institute, Berlin. He also studied in Buenos Aires, Argentina. Leif Andersen Leif is a senior financial institution adviser with more than 25 years of experience in the financial sector including 10 years in emerging markets. Apart from housing finance, his main areas of expertise are within bank restructuring, credit cooperatives, credit lines, leasing, micro finance, organizational development, risk management including workout, rural finance, SME lending, strategy, and training. For 12 years he was Associate Professor in finance in Denmark. He has a M.Sc (Econ) degree from Copenhagen School of Economics and Business Administration. Contact details: [email protected] Olena Prokopovych Olena is a short-term consultant of the project and works as a permanent staff member of INTERPROJECTS GmbH - a private Frankfurt-based management consultancy company specialised in banking and financial consultancy, SME and Business Development with clients in Central and Eastern Europe. She has worked on a number of projects in Ukraine and Russia, both in private and public sectors. She has first-hand experience in researching and conducting wide-ranging analysis of mortgage structures in Ukraine, Poland and Kazakhstan, as well as compiling information on the co-operative banking systems abroad. She co-ordinated the training sessions in mortgage lending, offered to over 80 Ukrainian financial institution representatives. She acted as the project manager for the adaptation of the Bank Training via Internet courses and supervised the launch of bank training products on the Ukrainian and Russian markets. She has a diploma in Economics (specialization Finance), from the European University of Finance, Information Systems, Management and Business, Kyiv, Ukraine. Contact details: [email protected] 6 INTRODUCTION Foreign Mortgage Structures – inspiration for the development of the Ukrainian mortgage market. INTRODUCTION The Ukrainian mortgage market volume is developing rapidly, and is expected to continue to do so in the future. As the market grows, the market structure is deemed to change dramatically as well. A large number of UNIA's members have expressed the need to acquire fairly detailed knowledge of other countries' market structures for residential mortgages, not for replication but to get inspiration and ideas for further development of the Ukrainian mortgage structure. The Project has tried to accommodate the requirements by publishing this handbook. Although mortgage structures in various countries have several common denominators, they are on the other hand also often very different due to various reasons, such as due to different historical and socioeconomic background, size of the market, housing market dynamics, and the macroeconomic stage and development, just to mention some of them. Ten different countries have been chosen for description to present a catalogue for inspiration. These countries have been carefully selected in order to provide as many useful nuances as possible, for instance neighbouring, developing countries close to Ukraine have been selected as well as those of western European countries and the USA. It is our hope that the handbook will facilitate the needs. Edition completed July 2006. October 2006 Pierre-Yves Divisia Leif Andersen Project Team Leader Lead Mortgage Expert ([email protected]) ([email protected]) This Handbook is available at the following address: Ukrainian National Mortgage Association (UNIA) 22, Gaidara Str., Block A, 4th Floor, Kyiv 01033, Ukraine Tel.: (+38 044) 230 22 25 Fax: (+38 044) 230 22 26 Web: www.unia.com.ua 7 Chapter 1. Czech Republic Historical overview 1 Size of the market 2 Housing and mortgage market linkage 3 Market structure 4 Distribution and purchase process 5 Pricing 6 Funding 7 Risk management 8 Process efficiency 9 Subsidies 10 This paper is based on the following sources: a. FitchRatings: «CEE Housing Finance: Rapid Growth, but at what Risk?» Special report, November 2005. a. Dubel: «Contract savings for housing in the Czech and Slovak republics». Consulting work prepared for the World Bank. 2003. b. Dubel: «Wohnbauforderung in Mitteleuropa (Housing policy in Central Europe)» Wien/Graz. 2004. c. Websites of the Czech National Bank, the Ministry of Regional Development and of Czech lenders. CZECH REPUBLIC 1. HISTORICAL OVERVIEW As a part of the Austrian-Hungarian empire until 1918, the Bohemian banking sector developed the same classes of financial institutions. A dual banking system of savings banks and commercial banks emerged. The roots of the largest savings bank, Ceska Sporitelna, reach back to 1825, when a predecessor began operating. Savings banks were the depositaries for low-income households and did initially mostly short-term lending. After the 1848 uprisings with ethnic backgrounds, German and Czech financial institutions began to be set up and operated separately. National commercial banks operating in Czech language emerged from this process in the 1860s – the predecessors of today's commercial banks. Remarkably, Bohemia had already in the 19th century a well-developed secondary mortgage market. The first national mortgage bank (Landeshypothekenanstalt) specialized on issuing covered bonds against mortgage loans was created in 1865, a year before the first such bank in Germany. Other mortgage specialists followed in the coming three decades. Identically chartered – in different languages – were the two, German and Czech, apex institutions of the savings bank system founded in 1901 and 1903. The savings banks were allowed to transfer their mortgage loans by way of cession to these institutions, which in turn funded them through issuing covered bonds. The creation of a special bank was not mandatory for covered bond issuance. For instance, the Moravian Pfandbriefanstalt of 1891 started as a department of the Erste Mahrische Sparkasse, a savings bank. Austria-Hungary also did not follow Germany's move in 1900 to impose the special bank principle on new covered
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