Nov 30, 2012 14:22
11 yrs ago
Italian term
Master's degree in Law, accurate
Native in: French 
, English
Works in: Italian to French, English to French
scorporare enormi quantità di attivi finanziari
Italian to English
Law/Patents
Law (general)
Per far ciò le parti hanno fatto uso di una struttura giuridica, quella della cartolizzazione dei crediti, regolata dalla l. n. 130/1999, deputata a ben altre tipologie di operazioni, in genere di estrazione bancaria, e finalizzate a scorporare enormi quantità di attivi finanziari, destinate ad un’attività di gestione e di riscossione, i cui flussi vengono indirizzati al soddisfacimento di soggetti terzi, i quali hanno preventivamente finanziato l’operazione.
Thank you
Thank you
Change log
Nov 30, 2012 22:44: Russell Jones changed "Term asked" from "scorporare (enormi quantità di attivi finanziari)" to "scorporare enormi quantità di attivi finanziari"
Proposed translations
7 mins
Italian term (edited):
scorporare (enormi quantità di attivi finanziari)
to carve out
another possibility
19 mins
James (Jim) Davis
Seychelles
Seychelles
Native in English
Works in field
Seychelles
25 years experience constantly improving
Native in: English (Variant: British) 
Works in: Italian to English
Related KudoZ points
:
1667
Italian term (edited):
scorporare (enormi quantità di attivi finanziari)
segregate (huge quantities of financial assets)
I would use this word here. The term "scorporare" is often translated as "unbundling" when you separate for example the different components of a structured bond. "spin-off" or "hive-off" might suggest that the assets are sold, but that isn't the case. Typically a bank transfers assets to a company, a special purpose entity, which often if owns completely, so it still owns the assets. That entity then sells bonds and the interest on the loans goes to the bondholders, while the bank retains a service fee.
"transfer" is the correct technical term for what is meant by "scorporare" here and in Italian the term is "cessione".
When this author says, "i cui flussi vengono indirizzati al soddisfacimento di soggetti terzi, i quali hanno preventivamente finanziato l’operazione.", this is not true at least in the case of normal securitisations by banks. The banks provide the initial finance (liquidity lines) for everything.
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Note added at 38 mins (2012-11-30 15:00:45 GMT)
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@Tam No, not necessarily and very often not. Not in the case of the security of the EBA LTRO (about 500 billion of mainly internal loan securitisations as collateral for the refinancing). A bank creates a company and that company sits in its consolidated accounts as a wholly owned subsidiary. It then transfers loans to the that company. That company owns the loans, but the bank owns that company. So who owns the loans? This is one of the few cases where I almost always translate cessione with transfer and not sale.
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Note added at 41 mins (2012-11-30 15:04:03 GMT)
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That is why you need a word like segregate. That is in fact the word used for the accounting procedure followed by the SPE, which "segregates" the accounts relating to the transferred assets.
In other cases, the SPE is not owned by the bank. A number of banks often "share" a single specialist SPE often located in Ireland. Often the bank will retain a 10% share in the SPE (so who owns the loans then?) for credit rating purposes.
"transfer" is the correct technical term for what is meant by "scorporare" here and in Italian the term is "cessione".
When this author says, "i cui flussi vengono indirizzati al soddisfacimento di soggetti terzi, i quali hanno preventivamente finanziato l’operazione.", this is not true at least in the case of normal securitisations by banks. The banks provide the initial finance (liquidity lines) for everything.
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Note added at 38 mins (2012-11-30 15:00:45 GMT)
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@Tam No, not necessarily and very often not. Not in the case of the security of the EBA LTRO (about 500 billion of mainly internal loan securitisations as collateral for the refinancing). A bank creates a company and that company sits in its consolidated accounts as a wholly owned subsidiary. It then transfers loans to the that company. That company owns the loans, but the bank owns that company. So who owns the loans? This is one of the few cases where I almost always translate cessione with transfer and not sale.
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Note added at 41 mins (2012-11-30 15:04:03 GMT)
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That is why you need a word like segregate. That is in fact the word used for the accounting procedure followed by the SPE, which "segregates" the accounts relating to the transferred assets.
In other cases, the SPE is not owned by the bank. A number of banks often "share" a single specialist SPE often located in Ireland. Often the bank will retain a 10% share in the SPE (so who owns the loans then?) for credit rating purposes.
Peer comment(s):
| neutral |
Thomas Roberts
: Surely securitisation involves transferring ownership the assets though?
9 mins
|
1 min
Thomas Roberts
Native in Italian
&
English
Specializes in field
Multilingual academic lawyer
Native in: English (Variant: Scottish) , Italian
Works in: Italian to English, German to English, French to English, and 3 more.
Related KudoZ points
:
2715
Italian term (edited):
scorporare (enormi quantità di attivi finanziari)
hiving off (enormous quantities of financial assets)
suggestion
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Note added at 1 hr (2012-11-30 15:26:59 GMT)
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Hi Béatrice, just noticed it was you. Good luck!
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Note added at 1 hr (2012-11-30 15:26:59 GMT)
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Hi Béatrice, just noticed it was you. Good luck!
Note from asker:
| Hi Thomas and thanks. |
15 hrs
spin-off of a large amount of financial assets
spin-off is often used in this context
Discussion
Either way, to give the idea of a complete ordinary sale, would mislead.
If a parent company transfers loans to a subsidiary, then the subsidiary is the new legal owner of the loans. The parent company no longer owns loans, but shares in the subsidiary, as you say.
In legal terms, there has been a transfer of ownership, even though in accounting terms it may well be that the parent company still has to report the loans in its consolidated accounts.
If I sell my house to a company I own 100% of and then lease it back, I have still sold my house and the house still has a new owner, even though my overall financial position (which includes the shares in the company) has not changed.