Retail Borrowing Programs
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1 Retail Borrowing Programs 16 th OECD Global Debt Forum Amsterdam December 6, 2006 Phillip Anderson Banking and Debt Management World Bank
2 Retail Borrowing Instruments Two types: regular wholesale securities made available to small investors, often on a non-competitive basis in auctions Securities specifically designed for retail investors Easy to understand Provide capital protection Non-marketable; but offer provisions for redemption before maturity Exotic instruments in some countries lottery bonds
3 Objectives for offering retail programs Meet government s financing needs in a cost effective manner, subject to prudent levels of risk (same as wholesale borrowing) Diversify investor base, particularly when borrowing need is high Develop domestic debt markets: foster innovation, encourage competition Social objectives: educate and promote a culture of savings, provide a totally secure investment (particularly for more vulnerable citizens)
4 But some countries are questioning these programs now Shrinking public debt levels may reduce the need In some countries (e.g. Canada, small euro-zone countries) priority is to maintain a liquid wholesale market Cost-effectiveness has come under scrutiny higher distribution and administration costs Objective of fostering financial development becomes obsolete markets more competitive and liberal
5 Other countries see a continued need For example Ireland, Japan, Sweden and the UK: Social objectives remain especially providing direct access to a safe instrument for pensioners and low income households Specific retail instruments can be priced to take account of the higher administration costs compared to wholesale borrowing Moves to drive costs down with electronic distribution, economies of scale
6 If you are thinking about a retail program 1. Be clear about the objectives(s) 2. Assess the true economic costs of the program, e.g. initial start-up investments, distribution, administration. These considerations are critical for the design, e.g. If you wish to diversify funding to reduce borrowing costs: direct access to the primary market perhaps via internet If you wish to reach the non-banked population: use of post office or state-owned institutions networks
7 2006 The International Bank for Reconstruction and Development / The World Bank1818 H Street NW Washington DC 20433Telephone: Internet: feedback@worldbank.org All rights reserved The findings, interpretations, and conclusions expressed in this work do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. The International Bank for Reconstruction and Development / The World Bank encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly. For permission to photocopy or reprint any part of this work, please send a request with complete information to the Copyright Clearance Center Inc., 222 Rosewood Drive, Danvers, MA 01923, USA; telephone: ; fax: ; Internet: All other queries on rights and licenses, including subsidiary rights, should be addressed to the Office of the Publisher, The World Bank, 1818 H Street NW, Washington, DC 20433, USA; fax: ; pubrights@worldbank.org.
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