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Derivatendossier sleept zich voort
| 09-10-2017 | Simon Knappstein |
Bij de publicatie van het Herstelkader in december vorig jaar werd er door de minister nog van uitgegaan dat de compensatieregeling per 1 juli jl. voor alle klanten zou zijn afgerond. De kans dat de banken daar überhaupt voor het einde van dit jaar nog in slagen lijkt ondertussen zeer klein.
Belangrijkste redenen die genoemd worden voor deze vertraging zijn, ondanks alle goede bedoelingen en hard werken, 1) dat toepassing van het Herstelkader zeer complex blijkt te zijn, en 2) dat banken, externe dossierbeoordelaars en de AFM elkaar nu, om maar geen fouten te maken, ‘gevangen’ houden.
Door de goedbedoelde pogingen om het kader, de uitvoering ervan en de controle er op helemaal dicht te timmeren is er een ‘over-engineering’ ontstaan die verlammend werkt op de voortgang. Terwijl als er een zekere variatie en onzekerheid in de uitkomst per dossier voor lief zou worden genomen dan zouden 150 man met gemiddeld 10 uur per dossier die 20.000 dossiers in 8 maanden hebben weggewerkt. Mijn ervaring is dat, hoewel toepassen van het herstelkader inderdaad complex is en ook de documentatie niet altijd direct compleet aanwezig is, het bepalen van de schadevergoeding toch heel goed te doen is. Helaas is er nu driekwart jaar voorbij en lijkt het proces geheel vastgelopen te zijn.
Die over-engineering is iets wat ook door Patrick van Gerwen, die met zijn bedrijf Cadension ondernemers bijstaat in de relatie met hun bank, is vastgesteld. Hij pleit ervoor dat de minister van Financiën weer ingrijpt, en wel snel, om dit dossier vlot te trekken. Want de klanten wachten al sinds 2012 op de oplossing van dit probleem.
Als de voortgangsrapportage van de AFM eind deze maand naar de Tweede Kamer gaat zal er wellicht net een kabinetswisseling hebben plaatsgevonden. De nieuwe minister van Financiën kan dan direct aan de slag met dit dossier.
[1] Uit ‘Schadeherstel in derivatendossier loopt zoveelste vertraging op’ door Wouter Keuning in FD van 2 oktober jl.
Simon Knappstein
Owner of FX Prospect
Lees ook: Uniform herstelkader rentederivaten mkb
TIS & FX Treasury Webinar: Corporate Payments Optimization
| 06-10-2017 | TIS | 2FX Treasury | Sponsored content |
Complexity is not your friend. Whether in your finance, treasury, shared services or IT departments, improved processes help to reduce risk.
How do the most efficient and effective businesses in today’s world manage a multi-region, multi-bank, and multi-ERP environment? How have leading finance, treasury, and IT professionals gained visibility across their corporate payments landscape?
Flex Treasurer: Who needs a treasurer?
| 05-10-2017 | Olivier Werlingshoff |
Do all international companies need a Treasurer or a Cash Manager? Yes and No would be my answer. In this article I will give my opinion on the reasons (not) to hire a Treasurer or Cash Manager.
First we have to focus on the definition of a Treasurer. Wikipedia: “he or she is responsible for liquidity risk management, cash management, issuing debt, foreign exchange and interest rate risk hedging, securitization, oversight of pension investment management, and capital structure (including share issuance and repurchase).”
Activities are Cash Management, Risk Management. Corporate Finance and Treasury operations & control. In a lot of companies all these activities and processes are part of the job of a controller and a finance manager.
When the company has financial problems the cash management activities, especially the cash flow forecast and the (inter)national banking environment, will come into the spotlight. A reliable cash flow forecast is built up on the right information about the cash position and the planning for the period to come. The problem is how accurate are the predictions for the future in the ERP systems? The right information can be obtained by asking not colleagues of the finance department but the sales colleague and procurement. This can be a time-consuming exercise.
There are a few new fintech companies who focus on the optimization of cash management processes. It is possible to manage all your bank accounts with one single system, where different ERP and company systems can be connected to each other which make it easier to set up a cash flow forecast. The search for the right information can be facilitated.
If you focus on the corporate finance activities such as an IPO or a refinancing, specific and knowledge is needed. This does not happen often.
My suggestion is to hire a Flex Treasurer and let him make a scan of all the treasury processes in the company. The Flex Treasurer can also implement improvements on the cash management and risk management activities. When all improvements are done see if the activities can be integrated in the existing jobs or you could hire a cash manager.
If a company decides to do an IPO or a refinancing there are plenty of companies specialized in this field. Therefore it would be smarter to use an interim consultant till the job is done.
Olivier Werlingshoff
Owner of Werfiad