A Study on Feasibility of Real Estate Securitization
Practice in Farmers’ Credit Unions
Abstract
The survival of the farmers’ associations in Taiwan always is the attachment in the countryside, the agriculture and the farmers, but after 1990s, the overall economic environment changes dramatically both in domestic and overseas. In order to join WTO, all of the agriculture, countryside and the farmers in Taiwan have the enormous impact by regarding in the protection of agriculture. Since the base had gone, at last the farmers’ associations have to surface what course to follow being at a loss. In recent years, the default debts of the farmers’ credit unions climbs up suddenly and the ability of making profits glide down fast, therefore the innovation of the farmers’ credit unions is imperative. According to the particularity of agricultural finance makes process difficulty. The farmers’ associations will develop the new direction by establishing the National Agriculture Treasury under "the Agricultural Finance Law".
However the farmers’ credit unions must become the shareholder system of the national agriculture national treasury only and then has the opportunity to develop the sustainability. But the threshold of entering the shareholder system of the National Agriculture Treasury is the net worth of the farmers’ credit unions that must be the positive number.
In view of this study is explored an avenue to elevate the net worth of the farmers’ credit unions, therefore the introduction of real estate securitization system is needed. According to the experience of the financial organ is besteading in real estate securitization practicing both foreign and domestic system that is helped the farmers’ credit unions to solve the difficult position.
This study is using the literature discussion and the analysis of deeply interview. The feasibility of real estate securitization practice in farmers’ credit unions specifically discusses the question which the farmers credit unions at present faces, and which the experience and correlation questions (feasibility and market) of implementing real estate securitization both foreign and domestic part.
The result of this study showed that the farmers’ credit unions are not only the initiative organization for the negotiable securities sign, but also its nature completely tallies with law. Therefore the farmers’ credit unions implement the real estate securitization to lay the legal foundation. The farmers’ credit unions may develop type of product should be a main axle for the real estate asset trust (REAT) of the negotiable securities. As the goal by taking punishment and financing to the real estate asset trust (REAT) of the negotiable securities is the most feasible product that collecting publicly or issuing in private.
The farmers’ credit unions implements the real estate securitization to produce the feedback value：the advancement of fluidity and cash flow, the advancement of the net worth in balance sheet, making capital asset effective. Above the feedback value is obviously approving the question that the fluidity and the promotion of net worth in the farmers’ credit unions.
Key Words: The farmers’ credit unions, real estate securitization
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