Special Purpose Vehicle

1. Special Purpose Vehicle https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

2. Venture capital - Alternatives • Offshore funding is provided via specialist venture capital trusts, which seek to utilise securitization in structuring hybrid multi-market transactions via an SPV (special purpose vehicle): a corporate entity that is designed solely for the purpose of the financing. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

3. Ecotax - Registration taxes • In the Netherlands, the new registration taxes, payable when a car is sold to its first buyer, can earn the owner of a hybrid a discount up to €6000. Spain reduced taxes for cars that produced less CO2 (some of which will be exempted), while the more consuming, like Special purpose vehicle|SPV and Four-wheel drive|4WD saw their taxes increased. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

4. Autogas - Turkey • According to the Turkish Statistics Institute’s report, the nation had over 16,500,000 vehicles in January 2012. 50.3% are passenger vehicles. 16.2% light weight trucks, 15.7% motorcycles, 9.2% tractors, 4.6% heavy weight trucks, 2.5% mini buses for transportation, 1.4% buses and 0.1% special purpose vehicles. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

5. Contemporary era - Great Recession • The European Financial Stability Facility (EFSF) was a special purpose vehicle financed by members of the eurozone to combat the European sovereign debt crisis https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

6. Private finance initiative - Contracts • A public sector authority signs a contract with a private sector consortium, technically known as a Special purpose entity|Special Purpose Vehicle (SPV) https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

7. Ecolabelling - Canada • EnerGuide label for vehicles found on all new passenger cars, light-duty vans, pickup trucks and special purpose vehicles not exceeding a gross vehicle weight of 3855kg (8500lb). The label shows the city and highway fuel consumption ratings and an estimated annual fuel cost for that particular vehicle. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

8. Public private partnership • Typically, a public sector consortium forms a special company called a special purpose vehicle (SPV) to develop, build, maintain and operate the asset for the contracted period.Zheng, J https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

9. Motor vehicle type approval • The European Commission shall adopt amendments to this Directive which are necessary to wikt:lay down|lay down technical requirements for small series vehicles, vehicles approved under the individual approval procedure and 'special purpose vehicles'. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

10. Tobashi scheme - Structure • The scheme often makes use of off-balance sheet|off-balance sheet financing or special purpose entity|Special purpose vehicles with non-coterminous accounting periods https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

11. Driving in Singapore - Seating etiquette in cars • In Singapore, only right hand drive cars are allowed. There are exceptions for special purpose vehicles, diplomatic vehicles and foreign registered vehicles driven by visitors, with the label placed at the back windscreen of the vehicles indicating Left Hand Drive to alert other motorist that the driver's seat is on the left side instead of on the right side. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

12. High-speed rail in India - History • (RVNL), a special purpose vehicle that carries out the construction works for Indian Railways.http://articles.economictimes.indiatimes.com/2013-01-27/news/36564456_1_high-speed-rail-high-speed-trains-first-bullet-trainhttp://www.hindustantimes.com/News-Feed/ColumnsOthers/Don-t-bite-the-bullet/Article1-913658.aspx It will handle tendering, pre-feasibility studies, awarding contracts and execution of the projects.http://www.pfie.com/ap-india-%E2%80%93-railways-sets-up-corp-for-bullet-train/21033307.article The corporation will comprise four members, all of whom will be railway officials.http://zeenews.india.com/news/nation/railways-to-set-up-corporation-to-focus-on-bullet-train-project_790391.html All high-speed rail lines will be implemented through PPP mode on a Design, Build, Finance, Operate and Transfer (DBFOT) basis.http://www.railjournal.com/index.php/asia/indian-high-speed-rail-project-moves-forward.html?channel=542 The corporation was officially formed on 29 October 2013.[http://www.railwaygazette.com/news/single-view/view/high-speed-rail-corp-of-india-launched.html] The HSRC will co-exist with the High-Speed Rail Authority of India (HSRA) https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

13. TAFE - Tractors and Farm Equipment Limited - History • TAFE acquired Eicher tractor|Eicher tractors in 2005 through a special purpose vehicle, TAFE Motors and Tractors Limited (TMTL), which is a wholly owned subsidiary. It has major presence in a number of Indian states like Rajasthan, Gujarat, Andhra Pradesh, Karnataka, Madhya pradesh and Uttar pradesh. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

14. Steel Authority of India Limited - International Coal Ventures Private Limited • International Coal Ventures Private Limited is a special purpose vehicle set up to achieve the target of making steel PSUs self-reliant in the area of coking coal, a joint venture company has been incorporated composed of five central PSU companies i.e. SAIL, Rashtriya Ispat Nigam Limited (RINL), Coal India Limited and other target countries. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

15. Mortgage-backed security - Securitization • # Mortgage loans (mortgage notes) are purchased from banks and other lenders, and possibly assignment (law)|assigned to a special purpose vehicle (SPV). https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

16. Credit default swap • In addition to corporations and governments, the reference entity can include a special purpose vehicle issuing Asset-backed security|asset-backed securities. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

17. American International Group - Financial crisis • The U.S. Department of The Treasury in December 2012 published an itemized list of the loans, stock purchases, special purpose vehicles (SPVs) and other investments engaged in with AIG, the amount AIG paid back and the positive return on the loans and investments to the government. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

18. Olympus scandal - Questionable acquisitions • Seventeen Cayman and BVI special purpose vehicles were used to make payments; funds flowed through Commerzbank AG, Societe Generale SA and LGT Bank.Yamaguchi, Yuki and Yasu, Mariko (13 December 2011) https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

19. Chartis - History • On July 27, 2009, AIG announced it intended to form a Special Purpose Vehicle (SPV) for Commercial Insurance, Foreign General and the Private Client Group which would be placed into the SPV and renamed Chartis in preparation for an IPO or other equity offer https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

20. Gillian Tett • She has written about the financial instruments that were part of the cause of the financial crisis that started in the fourth quarter of 2007, such as Collateralized debt obligation|CDOs, credit default swaps, Structured investment vehicle|SIVs, Real Estate Mortgage Investment Conduit|conduits, and Special purpose vehicle|SPVs https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

21. Securitization - Pooling and transfer • A suitably large portfolio of assets is pooled and transferred to a 'special purpose vehicle' or 'SPV' (the 'issuer'), a tax-exempt company or trust formed for the specific purpose of funding the assets https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

22. Securitization - Servicing • A 'servicer' collects payments and monitors the assets that are the crux of the structured financial deal. The servicer can often be the originator, because the servicer needs very similar expertise to the originator and would want to ensure that loan repayments are paid to the Special Purpose Vehicle. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

23. Special purpose vehicle • A 'special purpose entity' ('SPE'; or, in Europe and India, 'special purpose vehicle'/'SPV', or, in some cases in each EU jurisdiction ndash; FVC financial vehicle corporation) is a legal entity (usually a company (law)|limited company of some type or, sometimes, a limited partnership) created to fulfill narrow, specific or temporary objectives https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

24. Commercial Paper Funding Facility • The CPFF was created on October 27, 2008 and funded a special purpose vehicle (SPV) that purchased three-month unsecured and asset-backed commercial paper (CP) from eligible issuers https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

25. Commercial Paper Funding Facility - Explanation • issuers of commercial paper through a special purpose vehicle, aka SPV, which bought unsecured and asset-backed commercial paper for 3 month period from eligible issuers with funds made available by the NY Fed https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

26. Shadow banking system - Examples • depository banks moved an estimated $5.2 trillion in assets and liabilities off their balance sheets into special purpose vehicles (SPEs) or similar entities https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

27. National Asset Management Agency - How NAMA works • The Bill envisages that NAMA will arrange and supervise the identification and valuation of property-backed loans on the books of qualifying financial institutions in Ireland, but will delegate the purchase and management of these loans to a separately created Special Purpose Vehicle (SPV).[http://epp.eurostat.ec.europa.eu/portal/page/portal/government_finance_statistics/documents/Annex%202_Methodological%20paper%20for%20Eurostat%20on%20classificat.pdf Methodological paper for Eurostat on classification of NAMA and SPV]. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

28. National Asset Management Agency - Master Special Purpose Vehicle • details are provided on the suggested creation by NAMA of a Master Special Purpose Vehicle (SPV) known as National Asset Management Ltd and controlled by the holding company National Asset Management Agency Investment Ltd https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

29. SsangYong Motor Company - History • Beginning in 1976, Hadonghwan produced a variety of special purpose vehicles https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

30. Government policies and the subprime mortgage crisis - Capital requirements and risk classification • However, depository banks had moved sizable amounts of assets and liabilities off-balance sheet, via complex legal entities called special purpose vehicles https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

31. Federal Reserve responses to the subprime crisis - Commercial Paper Funding Facility (CPFF) • The Commercial Paper Funding Facility provided loans to a special purpose vehicle to finance purchases of new issues of asset-backed commercial paper and unsecured commercial paper from eligible issuers. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

32. Federal Reserve responses to the subprime crisis - Bear Stearns Companies, Inc. acquisition by JP Morgan Chase Co. (JPMC) • Programs included a 'Bridge Loan', an overnight loan provided to JPMC subsidiary, with which this subsidiary made a direct loan to Bear Stearns Companies, Inc, and 'Maiden Lane (I)', a special purpose vehicle created to purchase approximately $30 billion of Bear Stearns’s mortgage-related assets. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

33. Federal Reserve responses to the subprime crisis - AIG Assistance • # 'Maiden Lane II', a special purpose vehicle created to purchase RMBS from securities lending portfolios of AIG subsidiaries. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

34. Federal Reserve responses to the subprime crisis - AIG Assistance • # 'Maiden Lane III', a special purpose vehicle created to purchase collateralized debt obligations on which AIG Financial Products had written credit default swaps. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

35. Collateralized debt obligation - Structures • * Cash CDOs involve a portfolio of cash assets, such as loans, corporate bonds, asset-backed security|asset-backed securities or mortgage-backed security|mortgage-backed securities. Ownership of the assets is transferred to the legal entity (known as a special purpose vehicle) issuing the CDO's tranches. The risk of loss on the assets is divided among tranches in reverse order of seniority. Cash CDO issuance exceeded $400 billion in 2006. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

36. Corsham Computer Centre • The site falls within a wider facilities management contract, the Bristol Bath Total Facilities Management project, which was awarded to Debut Services, a Special purpose entity|Special Purpose Vehicle of Babcock Defence and Bovis Lend Lease, in September 2007 for a period of three years with the option to extend the contract for a further three years. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

37. American International Assurance • It was a member of American International Group, but separated from the group in 2009 after it was finalized that AIA as well as ALICO (another AIG subsidiary) were placed under the administration of a Special Purpose Vehicle in exchange for the Federal Reserve Bank of New York.http://ir.aigcorporate.com/phoenix.zhtml?c=76115p=irol-newsArticleID=1360144highlight= In December 2012, AIA was informed by American International Group Inc https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

38. Jaipur - Jaipur BRTS • The responsibility for managing Jaipur BRTS has been given to JCSTL, a special purpose vehicle formed by Jaipur Development Authority and Jaipur Nagar Nigam in a joint venture https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

39. Offshore Financial Centre - Regulation • An extremely high proportion of hedge funds (which characteristically employ high risk investment strategies) who register offshore are presumed to be driven by lighter regulatory requirements rather than perceived tax benefits.[http://www.dailyii.com/article.asp?ArticleID=1039798LS=EMS73445 ] Many capital markets bond issues are also structured through a special purpose vehicle incorporated in an offshore financial centre specifically to minimise the amount of regulatory red-tape associated with the issue. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

40. Offshore Financial Centre - Offshore financial structures • In relation to bond issues, offshore special purpose vehicles are often used in relation to Asset-backed security|asset-backed securities transactions (particularly securitization|securitisations). https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

41. Asset-backed security • A higher credit rating could allow the special purpose vehicle and, by extension, the originating institution to pay a lower interest rate (and hence, charge a higher price) on the asset-backed securities than if the originating institution borrowed funds or issued bonds. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

42. Shelvoke and Drewry • In the late 1970s, SD went head-to-head with its arch-rival Dennis Specialist Vehicles|Dennis, and began manufacturing fire apparatus|fire engines through its newly established Special Purpose Vehicles (SPV) division. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

43. Hamilton, Bermuda - Economy • As the offshore domicile of many foreign companies, Bermuda has a highly developed international business economy; it is an exporter of financial services, primarily insurance, reinsurance, investment funds and special purpose vehicles (SPV). Finance and international business constitute the largest sector of Bermuda's economy, and virtually all of this business takes place within the borders of Hamilton. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

44. Tranche - Example • *A bank transfers risk in its loan portfolio by entering into a credit default swap|default swap with a ring-fenced special purpose vehicle (SPV). https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

45. History of the euro - Reform • a temporary bail out mechanism was agreed and devised in the form of a Special purpose entity|special purpose vehicle (SPV) named European Financial Stability Facility (complemented by the European Financial Stabilisation Mechanism and funds form the International Monetary Fund), aiming at preserving financial stability in Europe by providing financial assistance to eurozone states in difficulty https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

46. Credit derivatives • If the credit derivative is entered into by a financial institution or a special purpose vehicle (SPV) and payments under the credit derivative are funded using securitization techniques, such that a debt obligation is issued by the financial institution or SPV to support these obligations, this is known as a funded credit derivative. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

47. European Financial Stability Facility • The 'European Financial Stability Facility' ('EFSF') is a special purpose vehicle financed by members of the eurozone to address the European sovereign-debt crisis https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

48. Public-private partnerships • Typically, a private sector consortium forms a special company called a special purpose vehicle (SPV) to develop, build, maintain and operate the asset for the contracted period.Zheng, J https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

49. Denmark and the euro - Consequences of a euro adoption • In the wake of the 2010 European sovereign debt crisis European leaders established the European Financial Stability Facility (EFSF) which is a special purpose vehicle[http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ecofin/114324.pdf] The Council and the member states decided on a comprehensive package of measures to preserve financial stability in Europe, including a European financial stabilisation mechanism, with a total volume of up to EUR 500 billion https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html

50. Collateralized fund obligation - Basic Structure of a CFO • Generally, money is allocated into several different tranches by investors based on priority. A tranche is described as a security that can be divided in to small portions and then sold in those portions to an investor. From the tranches the funds are then invested into a special purpose vehicle (SPV). SPVs are developed solely for the purpose of a CFO. https://store.theartofservice.com/the-special-purpose-vehicle-toolkit.html