In view of the rapid growth and hidden risks of corporate credit in government financing platforms, the CBRC has put forward regulatory requirements: it is strictly forbidden to issue bundled loans, strictly investigate, evaluate, approve and lend money item by item, and it is not allowed to sign large-scale credit cooperation agreements with local governments without specific projects, and those that have been signed may not be implemented; Combined with the solvency of local governments, strengthen the evaluation and control of the repayment ability and loan risk of financing platforms; Generally, the term of the project loan shall not exceed the project construction period plus 65,438+05 years, and the longest term shall not exceed the project construction period plus 65,438+05 years; Bridge loan can only be used for non-productive projects, and it is strictly forbidden to issue bridge loan to productive projects; After the original planned funds are in place, the principal and interest of bridge loan shall be returned, and preferential interest rates shall not be given, nor shall they be occupied for a long time, nor shall they be used as project funds.
Legal basis:
Measures for the Administration of Loans from Local Government Financing Platforms of Commercial Banks Article 4 Local government financing platform loans refer to loans that take local government financing platforms as the main borrowers and are still managed according to platform loans because they do not have commercial operation conditions for the time being. (hereinafter referred to as platform loan)
What is a government investment and financing platform loan?
Government financing platform
The local government investment and financing platform refers to the companies set up by local governments at all levels with financing as the main business purpose, including different types of urban construction investment, urban construction development, urban construction assets companies and other enterprises (institutions) as legal persons, mainly taking operating income, public facilities fees and financial funds as repayment sources.
Loans (including all kinds of credit) issued by banking financial institutions to "local government financing platform companies" to support local economic development.
Local government financing platform companies refer to economic entities established by local governments and their departments or institutions, affiliated institutions, etc. Through financial allocation or injection of assets such as land and equity, it has the investment and financing function of government public welfare projects and has the qualification of independent enterprise legal person.
The so-called local financing platform refers to the establishment initiated by the local government, which can quickly package a company whose assets and cash flow can meet the financing standards by allocating assets such as land, equity, fees and national debt, supplemented by financial subsidies as repayment commitments when necessary, so as to achieve the purpose of undertaking various funds, and then apply the funds to municipal construction, public utilities and other projects with different fertility.
What is the difference between local government financing platform loans and general corporate loans?
20 10 July 30th
Notice on Implementing the Notice of the State Council on Strengthening the Management of Local Government Financing Platform Companies
FB [20 10] No.412
The finance departments (bureaus) of all provinces, autonomous regions, municipalities directly under the Central Government and cities under separate state planning, the development and reform commission, the Shanghai headquarters of the People's Bank of China, branches, business management departments, provincial capital city center branches, sub-provincial city center branches and banking regulatory bureaus:
In order to effectively implement the Notice of the State Council on Strengthening the Management of Local Government Financing Platform Companies (Guo Fa [2065 438+00] 19, hereinafter referred to as the Notice), relevant matters are hereby notified as follows:
First, pay close attention to cleaning up, verifying and properly handling the debts of financing platform companies.
Clearing and verifying the debts of financing platform companies is the premise of standardized management. The financing platform companies included in the scope of this clean-up and verification refer to the economic entities established by local governments, their departments and institutions, and their affiliated institutions. Through financial allocation or injection, as of June 30, 20 10, assets such as land and equity that have the investment and financing function of government public welfare projects and have independent legal personality, including various comprehensive investment companies. Such as construction investment companies, construction development companies, investment development companies, investment holding companies, investment development companies, investment group companies, state-owned assets operation companies, state-owned capital management centers, and industrial investment companies, such as transportation investment companies.
Liquidated and verified debt refers to the debt formed by the financing platform company through direct loan, default, guarantee, repurchase and other credit support as of June 30, 20 10.
After clearing and verifying, the debts of financing platform companies are classified according to the following principles: the debts borrowed by financing platform companies to undertake the construction and operation of public welfare projects and mainly repaid by financial funds; The financing platform company undertakes the construction and operation of public welfare projects, and the project itself has stable operating income, mainly relying on its own income to repay debts; Debt borrowed by financing platform companies to undertake the construction and operation of non-public welfare projects.
The "public welfare projects" in the Notice refer to government investment projects that serve the public interests, are not for profit, and cannot or should not be operated in a market-oriented manner, such as infrastructure projects such as municipal roads and public transportation, as well as public health, basic scientific research, compulsory education and affordable housing projects.
In the notice, "debts borrowed by financing platform companies to undertake public welfare projects and mainly repaid by financial funds" refers to the debts borrowed by financing platform companies to undertake public welfare projects, and it is determined that more than 70% (including 70%) of the repayment funds come from financial funds such as general budget funds, government fund budget income, state-owned capital operating budget income and extra-budgetary income according to the agreement, project nature or relevant policies. The above financial funds do not include the land use right transfer income that has been injected into the financing platform company, the land use right transfer income return obtained by undertaking the construction of government public welfare projects, vehicle tolls and other special fees.
The "project under construction" in the notice refers to the project that has been approved, examined and approved by the relevant investment authorities or put on record in accordance with the relevant regulations and has started construction as of June 30, 20 10. In order to avoid loss and waste and prevent "semi-finished" projects, follow-up funds for projects under construction should be properly arranged. "Unless otherwise stipulated by laws and the State Council, public welfare projects under construction whose repayment source mainly depends on financial funds shall not be financed by financing platform companies" means that public welfare projects under construction are financed in accordance with the Highway Law of People's Republic of China (PRC) and the Notice of the State Council on Strengthening the Management of State-owned Land Assets (Guo Fa [200 1] 15).
The "Prudent Credit Management Regulations" in the Notice refer to the relevant credit policies and management regulations issued by the People's Bank of China and the China Banking Regulatory Commission, as well as the bank's own credit management requirements, such as the Interim Measures for the Management of Fixed Assets Loans (CBRC Order No.2 of 2009), the Interim Measures for the Management of Working Capital Loans (CBRC Order No.20 20 10/0) and project financing.
In the notice, "local governments should clean up and properly dispose of projects that do not meet the above requirements as soon as possible" means that local governments should take measures such as rectification and termination to properly dispose of related projects according to the actual situation and the requirements of national industrial policies, land policies, environmental protection policies, prudent credit management regulations and macro-control policies. Banks may not issue new loans to projects that still do not meet the above requirements after rectification. If the loan risk mitigation measures of financing platform companies are not in place, measures such as full additional mortgage and pledge must be taken in accordance with relevant laws and regulations, otherwise banks cannot add loans.
"Opening each package" in the Notice refers to mapping each loan in the loan package to eligible projects one by one, and identifying the potential risks of the loan package. If there are compliance problems and risk problems, corresponding safety measures should be taken.
The "one-by-one inspection" in the Notice refers to checking the loans of financing platform companies one by one to find out the risks and problems existing in the loans from the aspects of borrowers, guarantors and loan management.
"Re-evaluation" in the notice refers to the re-evaluation of the compliance and feasibility of the project corresponding to the loan, the effectiveness of the project, the adequacy and sustainability of the repayment source, the reliability of the project funds, the rationality of the project financing demand and the authenticity of the use of the project funds to ensure that the project debt level matches the repayment level.
The "rectification and preservation" in the notice refers to the rectification and preservation measures taken in terms of system construction, project compliance, loan management, operation process, repayment source and mortgage guarantee. For the risks and problems found by self-inspection. Banks shall, in accordance with the principle of "standardized withdrawal and safe separation", manage the loans of financing platform companies with stable operating cash flow, full repayment of loan principal and interest, and in line with the operating nature of general commercial companies. For financing platform companies that have a certain operating cash flow and can partially repay the principal and interest of loans after cleaning up the regulations, banks should take rectification and preservation measures such as supplementing and perfecting contract procedures, adding borrowers and guarantors, and strengthening repayment constraints, and separate loans that meet the loan conditions of general companies from the loans of financing platform companies and incorporate them into the loan management of general companies.
Two. Rules for cleaning up financing platform companies
When cleaning up and standardizing financing platform companies, other financing platform companies with different types of financing functions, including state-owned asset operation companies, state-owned capital operation management centers and other types of financing platform companies established for financing government investment projects (including public welfare projects), which do not undertake specific project construction and project management functions and only have equity relations with their subsidiaries, should also be cleaned up and standardized in accordance with the prescribed principles.
In the notice, "undertaking the financing task of public welfare projects with stable operating income and mainly relying on self-owned income to repay debts" means that the financing platform company borrows money to undertake the financing task of public welfare projects, and more than 70% (including 70%) of the debt repayment funds come from the company's own income. In addition to the operating income of the project itself, the self-operated income of the financing platform company also includes other operating income, such as land transfer income and vehicle tolls that have been injected into the financing platform company.
In the notice, "If local governments really need to set up financing platform companies in the future, they should fully inject capital in strict accordance with relevant laws and regulations, and public welfare assets such as schools, hospitals and parks should not be injected into financing platform companies as capital" refers to the days after July +0 and 20 10 (including July 1 day) in 2065438; "Public welfare assets" refer to assets that serve the public interests and cannot or should not be realized according to relevant laws and regulations, such as schools, hospitals, parks, squares, office buildings of party and government organs and funded institutions, and cannot bring operational income's municipal roads, water conservancy facilities and non-toll pipe network facilities to infrastructure.
Three. Strengthen financing management of financing platform companies and credit management of banking financial institutions.
The financing and guarantee of the financing platform company shall strictly implement the relevant provisions in the Notice. The financing behavior of financing platform companies retained after cleaning up and integration must be standardized. The notice stipulates that "applying for loans from banking financial institutions must be implemented in the project, with the project legal person company as the loan undertaker", which means that the loan funds should be applied to the project itself, and the loan undertaker should be the market subject with independent civil liability. In the Notice, "loans shall not be issued without stable cash flow as the repayment source" means that financing platform companies and banking financial institutions without stable operating cash flow or reliable sources of debt repayment funds shall not issue loans.
Banking financial institutions should strictly regulate credit management and effectively strengthen risk identification and risk management. The project loan review process, procedures and authorized credit of banking financial institutions shall be strictly implemented in accordance with the commercial loan review standards, and credit management conditions shall not be relaxed. The "project" in the Notice that "new loans of financing platform companies should directly correspond to projects and strictly implement the national regulations on project capital" refers to projects that meet the requirements of the first part of the Notice, such as national industrial policies, land policies, environmental protection policies, prudent credit management regulations, and macro-control policies.
Four. Resolutely stop local governments from violating their guarantee commitments.
The "Notice" clarifies that local governments bear limited responsibilities to financing platform companies within the scope of capital contribution, so as to internalize the debt risks of financing platform companies. Since the date of issuance of the Notice, local governments have limited liability for new debts of financing platform companies only to the extent of capital contribution. If the debtor can't repay all the debts, the creditor should also bear the corresponding responsibilities.
In the Notice, "directly or indirectly providing guarantee for the financing platform company" includes but is not limited to the following forms: issuing a letter of guarantee for the financing behavior of the financing platform company; Commitment to provide liquidity support and temporary debt repayment funds when the financing platform company is in debt repayment difficulties; Commitment to bear part of the debt repayment liability when the financing platform company cannot repay the debt; Commitment to incorporate the debt repayment fund arrangement of financing platform companies into the government budget.
Verb (abbreviation of verb) strengthens organizational leadership and ensures the implementation of work.
The financial departments of the people's governments of all provinces (autonomous regions and municipalities) shall, jointly with the development and reform departments, branches of the People's Bank of China and agencies dispatched by the China Banking Regulatory Commission, formulate specific implementation plans, establish coordination mechanisms, equip full-time personnel, and strengthen the guidance and supervision of this work.
The financial departments of the people's governments of all provinces (autonomous regions and municipalities) shall submit the report on debt clearance and verification of local government financing platform companies to the Ministry of Finance before 20 10, and send a copy to the Development and Reform Commission, the People's Bank of China and the China Banking Regulatory Commission. The report shall be signed and sealed by the responsible persons of the people's governments of all provinces (autonomous regions and municipalities), including the following contents: the organization and implementation of debt clearing and verification of financing platform companies; Debt verification (including total debt, classification and grading, etc.). ); Special matters and explanations; Problems and policy suggestions, etc.
The Report on Strengthening the Management of Local Government Financing Platform Companies submitted by the people's governments of provinces (autonomous regions and municipalities) to the State Council before 201kloc-0/231according to the requirements of the Notice shall be signed and sealed by the heads of the people's governments of provinces (autonomous regions and municipalities), including the following contents: organization and implementation. Total debt, classification and grading, etc. ; Follow-up funding arrangements for projects under construction; Specific measures and effects of standardized management; Special matters and explanations; Problems and policy suggestions, etc.
Development and Reform Commission of Ministry of Finance China People's Bank China Banking Regulatory Commission
What is the "two rates and one quota" required for "local government financing platform loan"
First of all, understand what is a local government financing platform. The local government initiated the establishment. Through the allocation of land, equity, expenses, national debt and other assets, a company whose assets and cash flow can meet the financing standards was quickly packaged. When necessary, financial subsidies are supplemented as repayment commitments to achieve the purpose of undertaking various funds, and then the funds are applied to municipal construction, public utilities and other projects with different fertility. The loan he applied for from the bank is called a local government financing platform loan, with a ratio of two to two.
This concludes the introduction of the use of loans from local financing platforms and financing from local financing platforms. I wonder if you have found the information you need?