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• W21245383 abstract "INTRODUCTION (1) The perspective of the Basel 2 implementation has encouraged banks to conduct a number of studies on the impact that new rules will have on credit management, according to the specific characteristics of the lender (Carretta & Gibilaro, 2005). With regard to Italian Cooperative Banks (hereinafter BCCs), studies tend to highlight the opportunities related to the use of complex credit management tools for internal management purposes (Cesarini & Trillo, 2004), as well as the limitations related to the assessment of the value of the relationship between customer and bank (Comana, 2003). Available studies on credit management for BCCs focus on the characteristics of this type of bank, such as size, type of customer base and field of activity, showing how its specificity can affect the riskiness of its loan portfolio (Ferri & Di Salvo, 1994). In detail, the evidence provided attempts to prove the greater capacity of these banks to select and monitor their borrowers, compared to the banking system as a whole. This paper focuses on the phase subsequent to borrower default, with the aim of assessing whether the special nature of these banks is also reflected in the effectiveness of the debt recovery process. Therefore, the analysis is aimed at assessing the significance of the characteristics of the BCCs, with respect to another driver of the expected credit loss, with a view to highlighting if the differences proposed in the relevant literature--in terms of the probability of insolvency--are consistent with the differences reported in terms of the effectiveness of the recovery process, or if the two risk factors offset each other. By examining the Italian market, the paper underscores the considerable differences featured by these banks, in respect of loss given default (hereinafter LGD), compared to the national average, and shortlists several common characteristics shared by the BCCs, which, in the time horizon considered, implement more effective recovery processes. The first section of the paper features a review of the relevant literature, aimed at highlighting the factors affecting the effectiveness of the recovery process (paragraph 2.1), and the distinctive characteristics of BCCs capable of influencing insolvency management (paragraph 2.2). Section 2 is dedicated to an empirical analysis of the Italian market in order to identify the differences between the recovery processes put into place by the BCCs and the average of the banking system as a whole (paragraph 3.1) and to highlight the characteristics of the banks determining their greater or lesser success in the recovery process itself (paragraph 3.2). The last paragraph features some brief conclusions (paragraph 4) LITERATURE REVIEW Variables Relevant For Assessing The Effectiveness Of The Recovery Process The study of the debt recovery processes resulting from borrower default, even in the more developed financial markets, usually highlights a success rate below the amount of initial exposure and, therefore, the role played by the LGD in determining the overall credit risk should not be ignored (Covitz & Han, 2004). The portfolio characteristics capable of affecting the LGD can be either specific, with respect to the characteristics of the individual credit exposures, or general (Resti & Sironi, 2005). The former primarily comprise factors such as the characteristics of the borrower, various aspects of the loan relationship and the distinctive features of the loan contract (Grunert & Weber, 2005), while the latter comprise the (actual or financial) macroeconomic variables approximating the economic cycle (Trauck, Harpainter & Rachev, 2005). The significance of these factors with respect to credit default and, consequently, recovery rates, ultimately depends on the characteristics of the lender implementing the debt recovery process (Salas & Saurina, 2002). …" @default.
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• W21245383 title "Characteristics of the Recovery Process for Small Financial Intermediaries: the case of Italian Cooperative Banks" @default.
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