BMG’s notional Cash Pool Synthetic Hedging：BMG的名义现金池的和合成的套期保值.pptVIP

* Cash Pooling - Is it right for your company? Gather Data Do a feasibility study – make a case to management via a cost/benefit analysis Define an effective solution – work closely with corporate tax and legal advisors (physical/notional or both, Cash Pool leader, pool margins, countries, etc) Analyze Tax and Regulatory aspects Review each country’s jurisdiction specific rules Negotiate fixed Cash Pool fees with provider Obtain Crucial “Buy-In” From global operations Step-by-step Implementation – account set-up, legal documentation, set authorities, define processes for participants Manage from a central location (USA, Europe) * Feasibility Study Required Information: Balances (debit credit) for a representative period (e.g. 1 month) of a selected group of companies For all accounts (local and foreign currency) including local bank interest conditions Working capital loans you would like to dismantle Local credit lines and cost thereof Local deposits with 3rd party banks * Cash Pooling - High Level Summary A centralized Treasury fosters: Global adoption of standardized policies and procedures A common approach towards global liquidity management A sound foundation that enables the implementation of a robust global Cash Pool product Global Cash Pool enables: Aggregation of different currencies from different countries into one common currency Cash in excess of working capital at the in-country level to no longer remain “trapped” or subject to local investment/borrowing vehicles Short term funding in the currency of choice without the traditional reliance of inter-company loan structures Global Liquidity Management - Netting * Objectives Add discipline to intercompany settlement process Reduce the number of intercompany flows to reduce FX and transfer cost one monthly settlement per group company Reduce/avoid cut off time and value dating issues guaranteed settlement with proper value date Improve and simplify the monthly reconcil