Berlin was a fitting setting for EuroCatalyst 2004, and the Ritz Carlton Berlin, the perfect venue.
The first day of workshops kicked off the event with a bang (!), with delegates struggling to decide which special forum to attend: NPL or servicing without borders? Tools to gain the competitive edge or whole loan sales and trades? Meant to be informal in the typical EuroCatalyst fashion, the workshops ran close to schedule. The afternoon coffee break was spectacular, as all of the breaks were -- the Ritz Carlton really did an amazing job of meeting the needs of everyone there (did you meet Mirko, the ever-attentive Ritz Carlton attendant who seemed to be omnipresent, in all places at once, assisting attendees on the conference floor).
In the evening, at the Tipi das Zelt a short bus-ride away, participants were treated to a spectacular Gala Dinner sponsored by the VDH. After the EuroCatalyst Awards Ceremony during dessert, jazz sensation Stacey Kent and her husband, the equally impressive Jim Tomlinson, kept the audience spellbound for a two-hour private concert sponsored by EuroCatalyst. (We'd like to thank Stacey for dedicating two songs for us: "They can't take that away from me" and "You're the top".) For those of you who weren't able to make it, we're sad to report that alas, Louis Hagen failed to live up to his memorable dance performance of 2003 and kept his on-stage appearance to a gracious speech welcoming everyone to Berlin. (Perhaps he was leaving his singing and dancing to the launch of the European Covered Bond Council in November).
Day 2 kicked off with a multimedia presentation looking back at memories from EuroCatalyst 2002 and 2003, and a short video address to the audience by Michael Coogan of the Council of Mortgage Lenders. Michael explained his noticeable absence and reassured the participants that he will be back next year. The first session of the day, Repositioning the Role of Mortgage Lending, saw EuroCatalyst luminaries Dr. Michael Lea, Alexander Batchvarov, Matthew Sebag-Montefiore and Achim Duebel take the stage in turns to present high-level views of growth and opportunity throughout European mortgage markets. The session ended with an outstanding presentation on innovation from this year's Intellectual Catalyst, Alex Pollock of the American Enterprise Institute, who ironically enough ended his presentation with a quote from Freeman Dyson, father of EuroCatalyst 2002 Intellectual Catalyst Esther Dyson.
Will Ross (one of ABN AMRO's Bonanza Brothers: same father, different mothers), a life-sized cutout of Michael in tow, led the audience through a morning of blueprints -- from funding to integration. In the funding session, we were presented for the first time with an analysis of all options for optimising the mortgage funding process of any institution. No one could forget Kris Wulteputte's structured finance plea: "Don't take away my funding DNA!"
Unfortunately, Patrick Pearson of the European Commission fell victim to a cancelled flight from Brussels and couldn't make it in time for the integration session, but Bill Eldridge of Barclays stepped in to provide the perfect soundtrack for Patrick's PowerPoint pictures.
The afternoon was heralded by a familiar tune, the yodelling wail of "The Lion Sleeps Tonight." Led by Sam Theodore of Moody's, Michael Zlotnik of S&P and Jean-Louis Bravard of EDS, the session addressed the myths and realities, changes and challenges of cross-border consolidation in European banking and financial services with an eye toward its impact on European mortgage markets. The German session, led by Horst Bertram of FitchRatings, was as colorful, informative and evasive as always. We all held our breaths waiting for someone to acknowledge the advantageous zero-percent risk weighting enjoyed by KfW, but alas, were left rather short of breath (TSI and KfW repeatedly popped up in the interactivity logs, though).
The UK side thoroughly educated and entertained, with host/manger Adrian Coles keeping the discussion flowing as only he can ("excellent moderation and panel" read one interactive comment). Adrian was joined on stage by strikers Matthew Wyles, Tim Skeet and Jeremy Wood, midfielders Ray Boulger and Simon Hinshelwood, and a strong back two of Stuart Jennings and substitute Salim Nathoo.
Though not an official session offering on the Day, the Pfandbrief popped up all over the place, from the funding sessions to Germany to the UK. At the EuroCatalyst IN FOCUS event on Nordic covered bonds in June, the assembled participants dubbed Finland's product the "Pfinnbrief". At EC 2004, Toni Moss suggested that we all call the UK's structured covered bond the "Pfunbrief".
The day closed with Adrian and Michael Lea hosting the third annual EuroCatalyst Champagne Challenge, sponsored for the second straight year by PMI Europe. After short presentations by Rob Thomas of EMFA and Alex Pollock, the audience and panel debated the pros and cons of GSEs in Europe and GSEs in the United States (and whether European policymakers even care about housing finance). As was the case in 2002 and 2003, watches and clocks were put away, and the debate was allowed to carry on into the early evening hours. Only when most of the audience realised that they'd miss out on the numerous sponsored dinners held about town did the discussion break up. Overall, the panellists were gentlemen; no blood was drawn. And despite gallant efforts by the GSE side (Rob, Jean-Michel Beacco of Calyon and Prof. Luiz Beleza of Millennium BCP), the audience, by an overwhelming majority, still concluded that Europe doesn't need GSEs -- only 21 percent felt that yes, perhaps we could do with a GSE-style entity here in Europe -- and that the US should privatise theirs.
Day 3 started off with a focus on risk. Matthew Sebag-Montefiore helped wash out any tired, bloodshot eyes in the audience with a stirring look at risk across Europe. Alexandra Sleator, looking shaken, not stirred, opened the covered bond "sessions", hosting a lively discussion on defining and differentiating covered bonds against a fitting backdrop in the form of a Roy Lichtenstein likeness. Tim Skeet, looking as sharp as ever in his mid-morning 007 tuxedo, closed the sessions by grilling our investor panellists AND Toni Moss and Louis Hagen on why we should care about covered bonds (Dr. Hagen credited EuroCatalyst for bringing European mortgage markets to the fore).
In the afternoon, regional market sessions prevailed, with the Dutch proudly displaying their orange telephone. Fanny Borgström flew in for the afternoon to assist the Swedes and the Danes in their session, while Juan Pablo Soriano led the Spaniards in an open, PowerPoint-free discussion on the state of the market in Spain. The Italians, championed by the charming Giuliano Giovannetti, were eloquent, while the Central and Eastern European session, hosted by Barbara Hewson and Pam Hedstrom, captured the attention of most of the remaining crowds.
Ted Lord, in one of the best sessions of the entire event, engaged in a one-on-one with Toni Moss. He took the faithful on a trip around the globe, looking at how the global investor base for covered bonds is shaping up. He prefers flour over corn, black over white and Kerry over Bush (Toni tricked him into that one). We'll definitely keep this session on the cards for next year, though we'll move it to an earlier time slot.
After thanking everyone and wishing them a safe trip home, Team EuroCatalyst packed up their bags, cleaned up their mess, rescued missing cell phones and took the long way home, driving back to the Netherlands via Dresden and Prague.
Again, we thank everyone for helping to make EuroCatalyst 2004 the greatest success yet. All of whom attended should have already received an e-mail outlining how and where to download presentations from the event. We'll also be updating this website with photos and information on how to purchase footage from the event in November, so visit us often!
CLICK HERE TO VIEW THE PROGRAM ONLINE
eurocatalyst: an independent and neutral, peer-to-peer think-tank focused on commercial realities of european mortgage markets
Four years ago we set out to raise the calibre of discussion surrounding these issues and move the dialogue from a national to a pan-European basis, centering the discussion around the very real context of globalisation - however it is defined. We chose the most interesting, innovative and influential people and their firms to join us in what has now become a collective platform operating behind-the-scenes throughout the year and culminating publicly in our annual event.
The annual EuroCatalyst event is a highly unique peer-to-peer think tank for firms in European mortgage lending, housing finance and related fixed-income investments. Neutral and independent, it provides a year-round forum in which the most important issues facing mortgage lenders, issuers and investors can be discussed in an evolving dialogue that defines the directions in which markets are heading.Through interactive discussion on the commercial realities of Europe's national mortgage markets, we address the most pressing issues, identify solutions, drive markets toward best products and practices and ultimately accelerate the development of a pan-European mortgage industry which can compete effectively in global capital markets.
The annual EuroCatalyst event fundamentally redefines the nature and purpose for which events are created: to exchange and promote ideas, build relationships and accelerate deal flow. It is distinguished from all others through its incomparable content, creative programming and staging, high-tech interactivity and most importantly, the collective contribution from its high-profile and loyal partners and participants.
Since its inception in 2002 the EuroCatalyst event has provided the framework and support for some of the most ground-breaking innovations in European markets to date.
The EuroCatalyst event was the first and still is the only European event to discuss the entire mortgage value chain of markets across Europe. Unlike some professional conference organisers that have moved into this space recently, EuroCatalyst is organised by people from within the industry who have a full understanding of the commercial realities facing players in the market.
For further information about EuroCatalyst or EuroCatalyst 2005, please contact us at info@eurocatalyst.com. Stay tuned for updates on EuroCatalyst 2005!
