EuroCatalyst

EuroCatalyst 2003: Competition and convergence in European housing finance and fixed-income investment

Final program
DAY 1 Wednesday, 22 October 2003
Expanding the mortgage value chain

(Click here for the final program for Day 2)
(Click here for the final program for Day 3)

MORNING CHAIR / Michael Coogan, director general, Council of Mortgage Lenders
0830-0845: WELCOME TO EUROCATALYST 2003 / Opening welcome by Dr. Manuel Sebastião, director, Bank of Portugal
SESSION 1 0845-0930 [ballroom]	BOARD ROOM – CONVERGENCE IN THE EUROPEAN UNION: ECONOMIC UNITY, CAPITAL LIQUIDITY AND THE POTENTIAL FOR EUROPEAN MARKET DISLOCATION / Karin Lissakers, advisor to George Soros, Soros Fund Management (former United States Executive Director, Executive Board of the International Monetary Fund)
	The debate around globalisation has centred around the narrowly defined economic aspects of globalisation that strive to liberalise capital markets by eliminating regulations designed to stabilise flows of volatile money into and out of the country. This session looks at the overall dynamics and potential dislocation of mortgage markets inherent in the EU marketplace, from the new entry of the UK and EU accession countries into the Euro Zone as well as the possibility of countries under pressure to separate from the Euro Zone.

SESSION 2 0930-1030 [ballroom]	BOARD ROOM – PROGRESS REPORT FROM EUROPEAN COMMISSION FORUM GROUP ON MORTGAGE CREDIT / Panel
	On March 27th of this year members of the newly created European Commission Forum Group on Mortgage Credit met for the first time. The group is a 20-member panel tasked with identifying the main obstacles to the functioning of a true European mortgage credit market and formulating political recommendations to the Commission on the most appropriate ways to achieve an integrated market. The session focuses on members' progress to date and challenges that lie ahead. How to achieve a long-term collective vision for the European market, based on what priorities (funding, risk management, market efficiencies, administration costs) To what extent would market integration drive down costs for the overall markets? How will smaller markets gain economies of scale when limited by national market size and structures? Will mortgages become a pan-European asset class? What price gains could European lenders achieve through single market integration - and what might that do to national mortgage products? What impact will Basel II have on funding alternatives in markets without covered bond legislation
	PANEL	Michael Coogan, director general, Council of Mortgage Lenders Sacha Polverini, head of European regulatory affairs, GE Mortgage Insurance Achim Dübel, financial services consultant and policy analyst Bruno de Gasperis, head of credit and international department, Associazione Bancaria Italiana Matthew Sebag-Montefiore, director, Mercer Oliver Wyman
1030-1100: MORNING REFRESHMENT BREAK
SESSION 3 1100-1200 [ballroom]	BOARD ROOM – POLITICAL RISK, SELF-REGULATION AND ITS LIMITS / Peter Williams, deputy director general, Council of Mortgage Lenders
	As economies globalise, politics localize. Increased regulation is a natural reaction to external threats, and the constantly changing dynamics of the emerging European Union create a unique environment of hurdles and threats to existing and new lending strategies or products. This session takes a serious look at the political risk that lenders face among and within European markets through European lending directives including the Code of Conduct and Consumer Credit Directive. The following panel discussion combines European consumer advocates and lenders to discuss the balance between regulation, reason and commercial survival. Striking a balance between consumer protection and commercial sustainability: what is the correlation between government regulation and lender costs? Analysis of the arguments for new regulation Preview of upcoming legislation throughout national markets Which markets gain advantage from EU regulation and which markets are disadvantaged by it? An overview of current issues threatening national lending markets Impediments to the Consumer Credit Directive Which markets have the best balance between consumer fairness and lender-friendly regulation, which don't, and why How has the US "experiment" of consumer disclosure worked out to date: Measuring costs, effectiveness and success
	PANEL	Luke March, chief executive, Mortgage Code Compliance Board Kevin Ingram, partner, Clifford Chance Anthony Musacchio, director international development, AIG-United Guaranty
1200-1300: LUNCH
AFTERNOON CHAIR / Michael Coogan, director general, Council of Mortgage Lenders
SESSION 4 1300-1400 [ballroom]	BOARD ROOM – EVERYBODY WINS: TAILORING PRODUCTS TO MARKET DEMAND FOR PRIMARY AND SECONDARY MARKETS With the majority of European lenders competing in highly competitive and consolidated markets, new market growth and opportunities are directly related to lenders' ability to tailor products to market demand. Throughout Europe tailored products are being created up and down the credit curve, expanded into demographic niches and customized for specific borrower groups and profiles. This session presents the best examples of tailored products across European markets, covering the spectrum of increasing opportunities, cost and administration challenges, balance sheet complexities, liquidity factors and investor appetite for the most promising growth in European mortgage lending. Which markets need flexible mortgage products to promote market growth and why How are lenders moving forward with the expansion of flexible products in light of the Consumer Credit Directive? What is the cost/benefit ratio of pricing and administering flexible products How do flexible products ultimately affect the balance sheet? Why does sub-prime lending work in some markets, what others markets are missing the opportunity and who will be the players to exploit that niche? How is risk managed on subprime and flexible products? How will Basel II impact the sector? What is the investor appetite and liquidity conditions for subprime issuers, and how are specialised lenders standardizing or diversifying investor reporting?
	PANEL	S. Trezevant Moore, Jr., executive vice president, capital markets, Radian Guaranty Clive Wood, director of retail banking, HSBC Brian Kane, director, Structured Finance Ratings Group, Standard & Poor's Rob van den Berg, director, GMAC-RFC

SESSION 5 1400-1500 [ballroom]	BOARD ROOM – INTEGRATING PRIMARY AND SECONDARY MARKETS TOWARD A GLOBAL MORTGAGE INFRASTRUCTURE: THE BEST OF THE BEST IN GLOBAL MORTGAGE TECHNOLOGY Today's currencies are digital, with the role of banks centered more directly on managing information. Although technology is a commodity, the road to managing technology is not always well-paved, particularly in the mortgage lending sector. This session brings together the leading global players who best execute mortgage technology from Denmark to the United States, as well as those providing best-of-breed solutions for lenders. The session focuses on the ultimate question, who is creating systemic approaches to industry-wide problems?
	MODERATOR	Jean-Louis Bravard, EMEA managing director, EDS
	PRESENTERS	Johannes Luef, president and CEO, Værdipapircentralen A/S Richard Jones, chief information officer, Countrywide International
	PANELLISTS	Iain Wilcox, EMEA mortgage & lending consultant, Tower Technology Tammo van Leeuwen, international account director, Business Architects International
1500-1530: AFTERNOON REFRESHMENT BREAK

SESSION 6a 1530-1700 [ballroom]	REGIONAL MARKET – SPAIN and PORTUGAL	SESSION 6b 1530-1700 [Fernando Passoa Room]	REGIONAL MARKET – CENTRAL AND EASTERN EUROPE
	SESSION CHAIR (Portugal) Pedro Cassiano Santos, partner, Vieira de Almeida & Associados SESSION CHAIR (Spain) Juan Pablo Sorriano, director general, Moody's España		SESSION CHAIR Achim Dübel, economist
	PANELLISTS (Portugal) • José Ramón Torá, managing director, Standard & Poor's • Filomena Oliveira, general manager, Caixa Geral de Depósitos • José Luís Almeida, senior manager, BCP Investimento • Isabel Almeida, vice president, Banco Espírito Santo • Artur Gama, director adjunto, Montepio Geral • Lisa Macedo, analyst, Moody's Investors Service PANELLISTS (Spain) • Baralides Alberdi, economist • José Antonio Trujillo, executive chairman, InterMoney Titulización • Juan Fernández-Aceytuno, country manager -- Spain and Portugal, GE Mortgage Insurance • Rafael Garcés, head of credit markets, Caja Madrid • Santiago Ruiz-Morales, head of securitisation, Crédit Agricole Indosuez • Antonio Villacampa, senior associate, Uría & Menéndez		PANELLISTS • Otmar Stöcker, managing director, Verband deutscher Hypothekenbanken • Alicja Malecka, Malecka Capital Formations, Inc. • Loïc Chiquier, lead financial officer, financial sector development department, World Bank • Yaron Ernst, vice president, senior credit officer • Tomasz Klodowski, managing director - Poland, Stewart International
	OVERVIEW OF THE MARKET THE PRIMARY MARKET IN SPAIN AND PORTUGAL • Channel distribution and focus on developers and promoters • The role of asset managers in the Spanish market • Risk Management in the Spanish Market THE SECONDARY MARKET IN SPAIN AND PORTUGAL • Differences in SPV structures (STC vs. SPV) • Cedulas Hipotecarias • Portuguese RMBS • Specialisation in the Portuguese market		• Focus on EU Accession countries • New opportunities and development • Building the infrastructure • Central Europe's first cross-border securitisation

SESSION 7 1700-1800 [ballroom]	BOARD ROOM – CHAMPAGNE CHALLENGE: THE DEBATE CONTINUES . . . CONTRAST AND COMPARISON BETWEEN THE U.S. AND EUROPEAN MARKETS - WILL EUROPE EVER HAVE A SINGLE MARKET FOR MORTGAGE LENDING? Last year EuroCatalyst 2002 featured a new dialogue and debate between European and U.S. markets, focusing on the differences in market infrastructure and successful business models that work in European markets. Co-hosted by Adrian Coles and Dr. Michael Lea, this year we pick up where last year's dialogue left off.
CO-MODERATORS	Adrian Coles, director general, Building Societies Association Dr. Michael Lea, senior executive vice president, Countrywide Financial
PANEL	Bob van Order, former chief international economist, Freddie Mac Brian Kane, director, Structured Finance Ratings Group, Standard & Poors Tony Porter, executive managing director / chief operations officer, PMI Europe Eric Klesta, director of international corporate development and servicing, UCI Rob Thomas, project manager, EMFA

(Thursday, 23 October 2003)		© 2003 EuroCatalyst BV