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Á¦ 1 Àý ºÎµ¿»ê ½ÃÀå°ú ºÎµ¿»ê±ÝÀ¶ ½ÃÀå ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ 3
Á¦ 2 Àý ºÎµ¿»ê±ÝÀ¶°ú ºÎµ¿»ê±ÝÀ¶ °ü·Ã ¹ý±Ô ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ 7
¥°. ºÎµ¿»ê±ÝÀ¶ÀÇ ¹üÀ§ ..................................................................................... 7
¥±. ±¸Á¶È ±ÝÀ¶À¸·Î¼ ºÎµ¿»ê±ÝÀ¶.................................................................. 8
1. Ư¼ö¸ñÀû±â±¸(special purpose vehicle: SPV) .................................................... 9
2. ±¸Á¶È ±ÝÀ¶°ú ÁÖ¿ä ¹ýÀû ÀïÁ¡ ................................................................ 9
3. ±¸Á¶È ±ÝÀ¶°ú ¼¼Á¦ÇýÅÃ......................................................................... 12
4. ±¸Á¶È ±ÝÀ¶°ú ±âŸ Ư·Ê ...................................................................... 13
5. ±¸Á¶È ±ÝÀ¶°ú ºÎµ¿»ê°³¹ß±ÝÀ¶ .............................................................. 13
¥². ºÎµ¿»ê±ÝÀ¶ °ü·Ã ¹ý±ÔÀÇ ¹üÀ§ ................................................................. 14
1. ºÎµ¿»ê °ü·Ã ¹ý±ÔÀÇ ¹üÀ§ ....................................................................... 15
2. ºÎµ¿»ê±ÝÀ¶ °ü·Ã ¹ý±ÔÀÇ ¹üÀ§ ................................................................ 15
¥³. ºÎµ¿»ê±ÝÀ¶ °ü·Ã ¹ý±ÔÀÇ ±¸ºÐ ................................................................. 16
Á¦ 2 Àå ºÎµ¿»ê ÇÁ·ÎÁ§Æ®±ÝÀ¶(Project Financing)
Á¦ 1 Àý ÇÁ·ÎÁ§Æ®±ÝÀ¶(Project Financing) °³°ü ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ 21 ¥°.
°³ ³ä ................................................................................................... 21
¥±. Ư ¡ ................................................................................................... 22
1. µ¶¸³µÈ ÇÁ·ÎÁ§Æ®¹ýÀÎ(½ÃÇàȸ»ç) ¼³¸³: ºñ¼Ò±¸(ÞªáÏÏ´)(non-recourse) ³»Áö Á¦ÇÑÀû ¼Ò±¸(limited recourse) ¹æ½ÄÀÇ ±ÝÀ¶ .............................................. 22
2. ÀûÀýÇÑ À§Çè ¹èºÐ ................................................................................... 22
3. ´ëÃâÀÚÀÇ °ü¸® ¹× °¨µ¶ .......................................................................... 22
4. Àü¹®Àû ±ÝÀ¶ÁÖ°ü»ç(manager) ................................................................. 23
¥². ÇÁ·ÎÁ§Æ®±ÝÀ¶(Project Finance)ÀÇ ÀϹÝÀû ÀýÂ÷ ............................................. 23
¥³. ÇÁ·ÎÁ§Æ®±ÝÀ¶ÀÇ ÀϹÝÀû ±¸Á¶ ¹× ÁÖ¿ä ´ç»çÀÚ........................................ 24
1. »ç¾÷ÁÖ(sponsor) ...................................................................................... 24
2. ÇÁ·ÎÁ§Æ®È¸»ç(project company).................................................................. 24
3. Á¤ºÎ(government) .................................................................................... 26
4. Á¦Ç° ¶Ç´Â ¿ë¿ª ±¸¸ÅÀÚ(off-taker)............................................................. 26
5. ¿øÀÚÀç °ø±ÞÀÚ(supplier) .......................................................................... 26
6. »ç¾÷ ¿î¿µÀÚ(operator) ............................................................................. 27
7. ½Ã°ø»ç(contractor) ................................................................................... 27
8. ±ÝÀ¶±â°ü(financial institutions) .................................................................. 27
9. º¸Çèȸ»ç(insurer) .................................................................................... 27
10. ÇÁ·ÎÁ§Æ®±ÝÀ¶ÀÇ ±¸Á¶¿Í °è¾à .................................................................. 27
¥´. ÇÁ·ÎÁ§Æ®±ÝÀ¶ °ü·Ã À§Çè°ú À§Çè °ü¸® .................................................... 30
Á¦ 2 Àý ºÎµ¿»ê ÇÁ·ÎÁ§Æ®±ÝÀ¶ ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ 31
¥°. ºÎµ¿»ê°³¹ß»ç¾÷°ú (´Ü°èº°) ÁÖ¿ä ¹ýÀû ÀïÁ¡ ............................................. 31
1. ºÎµ¿»ê°³¹ß»ç¾÷ÀÇ Á¤ÀÇ ......................................................................... 31
2. ºÎµ¿»ê°³¹ß»ç¾÷ÀÇ Á¾·ù ......................................................................... 32
3. ºÎµ¿»ê°³¹ß ÁÖ¿ä´Ü°è ............................................................................ 33
4. ±¹³» ºÎµ¿»ê°³¹ß»ç¾÷(ºÎµ¿»ê PF Æ÷ÇÔ)ÀÇ °è¾à ±¸Á¶ ................................... 34
5. ±¹³» ºÎµ¿»ê°³¹ß ´Ü°èº° ÁÖ¿ä ¹ýÀû ÀïÁ¡ ............................................... 37
¥±. ºÎµ¿»ê ÇÁ·ÎÁ§Æ®±ÝÀ¶°ú ä±Ç º¸Àü ¹æ¾È................................................. 65
1. ÃÑ ¼³ ............................................................................................... 65
2. ÀÎÀû ´ãº¸............................................................................................... 66
3. ¹°Àû ´ãº¸............................................................................................... 76
4. ±¹³» ºÎµ¿»ê ÇÁ·ÎÁ§Æ®±ÝÀ¶(PF) Á¦µµÀÇ °³¼± ¹æÇâ .................................. 87
¥². ¡¸¹ýÀμ¼¹ý¡¹»óÀÇ ÇÁ·ÎÁ§Æ®±ÝÀ¶ÅõÀÚȸ»ç(PFV)¸¦ ÀÌ¿ëÇÑ ºÎµ¿»ê±ÝÀ¶ ....... 98
1. ¿¬ Çõ ............................................................................................... 98
2.¡¸¹ýÀμ¼¹ý¡¹»óÀÇ ÇÁ·ÎÁ§Æ®±ÝÀ¶ÅõÀÚȸ»ç(PFV)ÀÇ ¿ä°Ç ............................100
3. ÇÁ·ÎÁ§Æ®±ÝÀ¶ÅõÀÚȸ»ç¿¡ ´ëÇÑ ¼¼Á¦ ÇýÅà ..............................................111
4. °ü·Ã ¹ýÀû ÀïÁ¡ ºÐ¼®..............................................................................114
5. ÇâÈÄ °úÁ¦..............................................................................................125
6. °ø¸ðÇü ºÎµ¿»ê °³¹ß »ç¾÷ ÇÁ·ÎÁ§Æ®±ÝÀ¶ ................................................127
¥³. ¡¸»çȸ±â¹Ý½Ã¼³¿¡ ´ëÇÑ ¹Î°£ÅõÀÚ¹ý¡¹¿¡ µû¸¥ ÇÁ·ÎÁ§Æ®±ÝÀ¶ ¹æ½ÄÀÇ
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1. ÀÇ ÀÇ ..............................................................................................138
2. ¿¬ Çõ ..............................................................................................139
3. ¹Î°£ÅõÀÚ»ç¾÷ÀÇ ½ÃÇà ¹æ½Ä ....................................................................141
4. ¹Î°£ÅõÀÚ»ç¾÷ÀÇ ÃßÁø ¹æ½Ä ....................................................................144
5. »çȸ±â¹Ý½Ã¼³»ç¾÷ ÇÁ·ÎÁ§Æ®±ÝÀ¶ÀÇ ±¸Á¶ ¹× ÁÖ¿ä °ü·Ã °è¾à ..................146
6. »çȸ±â¹Ý½Ã¼³ÅõÀ¶ÀÚÁýÇÕÅõÀڱⱸ .......................................................151
7. »çȸ±â¹Ý½Ã¼³»ç¾÷ ÇÁ·ÎÁ§Æ®±ÝÀ¶ÀÇ ´ãº¸¿Í ½Å¿ë º¸° ¼ö´Ü ...................167
8. ¹Î°£ÅõÀÚ»ç¾÷ È°¼ºÈ ¹æ¾È ....................................................................179
Á¦ 3 Àå ºÎµ¿»ê½ÅŹ
Á¦ 1 Àý ÃÑ ¼³ ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ 183
¥°. ±¹³» ½ÅŹ °ü·Ã ¹ýÁ¦ÀÇ ¿¬Çõ ..................................................................183
¥±. ½ÅŹÀç»êº° ¼öŹ°í ..................................................................................185
¥². ½ÅŹÀÇ À¯Çü ..............................................................................................185
¥³. ½ÅŹÀÇ ¹ýÁ¦µµÀû ±â´É .............................................................................186
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¥°. ½ÅŹÀÇ Á¤ÀÇ .............................................................................................187
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1. ÅõÀÚ½ÅŹ ..............................................................................................188
2. ½ÅŹ °ü·Ã ±¹³»¹ýÀÇ ±âº»Àû ÀÌÇØ...........................................................190
¥². °³Á¤ ¡¸½ÅŹ¹ý¡¹ ...........................................................................................199
1. ÁÖ¿ä ³»¿ë°ú Ư¡ ..................................................................................199
2. ÁÖ¿ä ¹ýÀû ÀïÁ¡ .....................................................................................204
Á¦ 3 Àý ºÎµ¿»ê½ÅŹ ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ 243
¥°. ºÎµ¿»ê½ÅŹÀÇ ¼³Á¤ ..................................................................................243
¥±. ºÎµ¿»ê½ÅŹÀÇ À¯Çü ..................................................................................243
1. ÅäÁö(°³¹ß)½ÅŹ ......................................................................................243
2. ´ãº¸½ÅŹ ..............................................................................................248
3. ºÐ¾ç°ü¸®½ÅŹ ........................................................................................264
4. óºÐ½ÅŹ ...............................................................................................265
5. °ü¸®½ÅŹ ..............................................................................................266
6. ´ë¸®»ç¹« ..............................................................................................268
¥². Á¤ºñ»ç¾÷°ú ½ÅŹ ......................................................................................269
1. ¿¬Çõ ......................................................................................................269
2. Á¤ºñ»ç¾÷º° ½ÅŹ¾÷ÀÚÀÇ Âü¿© ÀÚ°Ý .......................................................270
¥³. ºÎµ¿»ê½ÅŹ °ü·Ã ÁÖ¿ä ¹ýÀû ÀïÁ¡ ...........................................................270
1. ½ÅŹÁ¾·á¿¡ µû¸¥ ºÐ¾çÀÚ ÁöÀ§ ½Â°è¿Í ÇÏÀڴ㺸åÀÓÀÇ ¸éÃ¥Àû ½Â°è .....270
2. ºÐ¾ç¹ÞÀº ÀÚÀÇ ºÐ¾ç´ë±Ý¹Ýȯû±¸ ´ë»ó ................................................271
3. ½ÅŹÅäÁöÀÇ Áö¸ñ º¯°æ¿¡ µû¸¥ ¼öÀÍ Áõ°¡·Î ÀÎÇÑ °£ÁÖÃëµæ¼¼
³³ºÎÁÖü ¹®Á¦(½ÅŹÀç»êÀÇ ¹üÀ§) ............................................................... 274
4. ½ÅŹ¿øºÎÀÇ ´ëÇ×·Â ...............................................................................274
5. ºÎµ¿»ê¼ÒÀ¯±ÇÀÌÀüµî±âû±¸±Ç ½ÅŹ ......................................................275
6. ¹Ìµî±â °Ç¹°°ú ½ÅŹ ..............................................................................278
7. ÁýÇհǹ°ÀÇ ´ëÁö¸¸¿¡ ´ëÇÑ ºÎµ¿»ê´ãº¸½ÅŹ ¼³Á¤ÀÇ À¯È¿¼º ...................278
8. ¼öÀͱÇÀÇ ¾çµµ Á¦ÇÑÀº °¡´ÉÇÑ°¡ ..........................................................279
Á¦ 4 Àå Áõ±ÇÈ(Securitization)¸¦ ÅëÇÑ ºÎµ¿»ê±ÝÀ¶(¥°)
- ÀÚ»êÀ¯µ¿È¸¦ ÀÌ¿ëÇÑ ºÎµ¿»ê±ÝÀ¶
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¥°. ÀÚ»êÀ¯µ¿È °³°ü ......................................................................................283
1. °³ ³ä ..............................................................................................283
2. Ư ¼º .............................................................................................283
3. Àå ´Ü Á¡ ...............................................................................................284
4. ÀÚ»êÀ¯µ¿È °ü·Ã ¹ý·É ...........................................................................284
¥±. ÀÚ»êÀ¯µ¿ÈÀÇ À¯Çü ..................................................................................287
¥². ±âº» ¿ë¾î .................................................................................................289
1. À¯µ¿ÈÀÚ»ê ...........................................................................................289
2. À¯µ¿ÈÁõ±Ç ...........................................................................................289
3. À¯µ¿ÈÀü¹®È¸»ç ....................................................................................291
¥³. ÀÚ»êÀ¯µ¿ÈÀÇ Âü¿©ÀÚ...............................................................................293
1. Àڻ꺸À¯ÀÚ ...........................................................................................293
2. ÀÚ»ê°ü¸®ÀÚ ...........................................................................................295
3. ¾÷¹«¼öŹÀÚ ...........................................................................................295
4. ±âŸ Âü¿©ÀÚ ..........................................................................................296
5. À¯µ¿È Àü¾÷ ¿Ü±¹¹ýÀÎ ..........................................................................296
¥´. ÀÚ»êÀ¯µ¿È¿¡ ´ëÇÑ Æ¯·Ê .........................................................................297
1. ÀÚ»ê ÀÌÀü ÀýÂ÷ÀÇ °£¼ÒÈ Æ¯·Ê ..............................................................298
2. ÀÚ»ê ÀÌÀü ºñ¿ëÀÇ Àý°¨ ..........................................................................299
3. ¾ÈÁ¤¼º µµ¸ð: Àڻ꺸À¯ÀÚ µîÀÇ µµ»ê À§ÇèÀÇ Á¦°Å ¶Ç´Â ÃÖ¼Òȸ¦ À§ÇÑ Æ¯·Ê..................................................................................................... 301
4. ±âŸ Ư·Ê..............................................................................................302
¥µ. ¸Å¸ÅÇü ÀÚ»êÀ¯µ¿È ..................................................................................303
1. ÀÇ ÀÇ ..............................................................................................303
2. ±âº» ±¸Á¶..............................................................................................303
3. ÀÚ»ê ¾çµµ .............................................................................................304
4. ½Ç¹«»óÀÇ ±ÔÁ¦ ¹× Á¦ÇÑ .........................................................................311
¥¶. ½ÅŹÇü ÀÚ»êÀ¯µ¿È(À¯µ¿È½ÅŹ) .................................................................314
1. °³ ³ä ..............................................................................................314
2. À¯ Çü ..............................................................................................314
3. ½ÅŹÇü ÀÚ»êÀ¯µ¿È ±¸Á¶ÀÇ µîÀå ¹è°æ....................................................316
4. ½ÅŹȸ»ç(¼öŹÀÚ)¿Í °ü·ÃµÈ Ư·Ê ............................................................317
5. ¸Å¸ÅÇü ÀÚ»êÀ¯µ¿È¿Í ½ÅŹÇü ÀÚ»êÀ¯µ¿ÈÀÇ ºñ±³ ..................................319
6. ½ÅŹÇü ÀÚ»êÀ¯µ¿È¿Í °ü·ÃµÈ ¹ýÀû ÀïÁ¡ ...............................................321
¥·. ºÎµ¿»ê ÇÁ·ÎÁ§Æ®±ÝÀ¶(PF) ´ëÃâä±ÇÀÇ À¯µ¿È ........................................329
1. °³³ä ¹× ±¸Á¶ .........................................................................................329
2. ¹ýÀû ÀïÁ¡ÀÇ °ËÅä ..................................................................................330
¥¸. ºñÁ¤Çü(ºñµî·Ï) À¯µ¿È °Å·¡......................................................................331
1. Á¤Çü(µî·Ï) À¯µ¿È °Å·¡ÀÇ ÇÑ°è ..............................................................332
2. ºñÁ¤Çü(ºñµî·Ï) À¯µ¿È °Å·¡ÀÇ À¯Çü........................................................332
3. ÀÚ»ê´ãº¸ºÎ´ëÃâ(Asset-Backed Loan: ABL) °Å·¡ .......................................333
4. ÀÚ»êÀ¯µ¿È±â¾÷¾îÀ½(Asset-Backed Commercial Paper: ABCP) °Å·¡...........339
5. ºñÁ¤Çü(ºñµî·Ï) À¯µ¿È¿Í ¹ýÀÎ°Ý ºÎÀηÐ(ÛöìÑÌ« ÜúìãÖå)ÀÇ ÀïÁ¡ ...................351
6. ÀϺ»ÀÇ ºÎµ¿»ê Áõ±ÇÈ ±¸Á¶¿Í ½Ã»çÁ¡ ...................................................352
¥¹. À¯µ¿ÈÁõ±Ç ÅõÀÚÀÚ º¸È£¸¦ À§ÇÑ ½Å¿ë º¸° ¹æ¾È .................................356
1. °í·Á °¡´ÉÇÑ ¹æ¾È ..................................................................................356
2. À¯µ¿ÈÀڻ꿡 Áú±Ç ¶Ç´Â Àú´ç±ÇÀ» ¼³Á¤ÇÏ´Â ¹æ¹ý .................................356
3. À¯µ¿ÈÁõ±Ç ÀÚü¿¡ ´ãº¸¸¦ ºÎ°¡(ݾʥ)ÇÏ´Â ¹æ¾È ....................................358
4. ½ÅŹ¼öÀͱÇÀ» È°¿ëÇÏ´Â ¹æ¾È.................................................................359
5. À¯µ¿ÈÀü¹®È¸»ç ÃâÀÚÁöºÐ¿¡ Áú±ÇÀ» ¼³Á¤ÇÏ´Â ¹æ¾È...............................361
¥¹¥°. ÀÚ»êÀ¯µ¿È ½ÃÀå Á¦µµÀÇ °³¼± ¹æ¾È........................................................361
1. ¹è °æ ..............................................................................................361
2. Á¦µµ °³¼± ¹æ¾È......................................................................................361
3. ÇÕ¼º(ùêà÷)À¯µ¿È °Å·¡ Á¦µµÀÇ µµÀÔ ¹®Á¦ ................................................365
Á¦ 2 Àý ¡¸Çѱ¹ÁÖÅñÝÀ¶°ø»ç¹ý¡¹»óÀÇ ÁÖÅÃÀú´çä±Ç(óðÏí) À¯µ¿È¸¦ ÀÌ¿ëÇÑ
ºÎµ¿»ê±ÝÀ¶ ¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦¡¦ 378
¥°. ¿¬ Çõ ..................................................................................................378
¥±. ÁÖÅÃÀú´çÁõ±Ç(MBS) ½ÃÀå ..........................................................................381
1. µÎ ´Ü°èÀÇ ½ÃÀå: ÁÖÅô㺸´ëÃâ ½ÃÀå°ú ÁÖÅÃÀú´çä±Ç(óðÏí) À¯µ¿È ½ÃÀå ......381
2. ÁÖÅÃÀú´çä±Ç(óðÏí) À¯µ¿È ½ÃÀå: Á¦ 2 Â÷ ½ÃÀå(secondary market) .......... 382
¥². ¡¸Çѱ¹ÁÖÅñÝÀ¶°ø»ç¹ý¡¹¿¡ µû¸¥ ÁÖÅÃÀú´çä±ÇÀÇ À¯µ¿È¸¦ ÀÌ¿ëÇÑ ºÎµ¿»ê±ÝÀ¶ ...............................................................................................386
1. ¹ý Á¦Á¤ ¸ñÀû ........................................................................................386
2. ¿ë¾îÀÇ Á¤ÀÇ ..........................................................................................386
3. ÁÖÅÃÀú´çä±Ç(óðÏí)ÀÇ À¯µ¿È ±¸Á¶ .........................................................387
Á¦ 3 Àý ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Covered Bond)ÀÇ ¹ßÇàÀ» ÅëÇÑ ºÎµ¿»ê±ÝÀ¶ ¡¦¡¦ 395
¥°. ¿¬ Çõ ..................................................................................................395
¥±. °³³ä ¹× ¹ýÀû ¼º°Ý...................................................................................397
¥². ÀϹÝÀû ¿ä°Ç ¹× Ư¡ ...............................................................................398
1. ÀÌÁß»óȯû±¸±ÇºÎä±ÇÀÇ ¿ä°Ç ..............................................................398
2. ³·Àº À§Çè °¡ÁßÄ¡ ..................................................................................400
¥³. ÁÖ¿ä ÇØ¿Ü ÀÔ¹ý·Ê¿Í ½Ã»çÁ¡ ....................................................................401
1. µ¶ÀÏÀÇ ¡®¹ýÁ¤ ÀÌÁß»óȯû±¸±ÇºÎä±Ç¡¯ ...................................................401
2. ¿µ±¹ÀÇ ±¸Á¶È ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Structured Covered Bond)°ú
¹ýÁ¤ ÀÌÁß»óȯû±¸±ÇºÎä±Ç ................................................................ 405
3. ¹Ì±¹ÀÇ ÁÖÅô㺸´ëÃâ ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Residential Covered Bonds) ............417
4. ÁÖ¿ä EU 5°³±¹ÀÇ ¹ýÁ¤ ÀÌÁß»óȯû±¸±ÇºÎä±Ç ¹ýÁ¦ÀÇ ºñ±³ ..................424
¥´. ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Covered Bond) Á¦µµÀÇ ±¹³» µµÀÔ³íÀÇ .................431
1. ¹ý Á¦Á¤ Àü ±¹³» ±â°üÀÇ ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Covered Bond) ¹ßÇà »ç·Ê .......431
2. ÀÌÁß»óȯû±¸±ÇºÎä±Ç Á¦µµÀÇ ±¹³» µµÀÔ ³íÀÇ......................................440
¥µ. ¡¸ÀÌÁß»óȯû±¸±ÇºÎ ä±ÇÀÇ ¹ßÇà¿¡ °üÇÑ ¹ý·ü¡¹ÀÇ Á¦Á¤°ú ±× ÁÖ¿ä ³»¿ë....442
1. Á¦Á¤ ¹è°æ..............................................................................................442
2. ÀÌÁß»óȯä±Ç¹ýÀÇ °³°ü.........................................................................443
3. ÀÌÁß»óȯû±¸±ÇºÎ ä±ÇÀÇ ¹ßÇà .............................................................443
4. ÀÌÁß»óȯû±¸±ÇºÎ ä±ÇÀÇ µî·Ï .............................................................446
5. ±âÃÊÀÚ»êÁýÇÕÀÇ °ü¸® ............................................................................446
6. ¿ì¼±º¯Á¦±Ç ¹× ÀÌÁß»óȯû±¸±Ç .............................................................448
7. À§Çè°ü¸® ¹× °ø½Ã ..................................................................................451
8. ¹ßÇà±â°üÀÇ Ã¤¹«ÀÚ ±ÝÀ¶Á¤º¸ÀÇ Á¦°ø ....................................................452
9. ºÎ½Ç±ÝÀ¶±â°ü ÁöÁ¤ µî¿¡ °üÇÑ Æ¯·Ê .......................................................452
¥¶. ÀÌÁß»óȯû±¸±ÇºÎä±Ç(Covered Bond)°ú ´Ù¸¥ À¯»ç °³³ä°úÀÇ ºñ±³ ........453
1. ¹«º¸Áõ»çä(unsecured bond) ........................................................... 453
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