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pegno o cessione di credito

English translation: pledge or transfer of debts/grant of credit

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Italian term or phrase:pegno o cessione di credito
English translation:pledge or transfer of debts/grant of credit
Entered by: John Mifsud
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15:15 Nov 2, 2008
Italian to English translations [PRO]
Bus/Financial - Finance (general)
Italian term or phrase: pegno o cessione di credito
The term comes from article 3 (essentially a deeming provision) of Decreto-legge 155/2008, part of the Italian bank rescue package:

qualora, al fine di soddisfare esigenze di liquidità, la Banca d'Italia eroghi finanziamenti che siano garantiti mediante pegno o cessione di credito, la garanzia si intende prestata, con effetto nei confronti del debitore e dei terzi aventi causa, all’atto della sottoscrizione del contratto di garanzia finanziaria
John Mifsud
Malta
Local time: 21:22
pledge or granting credit (grant of credit)
Explanation:
Hi Mifsud, "grant of credit" if it suits the style.
A pledge would be collateral, you pledge your house in return for a loan to buy it: a mortgage. In banking "cessione di credito"immediately suggests" the sale of debts, where a lender transfers loans to another investor who pays for them. Clearly not the case here. I would say this is just a simple bank (of Italy) credit line. The bank is just granting credit (you can borrow from me if you want, but I'm not pledging any collateral just giving my word, as in a letter of credit) just as a credit card grants credit.

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Note added at 14 hrs (2008-11-03 05:36:20 GMT)
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Yes you are right, in the morning it is all very clear. I was reading in terms of a guarantee given by the central bank last night.

"Pledge or transfer of debt."
A bank can borrow from the Central Bank, but must pledge or sell/transfer something in return (sell and repurchase agreement, perhaps). What it will sell/transfer is very often securitised mortgage loans, which is debt in the form of a security. I was reading it back to front last night.
However, the "cessione" as a "garanzia" is unusual. Central banks are buying debt (mortgages) which nobody else will or accepting it as security/collateral against loans.
Selected response from:

James (Jim) Davis
Seychelles
Local time: 23:22
Grading comment
Jim thanks for your reasoned response. I've glossed with alternatives for "cessione di credito", since the meaning will clearly depend on context.
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +2through pledging or transfer of credit
annpollak
4 +1pledge or granting credit (grant of credit)
James (Jim) Davis


  

Answers


36 mins   confidence: Answerer confidence 5/5 peer agreement (net): +2
through pledging or transfer of credit


Explanation:
mediante pegno o cessione di credito = through the pledging or transfer of credit

annpollak
Italy
Local time: 21:22
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 122

Peer comments on this answer (and responses from the answerer)
agree  rossella mainardis
1 hr

agree  Leonardo Guerra
6 hrs
Login to enter a peer comment (or grade)

1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
pledge or granting credit (grant of credit)


Explanation:
Hi Mifsud, "grant of credit" if it suits the style.
A pledge would be collateral, you pledge your house in return for a loan to buy it: a mortgage. In banking "cessione di credito"immediately suggests" the sale of debts, where a lender transfers loans to another investor who pays for them. Clearly not the case here. I would say this is just a simple bank (of Italy) credit line. The bank is just granting credit (you can borrow from me if you want, but I'm not pledging any collateral just giving my word, as in a letter of credit) just as a credit card grants credit.

--------------------------------------------------
Note added at 14 hrs (2008-11-03 05:36:20 GMT)
--------------------------------------------------

Yes you are right, in the morning it is all very clear. I was reading in terms of a guarantee given by the central bank last night.

"Pledge or transfer of debt."
A bank can borrow from the Central Bank, but must pledge or sell/transfer something in return (sell and repurchase agreement, perhaps). What it will sell/transfer is very often securitised mortgage loans, which is debt in the form of a security. I was reading it back to front last night.
However, the "cessione" as a "garanzia" is unusual. Central banks are buying debt (mortgages) which nobody else will or accepting it as security/collateral against loans.

James (Jim) Davis
Seychelles
Local time: 23:22
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4482
Grading comment
Jim thanks for your reasoned response. I've glossed with alternatives for "cessione di credito", since the meaning will clearly depend on context.
Notes to answerer
Asker: Hi Jim, I'm not a banker, but this reads like the "cessione di credito" is another form of security, not an ordinary credit line. A special emergency arrangement in light of the banking crisis. Why do you think it is clearly not referring to a transfer of loans? I thought it might mean a "a transfer of debts"


Peer comments on this answer (and responses from the answerer)
agree  Brannigan: I agree with Jim:in this case "extra" credit is assigned to secure an existing credit line. The rescue package offers credit; it doesn't agree to take on debts. 'Pledge or credit assignment' would work too
16 hrs
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