커버드본드(Covered Bond) 제도의 개선방안- 「신탁법」의 개정 및 「동산․채권 등의 담보에 관한 법률」의 제정과 관련하여 -

Abstract

With increasing attention over the covered bond after the collapse of the Lehman Brothers in 2008, Kookmin Bank succeeded in issuing the first structured covered bond in May, 2009, and Korea Housing Finance Corporation succeeded in issuing the first statutory covered bond in July, 2010. Also, the 「Trust Act」 has been completely revised and will be effective as of July 26, 2012, and the 「Act on Security over Movable Property, Receivables, etc.」 has been legislated to become effective as of June 12, 2012. This thesis will provide the definition of the covered bond based on the characteristics of existing covered bond, while analyzing the structure and related laws of the examples of covered bond issued in Korea, to review the limitation of the existing covered bond and matters that need to be considered in the process of reorganization of law system in the future. At the same time, it will summarize the statements of either laws that could include issuing the covered bond in order to analyse the effects of reorganized the 「Trust Act」 and the 「Act on Security over Movable Property, Receivables, etc.」, and find ways that those two laws could be used for issuing structure of the covered bond. The covered bond generally takes the form of on-balance in accounting and legally use the bankruptcy remoteness system to secure the investors the dual recourse claim that includes the preferential claim and the full recourse right toward issuing institution. While there are no laws that regulate the covered bond, a complicated organization to put those characteristics into practice seems to be necessary as shown in the case of Kookmin Bank. Analyzing many cases of locally issued covered bonds without there being any regulating laws, it will find the problems of the existing issue structure and review the factors that needed to be considered in the process of future reorganization of the law system. Also, the ways to use the security rights and registration system stated in the 「Act on Security over Movable Property, Receivables, etc.」 and 'the security right trust' system stated in the 「Trust Act」 will be suggested, since it is necessary to consider the legal condition of legislation and reorganization of the related laws when discussing reform of the laws regarding the covered bond.