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A bank decides to reduce the default risk associated with part of its loan portfolio by selling these transactions to the investment banking sector for the re-packaging of these loans to investors. This process is known as:
A. securitization.
B. reintermediation.
C. recapitalization.
D. disintermediation.
Answer:B
Reintermediation is introducing an intermediary between the original bank and its clients by selling off loans to other companies. By selling the loans, the end client now has an obligation to a new company: ‘the intermediary’.
Note that in a securitization only the cash flows from the loans, not the loans themselves are sold off. This means the client relationship is still with the original bank.
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