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Empresa patrocinada pel govern Empresas patrocinadas por el gobierno Government-sponsored enterprise 政府支援機関 Government-sponsored enterprise
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政府支援機関(せいふしえんきかん、Government sponsored enterprise(GSE))とは、農業経営・住宅建設のための金融など公共性の高い事業の遂行を目的として、アメリカ合衆国の連邦議会が設立した株式会社。政府支援法人、政府援助法人ともいう。日本における特殊会社、特別民間法人に類似する組織である。政府支援機関は、政府の出資は受けないものの監督官庁と設置根拠法を持ち、公共的な目的を持った定款が定められておりその変更に制限が加えられることに特徴がある。 政府支援機関の目的は、住宅、農業、教育といった分野への信用供与を強化し、投資家のリスクを軽減することである。これにより対象分野への投資や資金供給が促進される。 政府支援機関は住宅金融分野では連邦住宅抵当公庫(Federal National Mortgage Association(FNMA)、ファニーメイ)、連邦住宅金融抵当公庫(Federal Home Loan Mortgage Corporation(FHLMC)、フレディマック)のほか、12行の連邦住宅貸付銀行(Federal Home Loan Banks(FHLBank))がある。ファニーメイとフレディマックの2つの政府支援機関はその株式をニューヨーク証券取引所に上場する上場会社でもある。 A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress. Their intended function is to enhance the flow of credit to targeted sectors of the economy, to make those segments of the capital market more efficient and transparent, and to reduce the risk to investors and other suppliers of capital. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors primarily by reducing the risk of capital losses to investors: agriculture, home finance and education. Well known GSEs are the Federal National Mortgage Association, known as Fannie Mae, and the Federal Home Loan Mortgage Corporation, or Freddie Mac. Una Empresa patrocinada pel govern (en anglès: Government-sponsored enterprises, acrònim: GSE) és un tipus d'empresa de serveis financers creada pel Congrés dels Estats Units, estructurada i regulada pel govern central, amb l'objectiu social de fer arribar crèdits i finançament a certs sectors, però que a diferència d'una empresa pública, és de capital privat. L'estat central creà aquestes empreses amb fins socials de manera que allí on l'eficiència del mercat de capitals no és traduïda en els objectius polítics desitjats, el crèdit hi arribés a través d'aquestes empreses, que bàsicament actuen com a intermediàries entre creditors i deutors amb la garantia implícita de l'estat, al sector agrícola, educatiu, i hipotecari dels Estats Units. En los Estados Unidos de América se emplea el término empresas patrocinadas por el gobierno (en inglés, Government-sponsored enterprises o por su acrónimo, GSE), para designar a un grupo de corporaciones de servicios financieros creadas por el Congreso de esa nación con el fin de aumentar el flujo de créditos a determinados sectores de la economía estadounidense y mejorar la eficiencia y transparencia de aquellos sectores del mercado de capitales. Government-sponsored enterprise (GSE) ist ein rechtlicher Sonderstatus für private US-Finanzinstitute, die Geschäftszwecke verfolgen, die im öffentlichen Interesse liegen. Die bekanntesten Beispiele sind die Fannie Mae, Freddie Mac und die FHL-Banken. Trotz ihres staatlichen Auftrags befinden sich die GSE nicht im Staatsbesitz. Sie unterliegen speziellen Aufsichtsbehörden. GSE sind von den Bundes-, Staats- und Gemeindesteuern befreit.
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A government-sponsored enterprise (GSE) is a type of financial services corporation created by the United States Congress. Their intended function is to enhance the flow of credit to targeted sectors of the economy, to make those segments of the capital market more efficient and transparent, and to reduce the risk to investors and other suppliers of capital. The desired effect of the GSEs is to enhance the availability and reduce the cost of credit to the targeted borrowing sectors primarily by reducing the risk of capital losses to investors: agriculture, home finance and education. Well known GSEs are the Federal National Mortgage Association, known as Fannie Mae, and the Federal Home Loan Mortgage Corporation, or Freddie Mac. Congress created the first GSE in 1916 with the creation of the Farm Credit System. It initiated GSEs in the home finance segment of the economy with the creation of the Federal Home Loan Banks in 1932; and it targeted education when it chartered Sallie Mae in 1972 (although Congress allowed Sallie Mae to relinquish its government sponsorship and become a fully private institution via legislation in 1995). The residential mortgage borrowing segment is by far the largest of the borrowing segments in which the GSEs operate. GSEs hold or pool approximately $5 trillion worth of mortgages. Una Empresa patrocinada pel govern (en anglès: Government-sponsored enterprises, acrònim: GSE) és un tipus d'empresa de serveis financers creada pel Congrés dels Estats Units, estructurada i regulada pel govern central, amb l'objectiu social de fer arribar crèdits i finançament a certs sectors, però que a diferència d'una empresa pública, és de capital privat. L'estat central creà aquestes empreses amb fins socials de manera que allí on l'eficiència del mercat de capitals no és traduïda en els objectius polítics desitjats, el crèdit hi arribés a través d'aquestes empreses, que bàsicament actuen com a intermediàries entre creditors i deutors amb la garantia implícita de l'estat, al sector agrícola, educatiu, i hipotecari dels Estats Units. Government-sponsored enterprise (GSE) ist ein rechtlicher Sonderstatus für private US-Finanzinstitute, die Geschäftszwecke verfolgen, die im öffentlichen Interesse liegen. Die bekanntesten Beispiele sind die Fannie Mae, Freddie Mac und die FHL-Banken. Trotz ihres staatlichen Auftrags befinden sich die GSE nicht im Staatsbesitz. Sie unterliegen speziellen Aufsichtsbehörden. GSE sind von den Bundes-, Staats- und Gemeindesteuern befreit. Die GSE beschaffen sich am Kapitalmarkt Geld durch Emission von Anleihen. Als staatsnahe Institute erhalten sie von den Ratingagenturen die bestmöglichen Bonitätsbewertungen, obwohl sie nicht über eine ausdrückliche Staatsgarantie verfügen. Die GSE können jedoch im Fall von Liquiditätsproblemen auf eine Kreditlinie des US-Finanzministeriums zurückgreifen. Im Zuge der Finanzkrise ab 2007 wurden am 7. September 2008 zwei GSEs, Fannie Mae und Freddie Mac, verstaatlicht und die zuständige Aufsichtsbehörde (FHFA) übernahm die Kontrolle. En los Estados Unidos de América se emplea el término empresas patrocinadas por el gobierno (en inglés, Government-sponsored enterprises o por su acrónimo, GSE), para designar a un grupo de corporaciones de servicios financieros creadas por el Congreso de esa nación con el fin de aumentar el flujo de créditos a determinados sectores de la economía estadounidense y mejorar la eficiencia y transparencia de aquellos sectores del mercado de capitales. El objetivo de las GSE es aumentar la disponibilidad y reducir el costo del crédito a los sectores específicos hacia los que van dirigidas: agricultura, financiamiento de vivienda y educación.​ El Congreso de los EE.UU. creó la primera GSE en 1916, cuando dio paso al nacimiento del Farm Credit System, o sistema de crédito para granjas. En 1932, con la creación de los Federal Home Loan Banks (bancos federales de préstamo de vivienda), las GSE iniciaron sus operaciones en el segmento del financiamiento de viviendas. En 1972, la creación de Sallie Mae significó su entrada en el campo del financiamiento de la educación. Los títulos de deuda que emiten las GSE para financiar sus operaciones cuentan con el respaldo implícito del Gobierno de los Estados Unidos pero no son deuda directa gubernamental. 政府支援機関(せいふしえんきかん、Government sponsored enterprise(GSE))とは、農業経営・住宅建設のための金融など公共性の高い事業の遂行を目的として、アメリカ合衆国の連邦議会が設立した株式会社。政府支援法人、政府援助法人ともいう。日本における特殊会社、特別民間法人に類似する組織である。政府支援機関は、政府の出資は受けないものの監督官庁と設置根拠法を持ち、公共的な目的を持った定款が定められておりその変更に制限が加えられることに特徴がある。 政府支援機関の目的は、住宅、農業、教育といった分野への信用供与を強化し、投資家のリスクを軽減することである。これにより対象分野への投資や資金供給が促進される。 政府支援機関は住宅金融分野では連邦住宅抵当公庫(Federal National Mortgage Association(FNMA)、ファニーメイ)、連邦住宅金融抵当公庫(Federal Home Loan Mortgage Corporation(FHLMC)、フレディマック)のほか、12行の連邦住宅貸付銀行(Federal Home Loan Banks(FHLBank))がある。ファニーメイとフレディマックの2つの政府支援機関はその株式をニューヨーク証券取引所に上場する上場会社でもある。 農業金融分野ではの系統中央機関である連邦農業信用銀行(Farm Credit Bank;FCB)等、住宅金融におけるファニーメイやフレディマックの様な役目を担う(Federal Agricultural Mortgage Corporation;FAMC, ファーマーマック)がある 教育分野ではかつて、学資ローンを担うSLMがあったが完全民営化された。 政府支援機関は、株式会社として株式を発行し、また不動産担保証券(Mortgage-backed securities(MBS))や社債などの債券を発行する。政府支援機関が発行した債券はGSE債と呼ばれ、市場では事実上、政府保証の裏付けを持つと考えられる。このため、国債に準じる安全確実な資産と扱われる。 2007年に表面化したサブプライムローン問題により、政府支援機関が発行した不動産担保証券の価値下落が懸念され、政府支援機関の資本不足が不安視された。このため、2008年9月、アメリカ合衆国政府は、政府支援機関の救済と住宅市場の安定化を図って、政府支援機関が発行した不動産担保証券の買い取りを開始した。
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