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21 spirit
spir·it [ʼspɪrɪt] nhis \spirit will be with us always sein Geist wird uns immer begleiten;to be with sb in \spirit im Geiste bei jdm seinevil \spirit böser Geist3) ( the Holy Spirit)the S\spirit der Heilige Geistthat's the \spirit das ist die richtige Einstellung;we acted in a \spirit of co-operation wir handelten im Geiste der Zusammenarbeit;the \spirit of the age der Zeitgeist;the \spirit of brotherhood/ confidence/ forgiveness der Geist der Brüderlichkeit/des Vertrauens/der Vergebung;the \spirit of Christmas die weihnachtliche Stimmung;fighting \spirit Kampfgeist m;party \spirit Partystimmung f;team \spirit Teamgeist m;try to get into the \spirit of things! versuch dich in die Sachen hineinzuversetzen!5) ( mood)her \spirits rose as she read the letter sie bekam neuen Mut, als sie den Brief las;keep your \spirits up lass den Mut nicht sinken;to be in high/low \spirits in gehobener/gedrückter Stimmung sein;to be out of \spirits schlecht gelaunt sein;to dash sb's \spirits auf jds Stimmung drücken;to lift sb's \spirits jds Stimmung hebenbrave/generous \spirit mutige/gute Seele;the moving \spirit of sth die treibende Kraft einer S. gento have a broken \spirit seelisch gebrochen sein;to be troubled in \spirit etw auf der Seele lasten haben;to be young in \spirit geistig jung geblieben seinto perform/sing with \spirit mit Inbrunst spielen/singen;with \spirit voller Enthusiasmus; horse feurigyou did not take my comment in the \spirit in which it was meant du hast meine Bemerkung nicht so aufgenommen, wie sie gemeint war;the \spirit of the law der Geist [o Sinn] des Gesetzes10) (whisky, rum, etc)\spirits of turpentine Terpentinöl ntPHRASES:the \spirit is willing but the flesh is weak ( is weak) der Geist ist willig, aber das Fleisch ist schwach n -
22 originate-to-distribute business model
originate-to-distribute business model BANK, ECON Originate-to-distribute-Geschäftsmodell n (a business model that combines classic bank lending business with modern forms of risk transfer: whilst the debt is generated = originated as normal – whereas traditionally it was held on the originating bank’s balance sheet – it is instead bundled and broken up into tranches by the originating bank for sale to investors; each tranche has a different credit rating with the higher risk tranches carrying the lowest ratings and highest yield, the first-loss position = FLP in true-sale or synthetic securitizations should be -but is not always- held by the originator so that the risk of default = Kreditausfallrisiko no longer remains on the books of the originating bank – resulting in a possible slipping of its lending standards! – but is spread = distributed among untraceable investors who are willing to take high risk on the global capital markets for high returns; the positive capital allocation effect of the model is combined with the negative consequence of intransparency about the resulting risk distribution; Verbindung des klassischen Bankkreditgeschäfts mit modernen Formen des Risikotransfers: Kredite werden von der Originator-Bank kreiert, ausgereicht = originated, gebündelt, tranchiert und verbrieft im OTC-Markt intransparent weiterplatziert, teilweise einschließlich der risikoreichsten Tranche, der Equitytranche = Erstverlusttranche = first loss piece = FLP = first loss position = equity piece; mit diesem Geschäftsmodell entledigten sich die US-Originator-Banken ab ca. 2000 des Interesses an der Prüfung und Überwachung der Qualität der zugrunde liegenden Kredite, von denen keine Spur in ihrer Bilanz zurückblieb – im Gegensatz zu ihrer GuV; saurer Landwein wurde im Durchlauf durch die Verbriefungsmaschine zum Qualitätswein ausgebaut, der sodann, mit der Hilfe von Mathematikern der bereits an der Strukturierung beteiligten Ratingagenturen zum Grand Cru geadelt, mit AAA-Etikett weltweit vermarktet wurde; synonym: originate-and-distribute business model; cp. financial alchemy = Finanzalchemie)Englisch-Deutsch Fachwörterbuch der Wirtschaft > originate-to-distribute business model
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