Skandinaviškasis savivaldybių obligacijų išleidimo modelis - Lietuvos galimybių įvertinimas

LTGlobalūs valdymo struktūrų decentralizacijos procesai sąlygoja vadybinių veiklų pasiskirstymą tarp centrinės valdžios ir vietos savivaldos institucijų, dalies valdymo funkcijų perdavimą savivaldybėms. Tai lemia valdymo funkcijų finansavimo pokyčius. Atitinkami vietinės savivaldos vadybiniai sprendimai gali sudaryti prielaidas savivaldybei, kaip skolos vertybinių popierių emitentui, lygiomis sąlygomis su valstybe dalyvauti kapitalo rinkose, taip sumažinant skolinimosi sąnaudas, plečiant savivaldybės ekonominį savarankiškumą. Savivaldybių obligacijų išleidimo vadybinių procedūrų neapibrėžtumas, neadekvati įstatyminė bazė, nepakankamos ir neišsamios savivaldybių administracijos atstovų žinios apie šį finansinį instrumentą ir jo panaudojimo galimybes neleidžia Lietuvos savivaldybėms naudotis kreditinių lėšų pirkimu emituojant savivaldybių obligacijas. Savivaldybių obligacijos paprastai išleidžiamos pagal „amerikietiškąjį" modelį, kuomet savivaldybė prisiima emitento funkcijas, ir „skandinaviškąjį", kai savivaldybių obligacijų emitentas yra ne pati savivaldybė, o savivaldybių kreditavimo institucija. Skandinaviškojo modelio veikimo principai nėra išsamiai analizuojami mokslinėje literatūroje. Šio straipsnio tikslas - ištiri „skandinaviškojo" savivaldybių obligacijų išleidimo modelį emitentas-savivaldybių kreditavimo institucija, pateikti modelio veikimo principus ir hipotetines tokio modelio veikimo Lietuvoje prielaidas.

ENDecentralization of management structures occurring worldwide results in relocation of management activities between the central power and local municipal institutions, and transferring apart management functions to local governments. This, in turn, brings about changes in financing of management functions: municipalities in western countries began using various financing tools, including raising credit finances through issuing local municipal bonds. Laxity of the management procedures related to issuing municipal bonds, inadequate legal bases as well as a lack of theoretical knowledge on this financial tool and its issuing models prevent Lithuanian local governments from buying credit finances through issuing municipal bonds. The first local government that used municipal bonds for the reconstruction of the Metropolitan in 1856 was Chicago municipality. The issuer of municipal bonds was the municipality itself, and such model of issuing in literature is called "American". It was applied until 1899, when the Danish municipality crediting institution - KommuneKredit - was established. In Denmark, a different principle of the issuing of municipal bonds (the "Scandinavian" model) was used, where the issuer of the bonds is not the municipality, but the municipality crediting institution. Differently from the "Scandinavian" model, whose name reflects its geographical distribution, the "American" model is used not only in the US, but also in Europe. There are two main models of issuing municipal bonds: "American", when the issuer is the municipality itself and the."Scandinavian", when issuer is municipality crediting institution. Analysis of the two municipal bond issuing models - the "American" and the "Scandinavian" - allows identification of the main features typical of these models. There is no comparison of the "American" and the "Scandinavian" models presented in scientific literature, but in countries that are planning on issuing municipal bonds for the first time, adaptability of various alternatives in a concrete situation should be analyzed. The "American" model is more convenient for the municipalities that are large administrative units capable of ensuring their solvency. On the other hand, political aspects due to which municipalities cannot unite for raising and distribution of credit finances also play and important role. Theoretically, even in the same country, in the presence of an adequate legal base, the both models could be applied i.e. when large municipalities issue bonds themselves, and smaller ones unite into a municipal crediting institution to ensure cheaper credit and desirability to investors. However, there is no such practice in the world so far. The aim of this paper is to propose assumptions of creating a model of management procedures of issuing municipal bonds in Lithuania based on the "Scandinavian" municipal bonds issuing model. In some European countries, e.g. Denmark, Norway, Finland, and Sweden, a different model of municipal borrowing through issuing bonds is applied. This model is called "Scandinavian" and is typical only of northern European regions.The essence of the "Scandinavian" model is creation of a municipal crediting institution. The members of this institution are municipalities that need credit resources. Thus this institution performs two main functions: Borrows in its name through issuing municipal bonds; distributes the borrowed finances among municipalities- members according to their needs and development projects. The structure, principles of activity, and functions of municipality crediting institutions in the Nordic countries are similar, and therefore this study analyzes the activity and the crediting model of Danish KommuneKredit as the oldest municipality crediting institution. The presented premises for the application of the "Scandinavian' model in Lithuania allowed for theoretical evaluation of the possibilities of a municipal crediting institution in Lithuania. However, as long as there is no appropriate normative basis and continuous initiative on behalf of the municipalities, there is hardly any possibility for the establishment of such enterprise in Lithuania in the nearest future. Evaluation of foreign experience and premises in Lithuania from a management approach allowed for modeling possible solutions related to municipal bond issuing in Lithuania. Practical application of these solutions would enable Lithuanian municipalities employ the new financial tool and compete in the common European market on equal terms with foreign municipalities for credit resources for regional development financing.