SECURITIZATION: NEW CHALLENGES IN THE SYSTEM OF INSTITUTIONAL PROVISION OF RECOVERY AND PROTECTION OF MELIORATED LAND
The article substantiates that a need to find new financial reserves has arisen within a land relations sphere in order to improve a meliorative infrastructure. The author proves that it is required to form an institutional ground for recreation and preservation of ameliorated lands using a land assets securitization as a new financial instrument. The structure of the process of bank loans replacement by securities, which are supported by land assets mortgage, is presented based on the retrospective analysis of the securitization institute emergence. Five stages have been defined in order to organize land mortgage assets, according to these stages the securitization agreement should be planned and prepared; the land assets evaluation should be completed to support the future stream of payments and predefined pool of land assets should be formed; the agreement should be structured, the specifically created establishment should be picked as well as other counter-parties, and documents should be prepared to get signed; the reinvestment should be held via the direct emission of securities engaging target groups of investors; the ongoing support and control of the securitization agreement should be set up. The article also provides the analysis of a normative and legal field of existing limitation concerning land mortgage assets securitization. Magistral directions, which can increase the investment attractiveness of ameliorated lands, has been proposed, such as: land market infrastructure development; gradual withdrawal of the moratorium, which is prohibiting agricultural lands free realization, in particular ameliorated lands; formation of the institute of private and collective property for some categories of lands; institutionalization of the land assets securitization mechanism; corporatization of land assets. It is claimed that the approbation of the securitization should be started with private property lands, and later considering the outcome efficiency of this process, and new experience implemention, it should also be applied to lands, which refer to a private and collective property. The author designates, that the position of the state should enforce institutional conditions towards lands realization rights (agreement, emphyteusis, superficies), land auctions, securitization agreements development, formation of the land preservation and recreation funds, investments to the nature conservation and nature improvement projects with a strict state control over the targeted usage of land resources.