茨城県は、県の外郭団体とも言える財団法人茨城県環境保全事業団が2011年6月に発行した「レベニュー信託が、「ディールウォッチ・アワード2011(Dealwatch Award 2011)」を受賞したと発表しました。
その賞は、「Innovative Debt Deal of the Year(昨年を代表する革新的債務取引)」であり、受賞対象は、同事業団と茨城県、更にアレンジャーであるゴールドマン・サックス証券です。
さて、上記では何のことやら分かりにくい内容ですが、少し言い換えますと、「同事業団が運営する産廃処理場『エコフロンティアかさま』の借入金を市中金融機関から、レベニュー信託という証券化したことが、地公体初であり、革新的である。資金調達の将来の可能性を広げたことを表彰する」というものです。
表彰するのは、金融情報提供会社「トムソン・ロイター・マーケッツ株式会社」で、国内資本市場において優秀な債券や株式を発行した発行体や運営した証券会社が対象です。
特に、本受賞は、公的事業者が、産廃処理料金という将来も継続する収益を裏付けに証券化したもので、
①資金調達の多様化。
②事業内容の市場評価。
③市中金融機関借入条件より長期の資金調達が資金繰りの安定化に繋がる。
④地方公共団体は、「損失補償」の潜在コストを回避できる。
⑤外郭団体の自立的運営と、地公体の財政規律の向上が期待される。
これを具体的に、環境保全事業団の場合で言うと、
①調達金額は、100億円。
②償還期間は、原則24年。但し毎年約25億円の売り上げ達成することで、17年以内で完済。
③調達金利は、2.51%の固定金利。
④茨城県は、従来の金融機関宛ての損失補償を解消。
ともあれ、この「レベニュー信託」により、茨城県は外郭団体に対する「損失補償」という潜在コストを解消しました。この案件が、
一つは、「安定的な収益物件であったこと」、
二つは、「産廃処理場というほぼ金額固定的な物件」であったことは、
本信託スキームに的確性が高かったものと考えられます。
そして、革新的である意味は、本信託を地方公共団体が取り組んだことに尽きると考えます。将来の可能性とは、本県の将来事業のみならず他の地公体にも可能性の先鞭をつけたことです。
更に、茨城県に初めて「レベニュー信託」を紹介したのは、公明党の井手県議であることは、県関係者に周知であり、議事録にも明白です。
この先駆的な提案は、当時青森県で路面電車事業にゴールトマン・サックス証券が、債務の証券化を交渉中という報道を受けたものです(なお、青森県は成立せず)。
そして、県の財政課も提案を真摯に受け止め、ゴールドマン・サックス証券に問い合わせ研究したことも重要なポイントです。
当時茨城県は、茨城県住宅供給公社の破産に伴う金融機関への「損失補償」に悩まされており、今後新たな資金調達方法の研究が急務だったこともありましょう。
然して、「レベニュー信託」は、「革新的」と表彰されることになりました。これは素晴らしいことと思われてなりません。
さて、話題の余話は続きます。
この時の、ゴールドマン・サックス証券の、投資銀行部門 公共法人・インフラ・ユーティリティ・グループ統括責任者が、何とこのたび公明党から衆議院議員選挙の北関東ブロック比例候補として立候補予定の岡本三成氏なのです。これは驚きでした。茨城県と岡本氏の関係は、深く大きなものがあり、今回花開いた感があります。
加えて、本年1月19日には、日本経済新聞社が主催する「地域から、革命を~自立の覚悟が求められる自治体経営」とのシンポジウムで、茨城県上月良祐副知事と岡本氏は、ともにシンポジウムにて並んで講演を行っています。
この時の基調対談が、岡本氏を良く知る北川正恭元三重県知事であったことも不思議な感がします。
この授賞式は、来る5月17日に東京で開催されるようです。同日の授賞式には、他部門で受賞する上場企業もあるようです。
地方が自立して、国をも変え行く大きな実績が、井手県議の質問からスタートし結実しました。
これからも最も最適な金融商品に取り組むことが大切です。2兆円もの県債を抱える県の債務保証というものの実効性は今後とうなるのでしょうかと思わず考えてしまいます。
金融は、「期限の利益」を付与するものです。ここにリスクのメリットがあります。そして、現在はキャッシュフローの時代です。この流れを読み誤らない財政コントロールを望みたいと考えます。
このスキーム表は、1/19シンポジウムにおける副知事の資料による。詳細は県ホームページを参照下さい。
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