现金池英文文献和中文翻译(3)
The simplest method is the alternative of profit centres, when expenses must be covered by one’s own income of the unit. Subsequently, the most suitable solution is dual-directional pooling with retroactive transfer of the transferred balance. For better coverage of the cash flow, the branch may be set an overdraft limit. If the branch has limited stable daily expenses, the already mentioned alternative of retroactive transfer of the target sum is appropriate. If we wish to limit the variable expenses and the branch also has a set income, then it is appropriate to plan the acceptable negative difference within the certain period between income and expenses and to enable the cumulative drawing of an overdraft for this amount during the course of the period. All the above given types of use of pooling allow for pooling in one currency. This is the most usual type because conversion operation costs do not exist. Pooling with conversion usually also brings such great expenses that it is not worth it for larger amounts. Consequently, it is better to pide organizational units so that they work with the smallest possible number of currencies (with a minimum of accounts). If they work with multiple currencies, it is appropriate to again structure each currency according to the responsibility and character of income and expenses of the given branch as was mentioned above. 5. POOLING WITHIN A HOLDING STRUCTURE Naturally, international companies use cross-border pooling and associate liquidity in inpidual currencies in their ‘nostro’ accounts serviced by the central treasury of the company. Use in the case of holding companies is more complicated, particularly as a result of the legal problems which exist in the Czech (domestic) environment and for reasons of greater decentralisation of information and functions than in one company. On the other hand, the range of purposes for which cash pooling can be used is expanded by tax optimisation, in-group financing according to the rules dictated by the owner and not the bank and in-group risk management thanks to netting positions in inpidual currencies. Cash pooling used within a holding is based in the acquired controlling share in subsidiary companies. Inpidual participants of the pool may have (but do not have to have) mutual financial flows. However, their existence makes use of the pooling structure more effective if mutual settlements are performed within the scope of one bank and one pooling. The central treasury may, in such cases, take two different standpoints.
Either, it can completely omit management of in-house receivables and payables and monitor only external positions because in-bank transfers do not change the overall position of the pool, or the second possibility is the decentralisation of settlement of in-group items, when all in-group payments are initiated by a centre. This naturally also performs the potential netting of payments by means of setting off. The highest level of centralisation is the arrangement of the cash flow within the scope of an in-company bank, which maintains accounts of inpidual companies and performs operations on the internal accounts of these companies. The whole company has a single account for external relations. This naturally minimises costs for the whole administration of current accounts and payment orders. Of course, the relevant account exists for each currency and is situated in its home country so that the best conditions for domestic payment relations and the best conditions for storage of excess or drawing loans are achieved. All company accounts are placed with a single worldwide financial institution so that the fastest possible international coverage of financial needs is possible. Certainly, multiple accounts may be used for some currencies if the establishment of these reduces costs (see for example Single European Banking Market). The problem of inpidual subsidiary companies or plants is resolved by a system of identification symbols for inpidual organizational components. The internal treasury system then maintains imaginary internal accounts for inpidual pisions or subsidiary (affiliated) companies and performs all in-company or in-group settlement simply by the transfer to these imaginary accounts. Consequently, a significant amount of bank fees for payment orders is saved.