26 / 44
The cash-flow as a measure of all things?
The cash-flow as a steering parameter has increased in importance. Therefore, the treasury
must deliver new kinds of information andmust give strategic impulses. Thus, traditional
ways of planning liquidity as well as of analysing and reporting about the financial situation
are reviewed and adapted comprehensively.
Is the revaluation of the function connected with organizational changes in the
corporations?
One is trying to find forms of organization, which increases the access to the liquidity and the
transparency of the risks – keyword: payment factory or inhouse bank. The treasury is
positioned in that way that from the perspective of the subsidiary it is acting like an external
bank. Thus, the payment traffic is not transacted via local banking partners or decentrally any
longer, but by clearing accounts of the central internal banking leader. So, companies have a
longer access to their liquidity, they are improving the steering of the liquidity and the risk
management and they have more transparency about the cash flows.
How much the industrial corporations are affected by the regulations as a consequence
of the financial market prices?
The industrial corporations are affected directly and indirectly by subjects as Basel II, Emir,
Remit, Mifid II as well as IFRS 9.
Which is the largest chunk?
The EU-derivate directive Emir is representing a big challenge. Indeed, Emir is welcome by
the corporations concerning the obligation for clearing and risk-management on the one hand.
It is understandable from a macroeconomic point of view and also from a business point of
view, that one only executes hedging businesses and that one exercises risk management
activities. But what is creating non-understanding is the reporting to the transactions-register.
Even the European securities and market supervisory agency ESMA has announced that it
must itself learn first to deal with the quantity and complexity of the data.
The interview was made by Sabine Wadewitz.
About the person/ Thick boards
Thomas Schräder has made it a profession for him, to drill thick boards, in order to solve
problems for his clients. The 45-year-old consultant is employed at the consulting and
auditing firm PwC since 1999 and since 2006 he has been partner. He is head of corporate
treasury solution at PwC in Germany.
Responsible for translation: GEFIU, Association of Chief Financial Officers Germany,
translator: Helmut Schnabel
IGTA eJournal | Summer 2015 | 24