ESTONIAN ENTREPRENEURSHIP UNIVERSITY OF APPLIED SCIENCES. Business management curriculum

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1 ESTONIAN ENTREPRENEURSHIP UNIVERSITY OF APPLIED SCIENCES Business management curriculum Henri Ahtiainen CASH POOLING ARRANGEMENTS AND TAX RISKS FROM TRANSFER PRICING PERSPECTIVE Thesis Supervisors: Janus Paurman MA., Verner Silm MA. Tallinn 2020

2 ABSTRACT Widespread global presence of multinational enterprises has caused a significant increase in cross-border inter-company transactions, which at one hand promotes growth in terms of business operations yet on the other hand, allows multinationals to shift their profits from one jurisdiction to another by optimisation of transfer prices, thus enabling to avoid taxes in one tax jurisdiction or another. Amidst the wide array of transactions, intra-group financial transactions, including cash pooling arrangements, is perhaps one of the most challenging areas of transfer pricing. The aim of the thesis is to determine tax risks related to cash pooling agreements from transfer pricing perspective based on different approaches and practices. The main issue concerning the topic is application of arm s length interest rates to cash pool deposits and overdraft. Therefore, the author gives an overview on transfer pricing and the arm s length principle, highlights the tax issues regarding the topic and elaborates on cash pooling arrangements. The theoretical part is followed by an analysis of Estonian, EU member state s and Norwegian court practice as well as recommendations provided in the OECD Transfer Pricing Guidelines. The author has opted for qualitative methodology for the research, the analysis of court practices and OECD materials were applied to a relevant case study that discusses intragroup deposits to a cash pool. For the purposes of the case study, the author compares Estonian and EU member state s court practice to benchmarking study results performed in the Bloomberg Terminal pursuant to the case study. The author concluded that a benchmarking study based on market data should be preferred to bank statistics and Euribor rates due to the differences with regards to business profiles between financial corporations and non-financial companies. 2

3 RESÜMEE Käesoleva lõputöö teema on Siirdehindadest tulenevad maksuriskid kontsernikonto haldamisel. Suurkorporatsioonide globaalne esindatus on endaga kaasa toonud piiriüleste kontsernisiseste tehingute kasvu, mis soodustab küll laialdast äritegevust, kuid võimaldab tehingute hindasi optimeerides siirdada kasumit ühest õigusruumist teise ning seeläbi vähendada maksukohustust ühes või teises riigis. Üks keerulisemaid siirdehinna valdkondi on grupisisesed finantstehingud, nende hulgas kontsernikonto deposiidid ja arvelduskrediit. Lõputöö autori eesmärk on välja selgitada maksuriskid, mis puudutavad intressimäärade kohaldamist kontsernikonto vahendusel tehtud grupisisestele deposiitidele ja arvelduskrediidi kasutamisele lähtudes erinevatest praktikatest. Eesmärgi saavutamiseks kirjeldab autor esmalt siirdehindade põhimõtteid ning seotud isikute vaheliste tehingute maksukäsitlust ja sellega kaasnevaid probleeme, samuti annab ülevaate kontsernikontodest ning nende olemusest. Seejärel analüüsib autor Eesti, Euroopa Liidu liikmesriikide ja Norra kohtupraktikat ning Majanduskoostöö ja Arengu Organisatsiooni juhendite soovitusi. Autor lähtus lõputöös kvalitatiivsetest uuringumeetoditest. Lõputöö teises osas püstitas autor kaasuse, mis käsitleb kontsernikontole tehtud deposiite ning vastava tehingu hinnastamist. Kaasuse raames analüüsis ja võrdles autor ennekõike Eesti ning Euroopa liikmesriikide kohtupraktikat grupisiseste hoiuste ja lühiajaliste laenude osas Bloomberg i andmebaasis teostatud võrdlusandmete analüüsi tulemustega. Samuti on lõputöös tuginetud OECD siirdehinnajuhendile ja OECD grupisiseste finantstehingute juhendile. Analüüsi tulemusena järeldas autor, et võrdlusandmete analüüsi, mis lähtub turu andmetest, tuleb kontsernikontole tehtud deposiitide intresside määramisel eelistada panga statistikale ja Euriborile tulenevalt krediidiasutuste ja mittefinantsettevõtete vahelistest erisustest. 3

4 TABLE OF CONTENTS ABSTRACT... 2 RESÜMEE... 3 TABLE OF CONTENTS... 4 ABBREVIATIONS... 5 INTRODUCTION TRANSFER PRICING AND THE ARM S LENGTH PRINCIPLE Transfer pricing in Estonia Determination of associated persons Documentation requirements Methods for determining the arm s length price Comparable uncontrolled price method OECD Transfer Pricing Guidelines on financial transactions CASH POOLING ARRANGEMENTS Treasury entities Physical cash pool Notional cash pool Remuneration of cash pooling transactions Tax risks concerning cash pooling arrangements CASE STUDY ARM S LENGTH INTEREST RATE Austrian court practice Estonian court practice Bloomberg approach Comparison of the approaches SUMMARY LITERATURE APPENDIX 1. Deloitte Touche Tohmatsu Limited. (2017). Treasury Transfer Pricing Cash Pooling APPENDIX 2. J. Denninger article on Austrian Federal Court of Finance ruling no , RV/ / APPENDIX 3. Bloomberg search

5 ABBREVIATIONS BEPS Base Erosion and Profit Shifting CIT Corporate Income Tax CoB Close of Business CUP Comparable uncontrolled transaction Estonian TP Regulation Regulation no. 53 of Ministry of Finance Methods for determining the value of transactions conducted between associated persons ETCB Estonian Tax and Customs Board Fx Foreign exchange ITA Income Tax Act LF Local file MF Master file MNE Multinational enterprise OECD Organization for Economic Co-Operation and Development OECD TP Guidelines OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (2017) OECD TP Guidelines on Financial Transactions OECD Transfer Pricing Guidance on Financial Transactions (2020) YTM Yield to maturity 5

6 INTRODUCTION As a result of the globalisation of the economy during recent decades, growth of international trade within multinational groups has been outstanding. Commerce between associated persons, is referred to as transfer pricing. A two-sided, extremely complex, and important, yet subjective area of international taxation, posing difficulties for both tax administrations and taxpayers. The main issue concerning the topic is that manipulation with transfer prices enables taxpayers to avoid taxes by exercising legal or illegal schemes or on the other hand, impose significant penalty threats in incompliant tax practices regardless of whether the actions are unintentional. Transfer pricing rules and provisions are therefore passed for tax treatment of intra-group trade to determine the terms and conditions as well as pricing of transactions conducted within multinational groups with the aim of consistent profit allocation between associated enterprises in different jurisdictions in a way where profits are not shifted for the benefit of the multinational group to avoid taxation. For the purposes of anti-tax avoidance, the Organization for Economic Co-Operation and Development (hereinafter OECD) has issued numerous policies and standards regarding international taxation to help member states governments establish stricter rules in order to oppose harmful tax practices. Although the aim of OECD provisions and local country-based regulations is to provide a balanced, neutral tax system, it is rarely the case as determination of the correct way to manage transactions between related parties in each specific scenario is highly subjective leading most of the disputes between taxpayers and tax authorities to court. Consequently, the provisions mentioned herein stipulate that transactions between associated enterprises shall be conducted following the arm s length principle, i.e., on market terms. This means that transactions between related parties must be priced on the same basis as if the enterprises were independent and without any mutual commercial interests. (OECD, 2017, 35) This disallows/prevents multinational companies to shift their profits via intragroup transactions to low tax rate territories or other jurisdictions to gain an advantage on the account of smaller corporate income tax costs. In Estonia, price difference between transfer price and a similar transaction concluded by independent parties is subject to corporate income tax (CIT) with the rate of 20% (20/80). 6

7 As pricing of transactions conducted between affiliated companies has seen significant increase in interest in the last decades, the most delicate transfer pricing issues are related to inter-company transactions involving intangibles, inter-company services such as management fees as well as financial transactions. The reason for that is because these transactions usually incorporate abstract characteristics leaving room for motivation in convincing that when considering the facts and figures, the adopted approach for determining the market value of the transaction is compliant with law. One of the most recent concerns among multinational groups is how to meet the arm s length standards in inter-company financial transactions (loans, cash pooling, hedging, guarantees and insurance) as limited resources and guidelines exist which taxpayers can rely on in their intra group transactions. However, with the release of OECD Transfer Pricing Guidelines on Financial Transactions in February 2020 (hereinafter OECD TP Guidelines on Financial Transactions) providing insight on these specific topics, more emphasis is now put on intercompany funding activities. This thesis concentrates solely on cash pooling arrangements due to its complex nature and low awareness. Cash pooling arrangement is a liquidity management tool serving the purpose of an intragroup bank allowing group companies to provide short-term funding to group members by depositing surplus cash to a consolidated bank account where excess funds can be withdrawn by other group companies to meet their liquidity needs. Consequently, companies depositing their funds should earn interest for their contributions whereas companies using the overdraft (deposited funds) should pay interest on the withdrawn amount. Tax risks may arise from its technical and specific characteristics which are described and explained in more detail in this thesis. The aim of this thesis is to provide an overview of transfer pricing and cash pooling arrangements, give insight and guidance by creating and assessing a case study concerning cash pooling arrangements relying on the new OECD TP Guidelines on Financial Transactions and available court practice of EU member states (Estonia, Austria & Denmark) as well as Norway. Therefore, the author has posed the following research assignments: Determination of tax risks that could be borne in cash pooling setups; Assessment on how interest rates for deposits and withdrawals regarding cash pool are determined; 7

8 Analysis and comparison of Estonian, EU member states and Norway s court practice on cash pooling. Consequently, the author will assess and highlight problems occurring in different cash pooling setups, explain the tax risks in each scenario and provide sufficient solutions for risk mitigation. 8

9 1. TRANSFER PRICING AND THE ARM S LENGTH PRINCIPLE According to the OECD, member states bear billion USD of lost tax revenue annually from harmful tax practices by multinationals, such as exploitation of gaps in discrepancies in different jurisdictions. Gaps and mismatches in tax laws allow multinationals to erode their profits by artificial profit shifting to tax havens where there is little to no business activity via royalty payments or interests that are deductible. Mostly, such schemes are illegal, yet various loopholes still exist that give an unfair advantage for multinational enterprises (hereinafter MNE) operating cross-border over independent companies that operate locally. (OECD, 2020) Such intentional behaviour in terms of unethical tax practice is referred to as base erosion and profit shifting (hereinafter BEPS). Discussions revolving around harmful tax practices have been actively discussed since the late 1990-s and in June 2016, BEPS Framework was introduced by the OECD to first and foremost impede, in a coordinated manner, global corporate tax avoidance and aggressive tax-planning schemes with the aim to enhance fairplay in terms of global tax policies among the G20/OECD countries. (Remeur, ) Out of 15 action plans issued by the OECD, actions 8-10 concern transfer pricing aspects. In 1995, OECD introduced first Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations (hereinafter OECD TP Guidelines) providing guidance on preparation of transfer pricing documentation and management of intra-group transactions. The guidelines have been supplemented and updated sporadically; latest version of the TP guidelines was released in Most recent addition to the report was prepared by the OECD and released in February 2020 concerning financial transactions. (OECD, 2020) The arm s length principle/price is a commonly used term in OECD glossary and is adopted by every OECD member country in the context of transfer pricing. An arm s length price of a transaction embodies the price of that transaction if it would have been concluded on the open market, i.e., between unrelated parties who do not share mutual commercial interests. (Remeur, 2, 2019) From international taxation s perspective, state where income is earned, has the prerogative to tax the profits generated by companies in that jurisdiction. Independent companies contribute a fair share of tax income to the state budget, whereas companies belonging to a 9

10 multinational group have the possibility to shift their profits to a jurisdiction or business structure by inter-company transactions that do not meet the arm s length standards, which creates a tax benefit and maximizes profits thus generating additional value to the group. These transactions may be based on agreements that have rarely any economic substance and which an independent business association would unlikely engage in. Such business conduct sets independent enterprises into an unfair position as well as erodes state s tax income (MTA 2011, 3). Therefore, hidden profit distributions are treated equally to profit distributions and should therefore be taxed on similar basis, the purpose of such provisions is to limit shifting of taxable income to low tax territories or persons exempt from CIT. Profit shifting in transfer pricing can be performed via purchase of raw materials at a price exceeding market value or sale of goods at a price below market value, significant management fees, granting a loan with low interest rate or applying for a loan with a high interest rate compared to market conditions (Lehis, 2012, 225) Transfer pricing in Estonia Transfer pricing is regulated in Estonia by the regulation no. 53 of the Ministry of Finance Methods for determining the value of transactions conducted between associated persons (hereinafter Estonian TP regulation) and Income Tax Act (hereinafter the ITA). The taxation of transfer pricing aspects is described in the ITA 50 subsection 4, according to which corporate income tax with the tax rate of 20/80 shall be levied on the income that the taxpayer would have received from a transaction with an unrelated party or the excessive costs borne in a transaction concluded between resident legal entity and its associated company (a subsidiary or other member of the consolidated multinational group) Income Tax Act (ITA, 1999, 50, subsection 4). This means that the tax authorities may reassess the transactions during a tax audit and challenge the compensation received by a multinational and adjust it accordingly resulting in a potential tax liability for the company. In the event of realization of such adjustment, the company shall pay CIT on the difference of the actual price and the market price. Additionally, interest in the amount of 0,06% per day (21,9% a year) shall be due for late payment, which starts to accrue from the date of CIT return submission. (Taxation Act 117) 10

11 In addition to the Estonian TP regulation, Estonian Tax and Customs Board (ETCB) issued their own practical guide in 2011 for transfer pricing taking also into consideration Estonian laws and tax system. Nevertheless, the Estonian TP regulation 20 stipulates that the taxpayers and tax authorities should rely on the OECD TP Guidelines. Therefore, the ETCB guide serves rather as an additional supportive material according to the Taxation Act 15 meaning that the OECD provisions are binding and prevail inasmuch they do not contradict local law Determination of associated persons The Estonian ITA 8 indicates that the following persons are considered as associated parties and are required to follow the arm s length principle when transacting with each other (ITA, 8, 1999): spouses, direct and indirect relatives; companies belonging to a consolidated group; person who owns at least 10% of the share capital, number of votes or rights to the profits of a legal person; person, who together with its associated persons, owns 50% of the share capital, number of votes or rights to the profits of a legal person; persons who own more than 25% of the share capital, number of votes or rights to the profits of the same legal entity; legal entities where all members of the management boards or management board substitution bodies are the same persons; employers and their employees including their spouses, direct or indirect relatives; person is a member of the management board or the controlling body of a legal person including their spouse, direct and indirect relative. However, this thesis first and foremost concerns companies belonging to a consolidated group as defined in Estonian Commercial Code 6. ECC, 6, 1995) Documentation requirements The Estonian TP regulation 18 subsection 1 stipulates that a resident legal business association or a non-resident company having business activity in Estonia via a permanent establishment, must document transactions concluded between related parties if the following criteria is fulfilled (Estonian TP Regulation, 2006, 18, subsection 1): The company is a credit institution, an insurance company or listed on the securities market; if one of the parties is situated in a tax haven (low tax rate territory); 11

12 revenue exceeds 50 million euros threshold (including related parties); consolidated balance sheet totals 43 million euros or more; employee count exceeds 250 people (together with related parties). Multinational enterprises must have two transfer pricing documents at their disposal, these are local file and master file. Master file (MF) should outline the business activity of the whole group including business strategies and relevant changes in the group compared to previous fiscal year. The MF should also provide a scheme of relations between parent companies and their subsidiaries, affiliated entities including a brief overview on activity of each entity. General information about controlled transactions, their type and volumes should also be described in the MF. Moreover, it is vital to give insight on what functions each associated company performs and relevant risks they assume in controlled transactions as well as intellectual property that belongs to the group and the overall transfer pricing policy of the group; (Saag, 2007, 139) Local file (LF) supplements the master file and therefore provides a more concentrated and detailed overview of the local entity and its business endeavours. Similarly, the LF should describe the role of the local company and its business strategies including relevant changes compared to previous fiscal year. All relevant controlled transactions for the company during the fiscal year shall be described, this also includes parties, volumes, types (physical property, services, rent, interests etc.) of the transactions as well as use of intellectual property. Following the transactions overview, a functional analysis indicating the functions performed, risks assumed, and assets utilized in each transaction must be documented in order to determine the set of comparable companies. Relying on the functional profile determined in the functional analysis, the company must choose and opt to a transfer pricing method to test each controlled transaction and perform a comparability search of internal or external comparables (also referred to as benchmarking study). The benchmarking study should prove that the controlled transactions are concluded with an arm s length margin. (Saag, 2007, 140) Transfer pricing documentation must be provided within 60 days upon request by the tax authorities, if the resident legal entity fails to do so, a monetary penalty may be imposed to the company. If the company does not provide tax authorities with the documentation after the penalty, the tax administrations will perform necessary analysis on inter-company transactions themselves and in the event of detection of deviations from market conditions, 12

13 the income of the controlled entity will be adjusted. (Saag, 2007, 11) Therefore, it is crucial for multinational enterprises to be aware of whether they are liable to prepare a transfer pricing documentation and keep it up to date at all times as well as be ready to present it to the tax authorities in case an inquiry is made. Furthermore, it is highly unfavourable to the company if the tax authorities conduct transfer pricing analyses and comparable searches (benchmarking study) on behalf of the company as they are unaware of the precise facts and figures as well as functional profile of the legal entity meaning that their study results more likely differ from market terms. A sufficient transfer pricing documentation should reassure the tax authorities that the taxpayer had reasonable assumptions that the pricing policies applied to related party transactions are in accordance with the arm s length principles. The tax authorities must assess and consider all relevant data, details and circumstances of the inter-company transactions where the controlled company engages in. Hence, it is highly recommended to include as much information about a transaction as possible to support the applied pricing principles. Notwithstanding the above, the attention to details in each case should be appropriate/proportional with the transaction itself and the complexity of the formation of the price. (Aruste, 2007, 32) Usually, multinational enterprises involve a tax advisor (the most acknowledged advisors are also referred to as the Big4, these are: Deloitte, PriceWaterhouseCoopers, KPMG, Ernst & Young) to prepare or create a transfer pricing documentation including all relevant studies and analyses to come up with a competent pricing strategy, which however, may require more resources. Therefore, it may be unreasonable for the company to make big efforts in pricing a specific transaction if it is administratively costly compared to the value of the transaction itself Methods for determining the arm s length price The taxpayer is responsible for choosing the correct method to determine the market value of each particular transaction considering necessary nuances such as reliability and applicability of comparable data, terms and conditions as well as economic circumstances of the underlying transaction. 13

14 The Estonian TP Regulation has adopted the methods for determining the market value for transfer pricing purposes from OECD TP Guidelines and are listed in 11. Although the terminology used for transfer pricing methods in Estonian TP Regulation is different, the content is identical. The methods are divided as traditional transaction methods and transactional profit methods. The traditional transaction methods are comparable uncontrolled price method (CUP), resale price method (RPM) and cost-plus method (CPM) whereas profit split method (PSM) and transactional net margin method (TNMM) are referred to as transactional profit methods. Estonian TP Regulation (2006, 11) Taxpayer shall choose one or multiple methods to test the arm s length principle or may opt for an alternative approach if need be. The latter is exercised rarely as departing from common and reliable practice is extremely complex to argument and may jeopardize the certainty of meeting arm s length standards yet may prove to be effective in case the traditional transaction methods and transactional profit methods are unreliable and provide inaccurate results. (MTA, 24, 2011) Since this thesis disserts on intra-group funding performed within cash pooling arrangements where the CUP method is deemed the most useful method for pricing debit and credit interest rates, the author has refrained from further assessing other TP methods as they are irrelevant to cash pooling arrangements and this thesis Comparable uncontrolled price method The comparable uncontrolled price method (CUP) sets the price charged for an asset or a service in a controlled transaction against the price charged for similar transaction between unrelated parties (uncontrolled transaction). If there is a difference between the amounts, it is an indication that the price applied in the transaction between related parties does not meet the arm s length standards and should be replaced by the uncontrolled transaction price. (OECD, 2.14, 2017) The arm s length price can be determined via an internal or external comparable. Internal comparable is a transaction, where the taxpayer sells or purchases an asset or service under similar conditions from/to a related party and an unrelated party, whereas external comparable is a transaction conducted by a third party and a non-associated company. Explanation of internal and external comparable is illustrated on figures 1 and 2 below. 14

15 Company X Internal CUP 1 Controlled transaction Company Z Company XY Internal CUP 2 Figure 1. Internal comparable Source: created by the author Figure 1 depicts an internal comparable: Company X/Company XY engage in the same transaction with a related party and an external client (Company Z). Companies belonging to a consolidated group are indicated in blue, whereas the independent company in green. The transaction between companies X and Z or companies XY and Z is the internal CUP, which could be used in pricing the transaction between companies X and XY. If an internal comparable is available without any deviations in terms of comparability, it should be used in determining the transfer price in application of the CUP method. (Estonian TP Regulation, 2006, 12, 4) 15

16 Company X Company Z Controlled transaction External CUP Company XY Company Y Figure 2. External comparable Source: created by the author Figure 2 illustrates an external comparable. On the contrary, an external comparable is a transaction concluded between two independent companies without any mutual commercial interests. Therefore, in application of an external CUP, the transfer price is determined by comparing the price of a similar transaction concluded between companies Z and Y to the controlled transaction between companies X and XY. It is important to stress that in application of the CUP method, the characteristics of the asset or service as well as quality, role of intellectual property (brands, trademarks, licenses, and patents etc.), contractual terms and conditions of the transactions, geographical area and economic circumstances inherent to the region must be comparable as various nuances may cause differences making the transactions incomparable. (Aruste, 2007, 25-26). This is also substantiated by the transfer pricing guide issued by the ETCB, which explains that the terms and conditions as well as facts and figures of the transactions must be precisely comparable and that the transactions are deemed comparable only if the object of the controlled transaction is mainly the same as in the uncontrolled transaction. The following criteria of comparability must therefore be fulfilled (ETCB, 2001, 24-25): Characteristics and quality of the asset or service; Functions undertaken in the transaction; 16

17 Contractual terms and conditions; Economic circumstances; Business strategies of the parties; Geographical limitations; Date of the transaction. The CUP method is widely used in pricing loan transactions (calculation of interests) due to the wide availability of information on lending activities. Although internal comparable should be preferred in every scenario, it is unlikely that a company issues or obtains loans both to/from a group member and an unrelated party. Therefore, external CUP is more often used. (Saag, 57, 2007) Furthermore, even if an internal comparable exists, it is vital to consider the comparability of the third-party debtor and the related party the credit rating and relevant conditions of the loan must be taken into consideration. Typically, benchmarking studies (mentioned in chapter of this thesis) based on the external CUP method are often conducted in commercial databases for practical reasons as they can be easily presented in the transfer pricing documentation in electronic format, usually incorporating a range of statistical data, which represents the margins/prices applied to uncontrolled transactions. The benchmarking study results of comparable uncontrolled transactions margins are then compared to the controlled transaction s price/profit margin, which should notably fall in the range of the benchmark results to conclude that the controlled transaction is compliant with the arm s length principle. (OECD, , 2017) The most renowned sources used by acknowledged advisory firms are Pro van Dyke s Amadeus, TP Catalyst, Orbis, Bloomberg OECD Transfer Pricing Guidelines on financial transactions Due to the wide range of transactions where related parties can engage in and absence of proper guidance on how to manage intra-group financial transactions also involving treasury functions, the OECD published TP Guidelines on Financial Transactions in February The guidance covers the following transactions: loans, cash pooling, hedging activities as well as financial guarantees and insurance. The guidelines are often referred to as Chapter X, which supplements the preliminary OECD TP guidelines. 17

18 The earlier draft version focused first and foremost on the arm s length interest rate (price) applied to intra-group financial transactions whereas the new guidance puts more emphasis on accurate delineation of the transaction in order to characterize relevant transactions. For example, whether an inter-company loan should be treated as equity contribution or whether a guarantee creates any value to the lender. In delineation of the actual transaction, economically relevant characteristics such as contractual terms, functional analysis (business activities performed, risks assumed and assets employed in the transaction), relevant financial instrument, economic circumstances, and terms as well as business strategies shall apply. The guidelines provided that risks should be allocated to the entity assuming control as well as having financial capacity to bear the risk and mentioned that a related party lender may likely perform less functions than an independent party lender due to certain advantages derived from association between the lender and the borrower. In terms of short- and longterm funding (loans and cash pooling), characteristics such as loan amount, maturity and repayment terms play a significant role in determining arm s length remuneration. (Transfer Pricing Solutions Asia, 2020) Correspondingly, the OECD TP Guidelines on Financial Transactions provides that cash pool is unlikely comparable to a direct overnight deposit with a bank or similar credit institution in this respect as a cash pool participant with a credit position towards cash pool is not a separate transaction from which a simple return is expected. The accurate delineation of the transaction in this context requires to consider not only the terms and circumstances of the transferred balances but also the wider perspective of the conditions of the cash pooling arrangements. (OECD, 24, 2020). The new OECD TP Guidelines on Financial Transactions also presupposes to consider implicit support a vital factor that must be assessed. The implicit support incorporates group support in meeting the obligations towards the creditor in the event of defaults in repayment of the loan. (OECD, 18, 2020) 18

19 2. CASH POOLING ARRANGEMENTS Cash pooling arrangements have been in practice for many decades for large groups to enhance liquidity management by utilizing surplus funds available by the participants (group entities). These arrangements incorporate transfer of funds between a consolidated bank account held by the cash pool leader, who manages the pool, and individual accounts of companies involved with the arrangement (participants). The use of such arrangement enables the participants to provide financial support to group companies eliminating the necessity to acquire external financing from third party credit institutions and banks, which is costly and administratively exhausting. (Chand, 2016, 38) The general idea is to bring together balances of group entities bank accounts to a single or multiple bank accounts held by the cash pool leader (often the group s treasury department) where excess cash deposited to the account can be wired to group entities who require funding to manage its liquidity needs. Therefore, a cash pooling arrangement serves the group as an internal bank, providing support by managing the group s liquidity/working capital and enhancing the effectiveness of cash management. (OECD, 23, 2020) The benefit derives from increase in group s revenue by managing the excess/surplus funds available at the participants and reduction of financing cost in the event of cash shortages, thus significantly reducing the risk of insolvency. On the latter, if a group member is temporary incurring losses on economic reasons, business restructurings etc., it would be unnecessarily costly to opt for a loan with the intention to meet working capital needs and ensure company s liquidity if a more advantageous alternative is available. (Cie z ki, Droz dz, 143, 2019) A simplified illustration on cash pooling arrangement is visualized on figure 3 below: the concept is similar to lending, yet cash pooling is recognized as short-term funding instrument when compared to inter-company loans. Cash pool participants will either deposit or withdraw funds from the master account and will respectively earn or pay interest depending which balance they have with the master account. (OECD, 23, 2020) 19

20 Figure 3. In-house cash pooling arrangement Source: Deloitte Touche Tohmatsu Limited (2017) (appendix 1) A Luxembourg situated treasury entity acts as a cash pool leader offering liquidity management to the group. P Group affiliates participating in the pool either deposit funds to the master account or withdraw funds depending on which option is called for. In the event of deposits, the depositor is required to receive an arm s length interest return from the transaction and the contrary upon using overdraft (withdrawing funds from the master account). Furthermore, there are two traditional types of cash pools: physical cash pool (also referred to as cash concentration or zero balancing) and notional cash pool. Differences of the two types of cash pooling systems are described in more detail in chapters 2.2. and Treasury entities Treasury entities are often utilized within multinational groups to shift and centralize noncore business related auxiliary yet crucial and vital activities such as liquidity management, cash forecasting, foreign exchange (hereinafter fx) and interest rate risk mitigation, consolidated reporting and development of group s accounting policies, investment 20

21 strategies etc. to a separate business association a special purpose vehicle or SPV. (OECD, 13, 2020) SPV is referred to as a legal body established solely for certain tasks and functions or business restructurings. (Eesti Pank, 2020) These activities may also include inter-company financing and cash pool. Despite vast technological advancements, multinationals incur extreme difficulties in cash management due to the magnitude of large corporations. The bigger the company, the harder it is to cooperate and keep track with group companies and banks in multiple time zones or currencies of numerous locations. Therefore, in the late 1980-s, first treasury companies were developed in America to achieve more profitable returns from investments and achieve efficiency in group cash management and forecasting. (Polak, 88-89, 2010) Incorporation of group structures involving treasury companies in addition to shared service centres has been expanding globally due to the benefits of centralizing tasks related to managing group s finances. Most MNEs have therefore a treasury company present either as totally centralized manner or divided between continents depending on the size of the group Physical cash pool Physical cash pool, also considered as cash concentration, is a cash pooling set-up where funds are physically transferred from the cash pool participants accounts to a master account at the cash pool leader s disposal (often a separate legal entity, either the parent company or a treasury entity). One of the most common structures of physical pooling is referred as zero balancing. In zero balancing scheme, all credit balances of the cash pool participants are daily transferred to the master account, usually by close-of-business (CoB). The balances are then used to offset debit balances held by relevant participants. In other words, participants having credit balances deposit their excessive funds to the master account where entities whose bank account is in deficit, i.e. incurring debit balances (losses) can withdraw funds to meet their short-term liquidity needs. Consequently, entities holding a debit position towards the pool, are earning interest on the deposited funds whereas cash pool participants who require funding shall pay interest on the amount withdrawn from the master account (Hillman, 2011). The remaining amount after 21

22 balancing all accounts will be either deposited in case of positive balances or loaned from the bank when the balances are negative by the cash pool leader/manager. For increased effectiveness, every cash pool participant is required to notify their cash needs for liquidity management in advance to achieve appropriate and correct fund allocation. (Vetter, Schwandtner*, 2008, ) A step-by-step illustration on zero balancing is shown on figure 4 below. Figure 4. Zero balancing cash pool structure. Source: Information Management Group (IMG), 2001 For example: a group of 4 companies consists of 3 cash pool participants involved in core business activities and 1 treasury entity, which acts as a cash pool leader and is responsible for managing the pool (holds the master account). By the end of a business day, 2 companies gained profits whereas 1 company incurred losses and therefore requires funding (step 1). 22

23 The balances of the participants are then brought to the master account where they are set off/netted: companies 1 and 2 deposit their surplus funds to the master account and company 3 withdraws cash to meet its short-term liquidity needs (step 3). As a result, participants 1 & 2 require to earn credit interest on their deposits to the master account and debit interest liability is borne by the participant 3 for obtaining funds from the master account Notional cash pool Notional cash pool, on the other hand does not involve any physical transfer of funds from one bank account to another but incorporates a notional debit/credit position, or a sum of the account balances of all cash pool participants. The balances are consolidated into a master account held by the cash pool leader inflicting a virtual balance and results in interest receivable or payable depending on whether the master account holds a debit or credit position in front of the bank. (Bellin, 2017). Therefore, notional pooling is rather a calculation method for taking advantage of cash pooling benefits without physical transfer of funds. Interests are calculated on the consolidated net account balance of all participant accounts that are part of the pool. Implementation of notional pooling is preferable first and foremost for companies that focus on interest optimisation as administrative tasks inherent for intra-group lending are typically not applicable. On the contrary, administration of notional pools may be more costly for third-party banks compared to physical cash pool depending on which region the bank operates. For example, local legislations may disallow offsetting debit and credit balances in a notional manner in Scandinavian countries regardless of whether the multinational group offers cross-guarantees (mutual guarantee arrangement between affiliated companies for each other s debt obligations) to the bank for participating companies. This is due to the fact that such offsetting makes an impact on bank s capital adequacy ratio indicating the bank s capacity to bear losses related to risk exposures from administrating a cash pool. (Straarup, Danske Bank, 15, 2002) Consequently, due to absence of physical transfer and fictional characteristics, notional cash pool in practice depicts interest optimisation and calculation. The most beneficial scenario to the group, depending on the setup and negotiated terms of the arrangement, inflicts in the event of positive balances on all participant accounts. (Walter, Kenesei, 318, 2015) 23

24 An example of notional cash pooling is illustrated on figure 5: Figure 5. Notional cash pool structure Source: Information Management Group (IMG), 2001 Accounts of participants 1, 2 & 3 are notionally pooled to the master account, which only represents the notional balance of the accounts all the participants accounts remain unaffected. Accrued interest can be wired either to the participants directly or a separate interest account. The interest is applied on the net balance of the total pool and interest optimisation is therefore achieved equally as per physical cash pool. 24

25 However, due to the nature of notional pooling, it is restricted in certain jurisdictions such as the US (although mostly allowed in the EU). The reason for this is because the basis of such scheme is fictional and is often perceived as commingling of funds. (Bragg, 2018) Comparison between the features of notional and physical cash pooling are indicated in table 1 below. (PriceWaterhouseCoopers, 2017) Table 1. Differences between physical and notional cash pooling Physical cash pool Notional cash pool Physical transfer of funds Yes No Bank accounts in different currencies No Yes Bank accounts in multiple credit institutions Yes No Bank accounts in multiple countries Yes No Source: PriceWaterhouseCoopers (PWC), Remuneration of cash pooling transactions The transfer pricing issue for cash pooling lies in compensating the cash pool leader operating the pool and arm s length interest rates applied to deposits and withdrawals concerning the pool. In order to comply with transfer pricing principles in transactions concluded on the basis of cash pooling arrangements, two crucial factors must be assessed. Firstly, the remuneration of the cash pool leader and secondly each participating company. It is important to analyse the costs incurred by the cash pool leader from administrating the pool as well as the risks assumed from managing the amount of capital in the pool. For cash pool participants, allocation of the benefits from participating in the pool must be clearly delineated. The benefits derive from reduced costs incurred by participating entities as a result of avoiding 25

26 external funding from third party banks and more favourable deposit (lending) rates obtained by participating in the pool. (Christensen, Kaarup, 14-15, 2019) The OECD stipulates that the appropriate remuneration of cash pool leader should be relevant for the performed functions, assumed risks as well as the assets employed by the cash pool leader. However, it is generally accepted that the functional profile of the cash pool leader should be (although with exceptions) an administrator or co-operator of the pool. (OECD, 25, 2020) This is also substantiated by E. Kosavtsev providing insight to the practice of German tax authorities, indicating that cash pool leader rather serves as a service provider and thus should be remunerated on a cost-plus basis. (Kosavtsev, 37, 2015) In terms of funding activities taking place under the cash pooling arrangement, the OECD provides that the CUP method is the most reliable method for determining the arm s length interest rates on loans and cash pool due to the widespread availability of lending activity on the open market. The available information often includes all relevant information, terms and conditions for a proper benchmarking (for example: credit ratings of the borrower, maturity dates, security, subordination etc). For the use of CUP method, it is hence essential to first determine the credit rating of the borrower to search for comparable data meaning that the comparable loans must have the same credit rating of the borrower as well as other conditions and terms of the comparable loan must match to the controlled transaction. The arm s length interest rates can be sought from bonds issuances, loans between unrelated parties, commercial papers, deposits and so forth. (OECD, 20-21, 2020) Although uncontrolled loans might be best suitable for comparability analysis, Big4 firms usually conduct benchmarks for financial transactions based on comparable bonds due to the wide existence of information on bonds compared to loans Tax risks concerning cash pooling arrangements Since cash pooling agreements are implemented only withing company groups, the nature of such legal arrangement is rather unconventional or contract sui generis as J. Denninger expresses in his article written in 2016 and therefore difficult to address by courts and tax administrations. (Denninger, 2016) Correspondingly, transfer pricing is the most controversial issue for cash pooling arrangements due to the wide cross-border presence of the cash pooling setups as the cash pool participants are often present in multiple tax 26

27 jurisdictions with different legislation and rules for transfer pricing such as thin capitalisation rules and specific TP regulations for financial transactions. Although no specific legislation provides for thin capitalisation rules in Estonia, this is the case for most jurisdictions as interests on debt are usually deductible from taxable income making it more critical that the interest rates applied to debit and credit interest rates are at arm s length. (Kosavtsev, 35, 2015) Apart from TP issues, further tax implications concern cash pooling arrangements and the tax risks borne vary depending on local legislation of different jurisdictions. For example: in Estonia, an inter-company loan may also be characterized as a hidden profit distribution regardless of whether the funding was provided via a separate loan agreement or cash pooling arrangement, meaning that the tax authorities may treat the transaction on other basis instead of assessment from transfer pricing perspective. Income Tax Act ( 50², 2006) Notwithstanding the fact that compliant transfer pricing practices of financial transactions has recently received more attention, there is little to no precedence in Estonia with regards to transfer pricing disputes and tax audits, let alone cash pooling arrangements. Correspondingly, in addition to the Estonian court rulings, the author also relies on court practice on cash pooling arrangements and loan transactions of other EU member states and Norway. Despite that there are different types of cash pooling arrangements available for multinational enterprises to choose from when implementing such arrangements in order to fit the specific needs of the group, the tax treatment from transfer pricing perspective remains the same, i.e., the arm s length principle must be met in applying interest margins to debit and credit positions. With that being said, the distinction of the type of the cash pool is not always mentioned in court rulings unless it plays a significant role in the hearing process. 27

28 3. CASE STUDY ARM S LENGTH INTEREST RATE A company registered for tax purposes in Estonia participates in a zero balancing structured cash pool meaning that the account balances are daily transferred to the target amount held by the cash pool leader. The bank account of the Estonian entity is therefore always zero at the close of business. The cash pooling arrangement is concluded by a treasury entity of the group and is a foreign company, i.e., is situated in another EU country. According to the cash pooling agreement, the interest received by the Estonian entity on the transferred funds was 1-month Euribor excluding any surcharges or discounts. The cash pool leader uses the interest rates of a third-party bank where the master account is administered the 1-month Euribor hence serves as an internal comparable. According to the analysis performed by a tax advisory firm, the credit rating of the treasury entity and the parent company of the group is respectively A3 and A2 (Moody s methodology). An overview of the pool structure is illustrated on figure 6 below. Figure 6. Cash pool structure. Source: created by the author 28

29 The controlled entity is relatively profitable and has not incurred any losses. Throughout fiscal years the company has contributed significant amounts to the pool, which is made available for group companies elsewhere to maintain their liquidity needs. The Estonian entity has not used overdraft during the period and has only been in deposit position towards the pool Austrian court practice According to the Austrian Federal Court of Finance (Bundesfinanzgericht, hereinafter BFG) ruling , RV/ /2012, the Austrian tax authorities argued that 1-month Euribor is insufficient in terms of remuneration of deposits made to the cash pool master account held by the cash pool leader (with Moody s credit rating Baa2) and thus does not represent an arm s length interest rate. The tax administrations found that the arm's length interest rate is rather the 1M-EURIBOR plus a risk surcharge of 0.75% minus a processing/handling fee of 0.10% arguing that the credit interest received by the depositor must be higher than the interest of the bank overruling the use of the third-party bank credit rates as an external comparable. The argumentation also highlighted that Euribor is calculated based on the rates used by Euribor panel banks, which generally have the highest credit rating (Aaa Moody s), whereas the credit rating of the cash pool leader is Baa2 merely falling into the lower medium grade rating category. The BFG justified that physical cash pooling with zero-balancing must follow the arm s length standards and an appropriate market interest rate (external CUP) with surcharges (risk premium) reflecting the credit rating of the cash pool leader must therefore be agreed. Since the credit rating was below the ratings of EURIBOR panel banks, an adequate surcharge was required. The Federal Court of Finance further stipulated that additional information such as costs incurred by the cash pool leader, liquidity of the cash pool leader, profit premium of the cash pool leader's target account, the extent of the cash pool funds raised by the cash pool participants, exact level of synergy and coordination benefits, funds invested outside of the pool by the cash pool leader as well as the functions and influence by the cash pool leader on the cash pool participants must be considered. However, as this information was unavailable, the court opted for an alternate method therefore ruling that a 6-month Euribor should be used for the assessment of the credit interest receivable to the cash pool participant instead of the 1-month Euribor relying on the fact that the deposits to the pool are short-term 29

30 investments and 6 months period is generally accepted as a short-term investment in Austria. (Denninger, 6-8, 2016) In Estonia, however, claims and liabilities are typically considered as short-term in case they are settled within 12 calendar months and are reflected in the balance sheet as current assets. (ASBG 2, 5-6, 2019) Nevertheless, in cash pooling arrangements, it is essential to consider that the participant has the right to withdraw their deposits at any point and the author agrees with the BFG on this topic as the 6-month Euribor lies precisely in-between. Relying on the Austrian court ruling, application of the 6-month Euribor is acceptable credit interest rate on cash pooling agreements, yet it is the author s assessment that the court did not take into consideration the economic factors that are relevant and might result in further tax audits and disputes. With that being said, the author compared the 6-month Euribor rates during the period of to put the facts and figures of the court ruling into today s context. The results clearly indicate that the 6-month Euribor has dropped significantly, for 2020 even below zero. The comparison can be seen on figure 7 below. Figure 7. Euribor rates from January 1 st 2015 to October 23 rd 2020 Source: Euribor-rates,

31 Therefore, relying on the Austrian court ruling, a negative interest rate on credit interest on deposits to cash pool is acceptable practice from transfer pricing perspective. However, it is important to assess whether unrelated parties would engage in a similar transaction where money is lent on a short-term basis with a negative interest rate. The arm s length principle in the author s opinion is not met, although this would mean that overdraft interest rates are also negative substantiating the approach, yet unrelated parties would unlikely lend to an unaffiliated company under such circumstances as the transaction would not yield any profits to the lender. Moreover, the fact that the company in the current case study has not used overdraft and has only deposited to the pool, which in this case would be unprofitable for the company Estonian court practice Estonian Circuit Court ruling from 2017 disserted the inter-company loans issued by Jeld-Wen Eesti AS to its affiliated company Jeld-Wen of Europe BV, a tax resident in the Netherlands. As per the respondent s comments, the Dutch entity acted as an in-house bank (cash pool leader) providing cash pooling services for the group companies. According to the circumstances of the case, the cash pool leader obtained loans from group companies (participants) with interest rate Euribor -0,25% (deposit rate) and issued loans to participants with interest rate of 4,75% or 5,25% (overdraft rate). Throughout the audited years, Jeld- Wen Eesti AS made deposits to the pool in the amount of EUR and with interest rates of Euribor +1% (during ) and Euribor -0,25% (during ). The tax authorities argued that the controlled entity lent funds respectively 3,5783% and 3,651% below market terms using Estonian Central Bank statistics for comparison for the respective period. CIT in the amount of EUR ,94 was therefore levied on the transfer price adjustment of EUR ,41. Although the case was ruled in favour of the taxpayer due to expiration of the liability, the concept of reliance on bank statistics prevails. (Tartu Halduskohus 2015 & Tartu Ringkonnakohus, 2016) Another Estonian Circuit Court ruling ( ) cerebrated the claims of AS Sirowa Tallinn towards its parent entity SIA Sirowa Group in the amount of EUR ,20 plus interest of EUR ,25. Based on mutual agreement between the parties, the claims were converted into an uncollaterized loan with maturity in 10 years, the total loan amount was EUR ,45 and interest applied to the loan was 3,5%. The respondent explained 31

32 that the interest rate was calculated by using the Estonian Central Bank statistics which proposed an interest rate of 4,5% subtracting a risk premium of 1% from the bank interest rate further augmenting that the loan was guaranteed with Sirowa Tallinn s profits meaning that in the event of defaults, the loan can be offset with dividends. The tax authorities argued that the taxpayer was aware of the deviation from market interest rate, referring to the same source implying that 4,7% was the interest applied to loans issued by banks to companies operating in the wholesale and retail sector. The court upheld the tax authorities opinion as the subtraction of risk premium was unjustified because the loan amount significantly exceeded net profits of Sirowa Tallinn. (Tallinna Halduskohus, 2012 & Tallinna Ringkonnakohus, 2013) The significance of these rulings lies in the fact that relying on Estonian Central Bank statistics for determining the arm s length interest on inter-company financial transactions is accepted by the court this has determined the common practice for inter-company financial transactions in Estonia for both taxpayers and tax authorities. However, it is the author s assessment that Estonian Central Bank statistics merely provide average interests applied to loans issued by banks to companies in different economic sectors, therefore excluding any additional information that may affect the applied interest rate. In the light of the new OECD TP Guidelines on Financial Transactions, all economically relevant characteristics cannot be taken into consideration when using the proposed approach for economic analysis as information such as maturity type, credit rating of the debtor, security of the loan is not available. Thus, it is highly likely that a detailed benchmark analysis conducted in Bloomberg database or by an alternate method, where all relevant conditions are taken into account in the comparability analysis, differs from the statistical results. Moreover, it has to be taken into consideration that transfer pricing is a subject for bilateral discussions what is accepted in one tax jurisdiction may not be acceptable in another. Therefore, if Estonian tax authorities contend that Estonian resident taxpayer shall rely on Estonian Bank statistics when applying an interest on inter-company financial transaction, tax risks might arise for the counterparty in case the interest rate is unfavourable for the tax jurisdiction where the relevant party resides in. 32

33 Author s opinion above is also justified by the Danish Administrative Tax Court ruling (Bombardier case) and the Norwegian Court of Appeal (ConocoPhilips case) both concluding that application of bank interest rates to physical cash pool arrangements do not constitute an arm s length interest rate as the cash pool leader is less capitalized than a bank and the risk profiles do not match. (Wielinger, 2019, 14) Malhotra, Krinshpun and Olivier further elaborate on the topic in the ITRinsight that economic analysis for cash pooling setups must evaluate not just on one party but relationship with the counterparty and the whole group alleging that deposits to cash pool is clearly a riskier investment than depositing to a third-party bank relying on the lower credit rating of the group. Thus, agreeing with the court s opinion that bank interest rates on deposits are an unviable option to test the arm s length principle in cash pooling arrangements. (Malhotra, Krinshpun, Olivier, 2020) This significantly disconfirms Estonian tax authorities approach to pricing cash pooling and intra-group lending activities which may pose future problems in the event of bilateral tax audits initiated by foreign tax administrations. Relying on the Estonian court practice, Estonian Central Bank statistics on deposits of nonfinancial corporations and households is therefore acceptable from Estonian tax law perspective. For the purposes of the case study, the author has analysed the deposit rates from the abovementioned source for years , the results are indicated in figure 7 below. Table 2. Estonian Central Bank interest rate statistics on deposits (6-12 month maturity) and short-term loans Month Deposits Loans Deposits Loans Deposits Loans January 0,25% 3,36% 0,30% 2,90% 0,48% 1,54% February 0,17% 3,59% 0,17% 2,44% 0,33% 3,74% March 0,12% 3,85% 0,27% 3,17% 0,45% 4,36% April 0,30% 4,48% 0,21% 4,57% 0,42% 3,59% May 0,13% 3,58% 0,18% 4,29% 0,37% 3,06% June 0,22% 2,80% 0,11% 4,44% 0,23% 3,06% July 0,24% 3,30% 0,20% 3,82% 0,35% 3,99% August 0,17% 3,21% 0,21% 3,65% 0,36% 2,99% September 0,14% 3,72% 0,20% 2,66% 0,13% 3,15% 33

34 Month October 0,07% 4,27% 0,39% 3,56% 0,49% 2,40% November 0,25% 3,56% 0,56% 1,53% 0,32% 1,34% December 0,22% 3,75% 0,29% 1,49% 0,22% 2,78% Source: Eesti Pank, 2020 Consequently, the interest rates on cash pool deposits applicable to the case study should range between 0,07%-0,30% for 2017, 0,11%-0,56% for 2018 and 0,13%-0,49% for For the analysis, the author has chosen data on interest rates of time-deposits of non-financial corporations and households by maturity and currency instead of interest rates of loans as the latter is unsuitable in terms of comparability due to significant differences in maturity. It is vital to be borne in mind that lending activities undertaken in cash pooling arrangements are short-term Bloomberg approach As mentioned earlier, an external CUP is often sought for financial transaction benchmarking purposes. Debt instruments such as corporate bonds are relatively inherent to lending activities and is thus considered as common practice for performing a comparability analysis. This approach is also acknowledged by the OECD. However, in order to conclude an appropriate benchmark following this method, access to secondary corporate bond data is required, which is rarely made available to the public and can only be accessed via information providers databases. (Casimir, 21, 47, 2019) Correspondingly, the author has tackled the pricing of cash pool deposit rates with a benchmarking study conducted in Bloomberg Terminal, which is globally used by transfer pricing practitioners in pricing of financial transactions due to the depth and worldwide recognition of the database. About 2 million loans and bonds of nearly 1,5 million companies are listed on the platform making it the biggest database on the market. In addition to loan and bond data, the platform provides information on commodities and funds as well as profitability ratios of companies in different business sectors for benchmarking purposes. (Bloomberg, 2016) 34

35 For the purposes of the relevant case study, the following search criteria was chosen. Firstly, the author sought comparable data from financial instruments that incorporate debt obligation (corporate bonds), which is the fundament and a vital element of comparability in the current case study. Moreover, for proper compatibility, the scope only included bond issuers with a credit rating ranging from A1 to Baa3 (Moody s credit rating scale) so that the risk profiles of comparable data and the cash pool leader match. Standard & Poor s (hereinafter S&P) as well as Fitch s ratings of A+ to BBB- that are equivalent to Moody s A1-Baa3 were also included in the search because some securities listed in the database may lack credit rating from one of the credit rating agencies (either Moody s, S&P or Fitch) and can therefore accidentally be left out. Although the credit rating of the cash pool leader is A3 and the group s parent entity has a rating of A2, the range for comparable search was expanded in case the search yields insufficient amount of comparable bonds this enables to perform adjustments by including bonds with 1 notch higher or lower credit rating if necessary. Furthermore, as the case study presupposes that only group members of EU region participate in the pool, the author opted for bonds issued by EU companies as well as in Euro currency. Banks and commercial finance companies were also excluded to eliminate the inconsistencies present when using bank statistics in terms of functional profiles of issuers and the relevant company of the case study. Since cash pooling is considered as short-term funding, restrictions on maturities had to be applied. The search date was therefore set to and limitation on maturity of the bonds was set to The excerpt of the Bloomberg search criteria can be seen on figure 8 below. 35

36 Figure 8. Bloomberg terminal search criteria Source: Bloomberg terminal, 2020 The search yielded 219 securities (bonds) out of which 34 were comparable to the case study. The comparable bonds were chosen based on a thorough filtering process in which the author excluded bonds with a credit rating other than A2 or A3 according to Moody s scale or A or A- of S&P and Fitch s scale. Bonds that were issued prior to 2017 were also filtered out. The credit rating refers to the risk profile of the cash pool leader and the issuance date is crucial factor to reflect the short-term lending principle. The results were also limited to guaranteed bonds since the cash pool deposits are guaranteed by the parent entity in the case study, i.e. the guarantor shall cover the cash pool leader s obligations in the event of defaults on repayments to cash pool depositors. Based on the above, the author conducted two benchmarks: one relying on yield to maturity (YTM) and another on coupon rate of the bonds. The latter indicates the annual interest income payable to the bondholder and is based on par value of the bond. YTM, however, 36

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