Press Release
Tyco Capital goes live with the Principia System to support treasury operations
Principia Partners wins on customer service and commitment to FAS 133 accounting regulation
Jersey City, New Jersey, November 5, 2001 - Principia Partners LLC, a leading
provider of full front-to-back office systems for global capital markets,
today announced that Tyco Capital (formerly known as CIT), has successfully
implemented the Principia System to support its treasury operations and
to meet FAS 133 accounting regulations.
The installation and implementation of the Principia System consolidates
Tyco Capital's treasury management and replaces several software
products with one fully integrated straight-through-processing
system. This includes deal capture, portfolio management, valuation,
risk management and accounting for all asset classes.
Steve Kaufhold, assistant treasurer, Tyco Capital, states: "We selected the Principia System after extensive evaluation of many software vendors and their products. Principia Partners gave us the confidence that its solution could support our existing vanilla products, as well as more complex structured instruments as our business evolves. FAS 133 compliance, flexibility and reliable customer support were key to our decision. The Principia System has greatly reduced manual operational costs and provided us with a robust system that can manage all our treasury requirements. The implementation of the system was quick and painless with all deliverables on schedule and under budget. We look forward to working with Principia on all future assignments."
Theresa Adams, one of Principia's founding partners, says: "We are delighted to be associated with Tyco Capital. Our focus has always been to provide highly-effective support for innovative financing with comprehensive FAS 133 compliance that can be fully customized to reflect each client's individual needs. This implementation is a tremendous endorsement of both the Principia System and our team. We look forward to working with Tyco Capital as a partner, helping it to meet future strategic needs."
The derivatives accounting standard, FAS 133 was established by the Financial Accounting Standards Board (FASB) and became effective from the first quarter of 2001. The Principia system enables Tyco Capital to produce internal and external derivatives reporting in compliance with the new accounting standards. The Principia System is used to analyze potential transactions, value derivatives and related cash items, summarize the accounting entries and assess the effectiveness of hedging relationships. It also allows the firm's treasury and risk managers to identify and hedge potential risk.
About Tyco Capital
The Tyco Capital family of companies are subsidiaries of Tyco International
Ltd. Tyco Capital is a leading, global source of financing and leasing capital
and advisor for companies in more than 30 industries. Managing more than
$50 billion in assets across a diversified portfolio, Tyco Capital, formerly
known as CIT, empowers many of today's industry leaders and emerging businesses
offering vendor, equipment, factoring, consumer, and structured financing
capabilities. Tyco Capital operates in the United States and Canada with
strategic locations in Europe, Latin and South America, and the Pacific
Rim.
About Principia Partners
Founded by a group of finance and technology professionals, Principia
Partners offers a fully integrated front to back office solution for management
of financial assets, liabilities and derivatives. The Principia System covers
fixed-income (including ABS/MBS and GICs), FX and equity index products.
The sub-ledger facilitates full compliance with both FAS 133 and IAS 39
accounting regulations. Principia's target market consists of capital markets
groups requiring sophisticated and flexible processing capability without
the desire or resources to develop internal systems. For more information
about Principia, see www.principiapartners.com.
Principia Partners is headquartered at the Harborside Financial Center, Jersey City, New Jersey, USA.
For press information contact:
Shamira Alidina
Write Image
271 Regent Street
London W1B 2BP
shamira@write-image.co.uk
Tel: + 44 (0) 20 7959 5450
Fax: + 44 (0) 20 7493 5499
Email: shamira@write-image.co.uk