金融机构管理Chap011
金融机构管理办法
金融机构管理办法金融机构是指从事金融业务的机构，包括银行、证券公司、保险公司等。
为了规范金融机构的运营行为，保护金融市场的健康发展，各国都制定了相应的管理办法。
本文将介绍金融机构管理办法的一般内容和重要原则。
一、金融机构管理办法的一般内容金融机构管理办法主要包括以下几个方面的内容：1. 机构设立和准入条件：金融机构管理办法规定了金融机构的设立程序和准入条件。
一般来说，金融机构需要满足一定的资本金要求、人员素质要求和业务能力要求等。
同时，还需要进行相关的审批和注册手续。
2. 机构治理和内控要求：金融机构管理办法要求金融机构建立健全的治理结构和内控制度。
这包括明确的组织架构、权责清晰的管理体系、有效的风险管理和内部控制机制等。
金融机构还需建立独立的监察和合规部门，确保机构的合规运营。
3. 业务经营要求：金融机构管理办法规定了金融机构的业务范围和经营行为。
金融机构需要按照法律法规和监管要求，开展合规的业务活动。
同时，还需要建立完善的风险管理制度，有效防范和控制各类风险。
4. 客户保护和信息披露要求：金融机构管理办法强调保护客户利益，要求金融机构建立健全的客户保护制度。
金融机构需要对客户提供真实、准确、完整的信息，保护客户的隐私权和个人信息安全。
5. 监管和处罚措施：金融机构管理办法规定了监管机构的职责和权力，以及对违规行为的处罚措施。
监管机构可以对金融机构进行监督检查，对违规行为进行处罚，并采取必要的措施维护金融市场的稳定和安全。
二、金融机构管理办法的重要原则金融机构管理办法遵循以下重要原则：1. 客户至上：金融机构应以客户利益为核心，建立健全的客户保护制度，提供优质的金融产品和服务，保障客户的合法权益。
2. 风险可控：金融机构应建立完善的风险管理制度，识别、评估和控制各类风险，确保金融机构的稳健经营。
3. 合规经营：金融机构应按照法律法规和监管要求，开展合规的业务活动，遵守商业道德和职业操守，维护金融市场的秩序和稳定。
Chap011有效市场假说
11-3
Efficient Market Hypothesis (EMH) 有效市场假说
• New information is unpredictable; if it could be predicted, then the prediction would be part of today’s information. 新的信息是不可预测的，如果是可预测的信息马上就会带 来股价变动从而成为了今天的信息
et = rt - (a + brMt)超额（异常）收益的 估计值是否不为零的检测很重要
INVESTMENTS | BODIE, KANE, MARCUS
11-15
Are Markets Efficient? 市场是有效的吗？
• Magnitude Issue规模问题
– Only managers of large portfolios can earn enough trading profits to make the exploitation of minor mispricing worth the effort.只有大型投资组 合的经理才能从微小的定价错误中获利
INVESTMENTS | BODIE, KANE, MARCUS
11-7
Versions of the EMH 有效市场假说的不同版本
• Weak弱式假说认为市场的股票历史价格、 成交量等市场公开信息已经无用，都已反映 在目前的股票价格里；
• Semi-strong半强式假说任何公司财务信息、 预期、以及一切公开可得的信息都已无用， 反映在当前股票价格里；
– Information-gathering is motivated by desire for higher investment returns.信息收集是由追求更高投 资收益所驱动的
金融机构管理Chap001
Regulation of FIs
Important features of regulatory policy:
– Protect ultimate sources and users of savings
Including prevention of unfair practices such as redlining and other discriminatory actions
1-15
Regulation
Credit allocation regulation
– Supports socially important sectors such as housing and farming
Requirements for minimum amounts of assets in a particular sector or maximum interest rates or fees Qualified Thrift Lender Test (QTL)
Financial Services Modernization Act of 1999
– Affects charter value and size of net regulatory burden
∙ 65 percent of assets in residential mortgages
Usury laws and Regulation Q (abolished)
1-16
Regulation
Consumer protection regulation
– Community Reinvestment Act (CRA) – Home Mortgage Disclosure Act (HMDA)
Chap002金融机构管理课后题答案
Chapter TwoThe Financial Services Industry: Depository InstitutionsChapter OutlineIntroductionCommercial Banks∙Size, Structure, and Composition of the Industry∙Balance Sheet and Recent Trends∙Other Fee-Generating Activities∙Regulation∙Industry PerformanceSavings Institutions∙Savings Associations (SAs)∙Savings Banks∙Recent Performance of Savings Associations and Savings BanksCredit Unions∙Size, Structure, and Composition of the Industry and Recent Trends∙Balance Sheets∙Regulation∙Industry PerformanceGlobal Issues: Japan, China, and GermanySummaryAppendix 2A: Financial Statement Analysis Using a Return on Equity (ROE) Framework Appendix 2B: Depository Institutions and Their RegulatorsAppendix 3B: Technology in Commercial BankingSolutions for End-of-Chapter Questions and Problems: Chapter Two1.What are the differences between community banks, regional banks, and money-centerbanks? Contrast the business activities, location, and markets of each of these bank groups. Community banks typically have assets under $1 billion and serve consumer and small business customers in local markets. In 2003, 94.5 percent of the banks in the United States were classified as community banks. However, these banks held only 14.6 percent of the assets of the banking industry. In comparison with regional and money-center banks, community banks typically hold a larger percentage of assets in consumer and real estate loans and a smaller percentage of assets in commercial and industrial loans. These banks also rely more heavily on local deposits and less heavily on borrowed and international funds.Regional banks range in size from several billion dollars to several hundred billion dollars in assets. The banks normally are headquartered in larger regional cities and often have offices and branches in locations throughout large portions of the United States. Although these banks provide lending products to large corporate customers, many of the regional banks have developed sophisticated electronic and branching services to consumer and residential customers. Regional banks utilize retail deposit bases for funding, but also develop relationships with large corporate customers and international money centers.Money center banks rely heavily on nondeposit or borrowed sources of funds. Some of these banks have no retail branch systems, and most regional banks are major participants in foreign currency markets. These banks compete with the larger regional banks for large commercial loans and with international banks for international commercial loans. Most money center banks have headquarters in New York City.e the data in Table 2-4 for the banks in the two asset size groups (a) $100 million-$1billion and (b) over $10 billion to answer the following questions.a. Why have the ratios for ROA and ROE tended to increase for both groups over the1990-2003 period? Identify and discuss the primary variables that affect ROA andROE as they relate to these two size groups.The primary reason for the improvements in ROA and ROE in the late 1990s may berelated to the continued strength of the macroeconomy that allowed banks to operate with a reduced regard for bad debts, or loan charge-off problems. In addition, the continued low interest rate environment has provided relatively low-cost sources of funds, and a shifttoward growth in fee income has provided additional sources of revenue in many product lines. Finally, a growing secondary market for loans has allowed banks to control the size of the balance sheet by securitizing many assets. You will note some variance inperformance in the last three years as the effects of a softer economy were felt in thefinancial industry.b. Why is ROA for the smaller banks generally larger than ROA for the large banks?Small banks historically have benefited from a larger spread between the cost rate of funds and the earning rate on assets, each of which is caused by the less severe competition in the localized markets. In addition, small banks have been able to control credit risk moreefficiently and to operate with less overhead expense than large banks.c. Why is the ratio for ROE consistently larger for the large bank group?ROE is defined as net income divided by total equity, or ROA times the ratio of assets to equity. Because large banks typically operate with less equity per dollar of assets, netincome per dollar of equity is larger.d. Using the information on ROE decomposition in Appendix 2A, calculate the ratio ofequity-to-total-assets for each of the two bank groups for the period 1990-2003. Whyhas there been such dramatic change in the values over this time period, and why isthere a difference in the size of the ratio for the two groups?ROE = ROA x (Total Assets/Equity)Therefore, (Equity/Total Assets) = ROA/ROE$100 million - $1 Billion Over $10 BillionYear ROE ROA TA/Equity Equity/TA ROE ROA TA/Equity Equity/TA1990 9.95% 0.78% 12.76 7.84% 6.68% 0.38% 17.58 5.69%1995 13.48% 1.25% 10.78 9.27% 15.60% 1.10% 14.18 7.05%1996 13.63% 1.29% 10.57 9.46% 14.93% 1.10% 13.57 7.37%1997 14.50% 1.39% 10.43 9.59% 15.32% 1.18% 12.98 7.70%1998 13.57% 1.31% 10.36 9.65% 13.82% 1.08% 12.80 7.81%1999 14.24% 1.34% 10.63 9.41% 15.97% 1.28% 12.48 8.02%2000 13.56% 1.28% 10.59 9.44% 14.42% 1.16% 12.43 8.04%2001 12.24% 1.20% 10.20 9.80% 13.43% 1.13% 11.88 8.41%2002 12.85% 1.26% 10.20 9.81% 15.06% 1.32% 11.41 8.76%2003 12.80% 1.27% 10.08 9.92% 16.32% 1.42% 11.49 8.70% The growth in the equity to total assets ratio has occurred primarily because of theincreased profitability of the entire banking industry and the encouragement of theregulators to increase the amount of equity financing in the banks. Increased fee income, reduced loan loss reserves, and a low, stable interest rate environment have produced the increased profitability which in turn has allowed banks to increase equity through retained earnings.Smaller banks tend to have a higher equity ratio because they have more limited assetgrowth opportunities, generally have less diverse sources of funds, and historically have had greater profitability than larger banks.3.What factors have caused the decrease in loan volume relative to other assets on thebalance sheets of commercial banks? How has each of these factors been related to the change and development of the financial services industry during the 1990s and early2000s? What strategic changes have banks implemented to deal with changes in thefinancial services environment?Corporations have utilized the commercial paper markets with increased frequency rather than borrow from banks. In addition, many banks have sold loan packages directly into the capital markets (securitization) as a method to reduce balance sheet risks and to improve liquidity. Finally, the decrease in loan volume during the early 1990s and early 2000s was due in part to the recession in the economy.As deregulation of the financial services industry continued during the 1990s, the position of banks as the primary financial services provider continued to erode. Banks of all sizes have increased the use of off-balance sheet activities in an effort to generate additional fee income. Letters of credit, futures, options, swaps and other derivative products are not reflected on the balance sheet, but do provide fee income for the banks.4.What are the major uses of funds for commercial banks in the United States? What are theprimary risks to the bank caused by each use of funds? Which of the risks is most critical to the continuing operation of the bank?Loans and investment securities continue to be the primary assets of the banking industry. Commercial loans are relatively more important for the larger banks, while consumer, small business loans, and residential mortgages are more important for small banks. Each of these types of loans creates credit, and to varying extents, liquidity risks for the banks. The security portfolio normally is a source of liquidity and interest rate risk, especially with the increased use of various types of mortgage backed securities and structured notes. In certain environments, each of these risks can create operational and performance problems for a bank.5.What are the major sources of funds for commercial banks in the United States? How isthe landscape for these funds changing and why?The primary sources of funds are deposits and borrowed funds. Small banks rely more heavily on transaction, savings, and retail time deposits, while large banks tend to utilize large, negotiable time deposits and nondeposit liabilities such as federal funds and repurchase agreements. The supply of nontransaction deposits is shrinking, because of the increased use by small savers of higher-yielding money market mutual funds,6. What are the three major segments of deposit funding? How are these segments changingover time? Why? What strategic impact do these changes have on the profitable operation of a bank?Transaction accounts include deposits that do not pay interest and NOW accounts that pay interest. Retail savings accounts include passbook savings accounts and small, nonnegotiable time deposits. Large time deposits include negotiable certificates of deposits that can be resold in the secondary market. The importance of transaction and retail accounts is shrinking due to the direct investment in money market assets by individual investors. The changes in the deposit markets coincide with the efforts to constrain the growth on the asset side of the balance sheet.7. How does the liability maturity structure of a bank’s balance sheet compare with thematurity structure of the asset portfolio? What risks are created or intensified by thesedifferences?Deposit and nondeposit liabilities tend to have shorter maturities than assets such as loans. The maturity mismatch creates varying degrees of interest rate risk and liquidity risk.8. The following balance sheet accounts have been taken from the annual report for a U.S.bank. Arrange the accounts in balance sheet order and determine the value of total assets.Based on the balance sheet structure, would you classify this bank as a community bank, regional bank, or a money center bank?Assets Liabilities and EquityCash $ 2,660 Demand deposits $ 5,939Fed funds sold $ 110 NOW accounts $12,816Investment securities $ 5,334 Savings deposits $ 3,292Net loans $29,981 Certificates of deposit $ 9,853Intangible assets $ 758 Other time deposits $ 2,333Other assets $ 1,633 Short-term Borrowing $ 2,080Premises $ 1,078 Other liabilities $ 778Total assets $41,554 Long-term debt $ 1,191Equity $ 3,272Total liab. and equity $41,554This bank has funded the assets primarily with transaction and savings deposits. The certificates of deposit could be either retail or corporate (negotiable). The bank has very little ( 5 percent) borrowed funds. On the asset side, about 72 percent of total assets is in the loan portfolio, but there is no information about the type of loans. The bank actually is a small regional bank with $41.5 billion in assets, but the asset structure could easily be a community bank with $41.5 million in assets.9.What types of activities normally are classified as off-balance-sheet (OBS) activities?Off-balance-sheet activities include the issuance of guarantees that may be called into play at a future time, and the commitment to lend at a future time if the borrower desires.a. How does an OBS activity move onto the balance sheet as an asset or liability?The activity becomes an asset or a liability upon the occurrence of a contingent event,which may not be in the control of the bank. In most cases the other party involved with the original agreement will call upon the bank to honor its original commitment.b.What are the benefits of OBS activities to a bank?The initial benefit is the fee that the bank charges when making the commitment. If the bank is required to honor the commitment, the normal interest rate structure will apply to the commitment as it moves onto the balance sheet. Since the initial commitment does notappear on the balance sheet, the bank avoids the need to fund the asset with either deposits or equity. Thus the bank avoids possible additional reserve requirement balances anddeposit insurance premiums while improving the earnings stream of the bank.c.What are the risks of OBS activities to a bank?The primary risk to OBS activities on the asset side of the bank involves the credit risk of the borrower. In many cases the borrower will not utilize the commitment of the bank until the borrower faces a financial problem that may alter the credit worthiness of the borrower.Moving the OBS activity to the balance sheet may have an additional impact on the interest rate and foreign exchange risk of the bank.e the data in Table 2-6 to answer the following questions.a.What was the average annual growth rate in OBS total commitments over the periodfrom 1992-2003?$78,035.6 = $10,200.3(1+g)11 g = 20.32 percentb.Which categories of contingencies have had the highest annual growth rates?Category of Contingency or Commitment Growth RateCommitments to lend 14.04%Future and forward contracts 15.13%Notional amount of credit derivatives 52.57%Standby contracts and other option contracts 56.39%Commitments to buy FX, spot, and forward 3.39%Standby LCs and foreign office guarantees 7.19%Commercial LCs -1.35%Participations in acceptances -6.11%Securities borrowed 20.74%Notional value of all outstanding swaps 31.76%Standby contracts and other option contracts have grown at the fastest rate of 56.39 percent, and they have an outstanding balance of $214,605.3 billion. The rate of growth in thecredit derivatives area has been the second strongest at 52.57 percent, the dollar volumeremains fairly low at $1,001.2 billion at year-end 2003. Interest rate swaps grew at anannual rate of 31.76 percent with a change in dollar value of $41,960.7 billion. Clearly the strongest growth involves derivative areas.c.What factors are credited for the significant growth in derivative securities activities bybanks?The primary use of derivative products has been in the areas of interest rate, credit, andforeign exchange risk management. As banks and other financial institutions have pursuedthe use of these instruments, the international financial markets have responded byextending the variations of the products available to the institutions.11. For each of the following banking organizations, identify which regulatory agencies (OCC,FRB, FDIC, or state banking commission) may have some regulatory supervisionresponsibility.(a) State-chartered, nonmember, nonholding-company bank.(b)State-chartered, nonmember holding-company bank(c) State-chartered member bank(d)Nationally chartered nonholding-company bank.(e)Nationally chartered holding-company bankBank Type OCC FRB FDIC SBCom.(a) Yes Yes(b) Yes Yes Yes(c) Yes Yes Yes(d) Yes Yes Yes(e) Yes Yes Yes12. What factors normally are given credit for the revitalization of the banking industry duringthe decade of the 1990s? How is Internet banking expected to provide benefits in thefuture?The most prominent reason was the lengthy economic expansion in both the U.S. and many global economies during the entire decade of the 1990s. This expansion was assisted in the U.S. by low and falling interest rates during the entire period.The extent of the impact of Internet banking remains unknown. However, the existence of this technology is allowing banks to open markets and develop products that did not exist prior to the Internet. Initial efforts have focused on retail customers more than corporate customers. The trend should continue with the advent of faster, more customer friendly products and services, and the continued technology education of customers.13. What factors are given credit for the strong performance of commercial banks in the early2000s?The lowest interest rates in many decades helped bank performance on both sides of the balance sheet. On the asset side, many consumers continued to refinance homes and purchase new homes, an activity that caused fee income from mortgage lending to increase and remain strong. Meanwhile, the rates banks paid on deposits shrunk to all-time lows. In addition, the development and more comfortable use of new financial instruments such as credit derivatives and mortgage backed securities helped banks ease credit risk off the balance sheets. Finally, information technology has helped banks manage their risk more efficiently.14. What are the main features of the Riegle-Neal Interstate Banking and Branching EfficiencyAct of 1994? What major impact on commercial banking activity is expected from this legislation?The main feature of the Riegle-Neal Act of 1994 was the removal of barriers to inter-state banking. In September 1995 bank holding companies were allowed to acquire banks in other states. In 1997, banks were allowed to convert out-of-state subsidiaries into branches of a single interstate bank. As a result, consolidations and acquisitions have allowed for the emergence of very large banks with branches across the country.15. What happened in 1979 to cause the failure of many savings associations during the early1980s? What was the effect of this change on the operating statements of savingsassociations?The Federal Reserve changed its reserve management policy to combat the effects of inflation, a change which caused the interest rates on short-term deposits to increase dramatically more than the rates on long-term mortgages. As a result, the marginal cost of funds exceeded the average yield on assets that caused a negative interest spread for the savings associations. Further, because savings associations were constrained by Regulation Q on the amount of interest which could be paid on deposits, they suffered disintermediation, or deposit withdrawals, which led to severe liquidity pressures on the balance sheets.16. How did the two pieces of regulatory legislation, the DIDMCA in 1980 and the DIA in1982, change the operating profitability of savings associations in the early 1980s? What impact did these pieces of legislation ultimately have on the risk posture of the savingsassociation industry? How did the FSLIC react to this change in operating performance and risk?The two pieces of legislation allowed savings associations to offer new deposit accounts, such as NOW accounts and money market deposit accounts, in an effort to reduce the net withdrawal flow of deposits from the institutions. In effect this action was an attempt to reduce the liquidity problem. In addition, the savings associations were allowed to offer adjustable-rate mortgages and a limited amount of commercial and consumer loans in an attempt to improve the profitability performance of the industry. Although many savings associations were safer, more diversified, and more profitable, the FSLIC did not foreclose many of the savings associations which were insolvent. Nor did the FSLIC change its policy of assessing higher insurance premiums on companies that remained in high risk categories. Thus many savings associations failed, which caused the FSLIC to eventually become insolvent.17. How do the asset and liability structures of a savings association compare with the assetand liability structures of a commercial bank? How do these structural differences affect the risks and operating performance of a savings association? What is the QTL test?The savings association industry relies on mortgage loans and mortgage-backed securities as the primary assets, while the commercial banking industry has a variety of loan products, including mortgage products. The large amount of longer-term fixed rate assets continues to cause interestrate risk, while the lack of asset diversity exposes the savings association to credit risk. Savings associations hold considerably less cash and U.S. Treasury securities than do commercial banks. On the liability side, small time and saving deposits remain as the predominant source of funds for savings associations, with some reliance on FHLB borrowing. The inability to nurture relationships with the capital markets also creates potential liquidity risk for the savings association industry.The acronym QTL stands for Qualified Thrift Lender. The QTL test refers to a minimum amount of mortgage-related assets that a savings association must hold. The amount currently is 65 percent of total assets.18. How do savings banks differ from savings and loan associations? Differentiate in terms ofrisk, operating performance, balance sheet structure, and regulatory responsibility.The asset structure of savings banks is similar to the asset structure of savings associations with the exception that savings banks are allowed to diversify by holding a larger proportion of corporate stocks and bonds. Savings banks rely more heavily on deposits and thus have a lower level of borrowed funds. The banks are regulated at both the state and federal level, with deposits insured by t he FDIC’s BIF.19. How did the Financial Institutions Reform, Recovery, and Enforcement Act (FIRREA) of1989 and the Federal Deposit Insurance Corporation Improvement Act of 1991 reversesome of the key features of earlier legislation?FIRREA rescinded some of the expanded thrift lending powers of the DIDMCA of 1980 and the Garn-St Germain Act of 1982 by instituting the qualified thrift lender (QTL) test that requires that all thrifts must hold portfolios that are comprised primarily of mortgages or mortgage products such as mortgage-backed securities. The act also required thrifts to divest their portfolios of junk bonds by 1994, and it replaced the FSLIC with a new thrift deposit insurance fund, the Savings Association Insurance Fund, which was managed by the FDIC.The FDICA of 1991 amended the DIDMCA of 1980 by introducing risk-based deposit insurance premiums in 1993 to reduce excess risk-taking. FDICA also provided for the implementation of a policy of prompt corrective actions (PCA) that allows regulators to close banks more quickly in cases where insolvency is imminent. Thus the ill-advised policy of regulatory forbearance should be curbed. Finally, the act amended the International Banking Act of 1978 by expanding the regulatory oversight powers over foreign banks.20. What is the “common bond” membership qualification under which credit unions havebeen formed and operated? How does this qualification affect the operational objective ofa credit union?The common bond policy allows any one who meets a specific membership requirement to become a member of the credit union. The requirement normally is tied to a place of employment. Because the common bond policy has been loosely interpreted, implementation has allowed credit union membership and assets to grow at a rate that exceeds similar growth inthe commercial banking industry. Since credit unions are mutual organizations where the members are owners, employees essentially use saving deposits to make loans to other employees who need funds.21. What are the operating advantages of credit unions that have caused concern bycommercial bankers? What has been the response of the Credit Union NationalAssociation to the bank criticisms?Credit unions are tax-exempt organizations that often are provided office space by employers at no cost. As a result, because non-interest operating costs are very low, credit unions can lend money at lower rates and pay higher rates on savings deposits than can commercial banks. CUNA has responded that the cost to tax payers from the tax-exempt status is replaced by the additional social good created by the benefits to the members.22. How does the asset structure of credit unions compare with the asset structure ofcommercial banks and savings and loan associations? Refer to Tables 2-5, 2-9, and 2-12 to formulate your answer.The relative proportions of credit union assets are more similar to commercial banks than savings associations, with 20 percent in investment securities and 63 percent in loans. However, nonmortgage loans of credit unions are predominantly consumer loans. On the liability side of the balance sheet, credit unions differ from banks in that they have less reliance on large time deposits, and they differ from savings associations in that they have virtually no borrowings from any source. The primary sources of funds for credit unions are transaction and small time and savings accounts.23. Compare and contrast the performance of the U.S. depository institution industry withthose of Japan, China, and Germany.The entire Japanese financial system was under increasing pressure from the early 1990s as the economy suffered from real estate and other commercial industry pressures. The Japanese government has used several financial aid packages in attempts to avert a collapse of the Japanese financial system. Most attempts have not been successful.The deterioration in the banking industry in China in the early 2000s was caused by nonperforming loans and credits. The remedies include the opportunity for more foreign bank ownership in the Chinese banking environment primarily via larger ownership positions, less restrictive capital requirements for branches, and increased geographic presence.German banks also had difficulties in the early 2000s, but the problems were not universal. The large banks suffered from credit problems, but the small banks enjoyed high credit ratings and low cast of funds because of government guarantees on their borrowing. Thus while small banks benefited from growth in small business lending, the large banks became reliant on fee and trading income.。
chap011CreditAnalysis(财务报表分析,台湾中兴大学)
3. Managerial policies are directed primarily at efficient and profitable asset utilization and secondly at liquidity
prepaid expenses
Liquidity and Working Capital
Current Ratio
Three important qualifications 1. Liquidity depends to a large extent on prospective cash
flows
Liquidity and Working Capital
Working Capital
Working capital more relevant when related to other key variables such as Sales Total assets Working capital is of limited value as an absolute amount
Liquidity and Working Capital
Current Assets
Classification as current asset depends on:
1. Manament’s intent 2. Industry practice
Balance Sheet
Analysis must assess this classification
商业银行管理Chap011 全文免费
Estimating Liquidity Needs (continued)
• Sourceing Liquidity Needs (continued)
• Sources and Uses of Funds Approach
▫ Asset Liquidity Management or Asset Conversion Strategy
▫ This strategy calls for storing liquidity in the form of liquid assets
bills, fed funds loans, CDs, etc.) and selling them when liquidity is needed
▫ Balanced Liquidity Strategy
▫ The combined use of liquid asset holdings (Asset Management) and
borrowed liquidity (Liability Management) to meet liquidity needs
Estimating Liquidity Needs (continued)
• Sources and Uses of Funds Approach
▫ Loans and deposits must be forecast for a given liquidity
planning period
▫ The estimated change in loans and deposits must be calculated
• Sources and Uses of Funds Approach • Structure of Funds Approach • Liquidity Indicator Approach • The Ultimate Standard for Assessing Liquidity
Chap008金融机构管理课后题答案
Chapter EightInterest Rate Risk IChapter OutlineIntroductionThe Central Bank and Interest Rate RiskThe Repricing ModelRate-Sensitive AssetsRate-Sensitive LiabilitiesEqual Changes in Rates on RSAs and RSLsUnequal Changes in Rates on RSAs and RSLsWeaknesses of the Repricing ModelMarket Value EffectsOveraggregationThe Problem of RunoffsCash Flows from Off-Balance Sheet ActivitiesThe Maturity ModelThe Maturity Model with a Portfolio of Assets and Liabilities Weakness of the Maturity ModelSummaryAppendix 8A: Term Structure of Interest RatesUnbiased Expectations TheoryLiquidity Premium Theory Market Segmentation TheorySolutions for End-of-Chapter Questions and Problems: Chapter Eight1. What was the impact on interest rates of the borrowed reserves targetingregime used by the Federal Reserve from 1982 to 1993The volatility of interest rates was significantly lower than under the nonborrowed reserves target regime used in the three years immediately prior to 1982. Figure 8-1 indicates that both the level and volatility of interest rates declined even further after 1993 when the Fed decided that it would target primarily the fed funds rate as a guide for monetary policy.2. How has the increased level of financial market integration affectedinterest ratesIncreased financial market integration, or globalization, increases the speed with which interest rate changes and volatility are transmitted among countries. The result of this quickening of global economic adjustment is to increase the difficulty and uncertainty faced by the Federal Reserve as it attempts to manage economic activity within the U.S. Further, because FIs have become increasingly more global in their activities, any change in interest rate levels or volatility caused by Federal Reserve actions more quickly creates additional interest rate risk issues for these companies.3. What is the repricing gap In using this model to evaluate interest raterisk, what is meant by rate sensitivity On what financial performance variable does the repricing model focus Explain.The repricing gap is a measure of the difference between the dollar value of assets that will reprice and the dollar value of liabilities that will reprice within a specific time period, where reprice means the potential to receive a new interest rate. Rate sensitivity represents the time interval where repricing can occur. The model focuses on the potential changes in the net interest income variable. In effect, if interest rates change, interest income and interest expense will change as the various assets and liabilities are repriced, that is, receive new interest rates.4. What is a maturity bucket in the repricing model Why is the length oftime selected for repricing assets and liabilities important when using the repricing modelThe maturity bucket is the time window over which the dollar amounts of assets and liabilities are measured. The length of the repricing period determines which of the securities in a portfolio are rate-sensitive. The longer the repricing period, the more securities either mature or need to be repriced, and, therefore, the more the interest rate exposure. An excessively short repricing period omits consideration of the interest rate risk exposure of assets and liabilities are that repriced in the period immediately following the end of the repricing period. That is, it understates the rate sensitivity of the balance sheet. An excessively long repricing period includes many securities that are repriced at different times within the repricing period, thereby overstating the rate sensitivity of the balance sheet.5. Calculate the repricing gap and the impact on net interest income of a 1percent increase in interest rates for each of the following positions:Rate-sensitive assets = $200 million. Rate-sensitive liabilities =$100 million.Repricing gap = RSA - RSL = $200 - $100 million = +$100 million.NII = ($100 million)(.01) = +$ million, or $1,000,000.Rate-sensitive assets = $100 million. Rate-sensitive liabilities =$150 million.Repricing gap = RSA - RSL = $100 - $150 million = -$50 million.NII = (-$50 million)(.01) = -$ million, or -$500,000.Rate-sensitive assets = $150 million. Rate-sensitive liabilities =$140 million.Repricing gap = RSA - RSL = $150 - $140 million = +$10 million.NII = ($10 million)(.01) = +$ million, or $100,000.a. Calculate the impact on net interest income on each of the abovesituations assuming a 1 percent decrease in interest rates.NII = ($100 million) = -$ million, or -$1,000,000.NII = (-$50 million) = +$ million, or $500,000.NII = ($10 million) = -$ million, or -$100,000.b. What conclusion can you draw about the repricing model from theseresultsThe FIs in parts (1) and (3) are exposed to interest rate declines(positive repricing gap) while the FI in part (2) is exposed to interest rate increases. The FI in part (3) has the lowest interest rate riskexposure since the absolute value of the repricing gap is the lowest,while the opposite is true for part (1).6. What are the reasons for not including demand deposits as rate-sensitiveliabilities in the repricing analysis for a commercial bank What is the subtle, but potentially strong, reason for including demand deposits inthe total of rate-sensitive liabilities Can the same argument be madefor passbook savings accountsThe regulatory rate available on demand deposit accounts is zero. Although many banks are able to offer NOW accounts on which interest can be paid, this interest rate seldom is changed and thus the accounts are not really sensitive. However, demand deposit accounts do pay implicit interest in the form of not charging fully for checking and other services. Further, when market interest rates rise, customers draw down their DDAs, which may cause the bank to use higher cost sources of funds. The same or similar arguments can be made for passbook savings accounts.7. What is the gap ratio What is the value of this ratio to interest raterisk managers and regulatorsThe gap ratio is the ratio of the cumulative gap position to the total assets of the bank. The cumulative gap position is the sum of the individual gaps over several time buckets. The value of this ratio is that it tells the direction of the interest rate exposure and the scale of that exposure relative to the size of the bank.8. Which of the following assets or liabilities fit the one-year rate or repricing sensitivity test91-day . Treasury bills Yes1-year . Treasury notes Yes20-year . Treasury bonds No20-year floating-rate corporate bonds with annual repricing Yes30-year floating-rate mortgages with repricing every two years No30-year floating-rate mortgages with repricing every six months YesOvernight fed funds Yes9-month fixed rate CDs Yes1-year fixed-rate CDs Yes5-year floating-rate CDs with annual repricing YesCommon stock No9. Consider the following balance sheet for WatchoverU Savings, Inc. (in millions):Assets Liabilities and EquityFloating-rate mortgages Demand deposits(currently 10% annually) $50 (currently 6% annually) $7030-year fixed-rate loans Time deposits(currently 7% annually) $50 (currently 6% annually $20Equity $10 Total Assets $100 Total Liabilities & Equity$100a. What is WatchoverU’s expected net interest income at year-endCurrent expected interest income:$5m + $3.5m = $8.5m.Expected interest expense: $4.2m + $1.2m = $5.4m.Expected net interest income: $8.5m - $5.4m = $3.1m.b. What will be the net interest income at year-end if interest ratesrise by 2 percentAfter the 200 basis point interest rate increase, net interest incomedeclines to:50 + 50 - 70 - 20(.06) = $9.5m - $6.8m = $2.7m, a decline of $0.4m.c. Using the cumulative repricing gap model, what is the expected netinterest income for a 2 percent increase in interest rates Wachovia’s' repricing or funding gap is $50m - $70m = -$20m. The change in net interest income using the funding gap model is (-$20m) = -$.4m.d.What will be the net interest income at year-end if interest ratesincrease 200 basis points on assets, but only 100 basis points onliabilities Is it reasonable for changes in interest rates to affectbalance sheet in an uneven manner WhyAfter the unbalanced rate increase, net interest income will be 50 +50 - 70 - 20(.06) = $9.5m - $6.1m = $3.4m, an increase of $0.3m. It isnot uncommon for interest rates to adjust in an uneven manner over two sides of the balance sheet because interest rates often do not adjust solely because of market pressures. In many cases the changes areaffected by decisions of management. Thus you can see the difference between this answer and the answer for part a.10. What are some of the weakness of the repricing model How have largebanks solved the problem of choosing the optimal time period forrepricing What is runoff cash flow, and how does this amount affect the repricing model’s analysisThe repricing model has four general weaknesses:(1) It ignores market value effects.(2) It does not take into account the fact that the dollar value of ratesensitive assets and liabilities within a bucket are not similar. Thus, if assets, on average, are repriced earlier in the bucket thanliabilities, and if interest rates fall, FIs are subject to reinvestment risks.(3) It ignores the problem of runoffs, that is, that some assets are prepaidand some liabilities are withdrawn before the maturity date.(4) It ignores income generated from off-balance-sheet activities.Large banks are able to reprice securities every day using their own internal models so reinvestment and repricing risks can be estimated for each day ofthe year.Runoff cash flow reflects the assets that are repaid before maturity and the liabilities that are withdrawn unsuspectedly. To the extent that either of these amounts is significantly greater than expected, the estimated interest rate sensitivity of the bank will be in error.11. Use the following information about a hypothetical government securitydealer named . Jorgan. Market yields are in parenthesis, and amounts are in millions.Assets Liabilities and EquityCash $10 Overnight Repos $1701 month T-bills %) 75 Subordinated debt3 month T-bills %) 75 7-year fixed rate % 1502 year T-notes %) 508 year T-notes %) 1005 year munis (floating rate)% reset every 6 months) 25 Equity 15 Total Assets $335 Total Liabilities & Equity$335a. What is the funding or repricing gap if the planning period is 30 days91 days 2 years Recall that cash is a noninterest-earning asset.Funding or repricing gap using a 30-day planning period = 75 - 170 = -$95 million.Funding gap using a 91-day planning period = (75 + 75) - 170 = -$20 million.Funding gap using a two-year planning period = (75 + 75 + 50 + 25) - 170 = +$55 million.b. What is the impact over the next 30 days on net interest income if allinterest rates rise 50 basis points Decrease 75 basis pointsNet interest income will decline by $475,000. NII = FG(R) = -95(.005) = $0.475m.Net interest income will increase by $712,500. NII = FG(R)= -95(.0075) = $0.7125m.c.The following one-year runoffs are expected: $10 million for two-yearT-notes, and $20 million for eight-year T-notes. What is the one-year repricing gapFunding or repricing gap over the 1-year planning period = (75 + 75 + 10 + 20 + 25) - 170 = +$35 million.d. If runoffs are considered, what is the effect on net interest incomeat year-end if interest rates rise 50 basis points Decrease 75 basispointsNet interest income will increase by $175,000. NII = FG(R) = 35 = $0.175m.Net interest income will decrease by $262,500, NII = FG(R) = 35 = -$0.2625m.12. What is the difference between book value accounting and market valueaccounting How do interest rate changes affect the value of bank assets and liabilities under the two methods What is marking to marketBook value accounting reports assets and liabilities at the original issue values. Current market values may be different from book values because they reflect current market conditions, such as interest rates or prices. This is especially a problem if an asset or liability has to be liquidated immediately. If the asset or liability is held until maturity, then the reporting of book values does not pose a problem.For an FI, a major factor affecting asset and liability values is interestrate changes. If interest rates increase, the value of both loans (assets) and deposits and debt (liabilities) fall. If assets and liabilities are held until maturity, it does not affect the book valuation of the FI. However, ifdeposits or loans have to be refinanced, then market value accounting presents a better picture of the condition of the FI.The process by which changes in the economic value of assets and liabilities are accounted is called marking to market. The changes can be beneficial as well as detrimental to the total economic health of the FI.13. Why is it important to use market values as opposed to book values whenevaluating the net worth of an FI What are some of the advantages ofusing book values as opposed to market valuesBook values represent historical costs of securities purchased, loans made, and liabilities sold. They do not reflect current values as determined by market values. Effective financial decision-making requires up-to-date information that incorporates current expectations about future events. Market values provide the best estimate of the present condition of an FI and serve as an effective signal to managers for future strategies.Book values are clearly measured and not subject to valuation errors, unlike market values. Moreover, if the FI intends to hold the security until maturity, then the security's current liquidation value will not be relevant. That is, the paper gains and losses resulting from market value changes will never be realized if the FI holds the security until maturity. Thus, the changes in market value will not impact the FI's profitability unless the security is sold prior to maturity.14. Consider a $1,000 bond with a fixed-rate 10 percent annual coupon (Cpn %)and a maturity (N) of 10 years. The bond currently is trading to amarket yield to maturity (YTM) of 10 percent. Complete the followingtable.From Par, $ From Par, %N Cpn % YTM Price Change in Price Change in Price8 10% 9% $1, $ %9 10% 9% $1, $ %10 10% 9% $1, $ %10 10% 10% $1,10 10% 11% $ -$ %11 10% 11% $ -$ %12 10% 11% $ -$ %Use this information to verify the principles of interest rate-pricerelationships for fixed-rate financial assets.Rule One: Interest rates and prices of fixed-rate financial assets move inversely. See the change in price from $1,000 to $ for the change in interest rates from 10 percent to 11 percent, or from $1,000 to $1, when rates change from 10 percent to 9 percent.Rule Two: The longer is the maturity of a fixed-income financial asset, the greater is the change in price for a given change in interest rates.A change in rates from 10 percent to 11 percent has caused the 10-yearbond to decrease in value $, but the 11-year bond will decrease in value $, and the 12-year bond will decrease $.Rule Three: The change in value of longer-term fixed-rate financialassets increases at a decreasing rate. For the increase in rates from 10 percent to 11 percent, the difference in the change in price between the 10-year and 11-year assets is $, while the difference in the change in price between the 11-year and 12-year assets is $.Rule Four: Although not mentioned in the text, for a given percentage () change in interest rates, the increase in price for a decrease in ratesis greater than the decrease in value for an increase in rates. Thus for rates decreasing from 10 percent to 9 percent, the 10-year bond increases $. But for rates increasing from 10 percent to 11 percent, the 10-year bond decreases $.15. Consider a 12-year, 12 percent annual coupon bond with a required returnof 10 percent. The bond has a face value of $1,000.a. What is the price of the bondPV = $120*PVIFAi=10%,n=12 + $1,000*PVIFi=10%,n=12= $1,b. If interest rates rise to 11 percent, what is the price of the bondPV = $120*PVIFAi=11%,n=12 + $1,000*PVIFi=11%,n=12= $1,c. What has been the percentage change in priceP = ($1, - $1,/$1, = or – percent.d. Repeat parts (a), (b), and (c) for a 16-year bond.PV = $120*PVIFAi=10%,n=16 + $1,000*PVIFi=10%,n=16= $1,PV = $120*PVIFAi=11%,n=16 + $1,000*PVIFi=11%,n=16= $1,P = ($1, - $1,/$1, = or – percent.e. What do the respective changes in bond prices indicateFor the same change in interest rates, longer-term fixed-rate assets have a greater change in price.16. Consider a five-year, 15 percent annual coupon bond with a face value of$1,000. The bond is trading at a market yield to maturity of 12 percent.a. What is the price of the bondPV = $150*PVIFAi=12%,n=5 + $1,000*PVIFi=12%,n=5= $1,b. If the market yield to maturity increases 1 percent, what will be thebond’s new pricePV = $150*PVIFAi=13%,n=5 + $1,000*PVIFi=13%,n=5= $1,c. Using your answers to parts (a) and (b), what is the percentage changein the bond’s price as a result of the 1 percent increase in interest ratesP = ($1, - $1,/$1, = or – percent.d. Repeat parts (b) and (c) assuming a 1 percent decrease in interestrates.PV = $150*PVIFAi=11%,n=5 + $1,000*PVIFi=11%,n=5= $1,P = ($1, - $1,/$1, = or percente. What do the differences in your answers indicate about the rate-pricerelationships of fixed-rate assetsFor a given percentage change in interest rates, the absolute value of the increase in price caused by a decrease in rates is greater than the absolute value of the decrease in price caused by an increase in rates.17. What is maturity gap How can the maturity model be used to immunize anFI’s portfolio What is the critical requirement to allow maturitymatching to have some success in immunizing the balance sheet of an FIMaturity gap is the difference between the average maturity of assets and liabilities. If the maturity gap is zero, it is possible to immunize the portfolio, so that changes in interest rates will result in equal but offsetting changes in the value of assets and liabilities and net interest income. Thus, if interest rates increase (decrease), the fall (rise) in the value of the assets will be offset by a perfect fall (rise) in the value of the liabilities. The critical assumption is that the timing of the cash flows on the assets and liabilities must be the same.18. Nearby Bank has the following balance sheet (in millions):Assets Liabilities and EquityCash $60 Demand deposits $1405-year treasury notes $60 1-year Certificates of Deposit $160 30-year mortgages $200 Equity $20Total Assets $320 Total Liabilities and Equity$320What is the maturity gap for Nearby Bank Is Nearby Bank more exposed to an increase or decrease in interest rates Explain whyM A = [0*60 + 5*60 + 200*30]/320 = years, and ML= [0*140 + 1*160]/300 = .Therefore the maturity gap = MGAP = – = years. Nearby bank is exposed toan increase in interest rates. If rates rise, the value of assets will decrease much more than the value of liabilities.19. County Bank has the following market value balance sheet (in millions,annual rates):Assets Liabilities and EquityCash $20 Demand deposits $10015-year commercial loan @ 10% 5-year CDs @ 6% interest,interest, balloon payment $160 balloon payment $21030-year Mortgages @ 8% interest, 20-year debentures @ 7% interest$120monthly amortizing $300 Equity $50Total Assets $480 Total Liabilities & Equity $480a. What is the maturity gap for County BankMA= [0*20 + 15*160 + 30*300]/480 = years.ML= [0*100 + 5*210 + 20*120]/430 = years.MGAP = – = years.b. What will be the maturity gap if the interest rates on all assets andliabilities increase by 1 percentIf interest rates increase one percent, the value and average maturity of the assets will be:Cash = $20Commercial loans = $16*PVIFAn=15, i=11% + $160*PVIFn=15,i=11%= $Mortgages = $,294*PVIFAn=360,i=9%= $MA= [0*20 + *15 + *30]/(20 + + = yearsThe value and average maturity of the liabilities will be: Demand deposits = $100CDs = $*PVIFAn=5,i=7% + $210*PVIFn=5,i=7%= $Debentures = $*PVIFAn=20,i=8% + $120*PVIFn=20,i=8%= $ML= [0*100 + 5* + 20*]/(100 + + = yearsThe maturity gap = MGAP = – = years. The maturity gap increased because the average maturity of the liabilities decreased more than the average maturity of the assets. This result occurred primarily because of the differences in the cash flow streams for the mortgages and the debentures.c. What will happen to the market value of the equityThe market value of the assets has decreased from $480 to $, or $. The market value of the liabilities has decreased from $430 to $, or $. Therefore the market value of the equity will decrease by $ - $ = $, or percent.d. If interest rates increased by 2 percent, would the bank be solvent The value of the assets would decrease to $, and the value of the liabilities would decrease to $. Therefore the value of the equity would be $. Although the bank remains solvent, nearly 65 percent of the equity has eroded because of the increase in interest rates.20. Given that bank balance sheets typically are accounted in book valueterms, why should the regulators or anyone else be concerned about howinterest rates affect the market values of assets and liabilitiesThe solvency of the balance sheet is an important variable to creditors of the bank. If the capital position of the bank decreases to near zero, creditors may not be willing to provide funding for the bank, and the bank may need assistance from the regulators, or may even fail. Thus any change in the market value of assets or liabilities that is caused by changes in the level of interest rate changes is of concern to regulators.21. If a bank manager is certain that interest rates were going to increasewithin the next six months, how should the bank manager adjust thebank’s maturity gap to take advantage of this antici pated increase What if the manager believed rates would fall Would your suggestedadjustments be difficult or easy to achieveWhen rates rise, the value of the longer-lived assets will fall by more the shorter-lived liabilities. If the maturity gap (or duration gap) is positive, the bank manager will want to shorten the maturity gap. If the repricing gap is negative, the manager will want to move it towards zero or positive. If rates are expected to decrease, the manager should reverse these strategies. Changing the maturity, duration, or funding gaps on the balance sheet often involves changing the mix of assets and liabilities. Attempts to make these changes may involve changes in financial strategy for the bank which may notbe easy to accomplish. Later in the text, methods of achieving the same results using derivatives will be explored.22. Consumer Bank has $20 million in cash and a $180 million loan portfolio.The assets are funded with demand deposits of $18 million, a $162 million CD and $20 million in equity. The loan portfolio has a maturity of 2years, earns interest at the annual rate of 7 percent, and is amortized monthly. The bank pays 7 percent annual interest on the CD, but theinterest will not be paid until the CD matures at the end of 2 years.a. What is the maturity gap for Consumer Bank= [0*$20 + 2*$180]/$200 = yearsMA= [0*$18 + 2*$162]/$180 = yearsMLMGAP = – = 0 years.b. Is Consumer Bank immunized or protected against changes in interestrates Why or why notIt is tempting to conclude that the bank is immunized because thematurity gap is zero. However, the cash flow stream for the loan and the cash flow stream for the CD are different because the loan amortizesmonthly and the CD pays annual interest on the CD. Thus any change in interest rates will affect the earning power of the loan more than the interest cost of the CD.c. Does Consumer Bank face interest rate risk That is, if marketinterest rates increase or decrease 1 percent, what happens to thevalue of the equityThe bank does face interest rate risk. If market rates increase 1percent, the value of the cash and demand deposits does not change.However, the value of the loan will decrease to $, and the value of the CD will fall to $. Thus the value of the equity will be ($ + $20 - $18 - $ = $. In this case the increase in interest rates causes the marketvalue of equity to increase because of the reinvestment opportunities on the loan payments.If market rates decrease 1 percent, the value of the loan increases to $, and the value of the CD increases to $. Thus the value of the equitydecreases to $.d. How can a decrease in interest rates create interest rate riskThe amortized loan payments would be reinvested at lower rates. Thuseven though interest rates have decreased, the different cash flowpatterns of the loan and the CD have caused interest rate risk.23. FI International holds seven-year Acme International bonds and two-yearBeta Corporation bonds. The Acme bonds are yielding 12 percent and the Beta bonds are yielding 14 percent under current market conditions.a. What is the weighted-average maturity of FI’s bond portfolio if 40percent is in Acme bonds and 60 percent is in Beta bondsAverage maturity = x 7 years + x 2 years = 4 yearsb. What proportion of Acme and Beta bonds should be held to have aweighted-average yield of percentLet X* + (1 - X)* = . Solving for X, we get 25 percent. In order to get an average yield of percent, we need to hold 25 percent of Acme and 75 percent of Beta.c. What will be the weighted-average maturity of the bond portfolio ifthe weighted-average yield is realizedThe average maturity of the portfolio will decrease to x 7 + x 2 = years.24. An insurance company has invested in the following fixed-incomesecurities: (a) $10,000,000 of 5-year Treasury notes paying 5 percentinterest and selling at par value, (b) $5,800,000 of 10-year bonds paying7 percent interest with a par value of $6,000,000, and (c) $6,200,000 of20-year subordinated debentures paying 9 percent interest with a parvalue of $6,000,000.a. What is the weighted-average maturity of this portfolio of assets= [5*$10 + 10*$ + 20*$]/$22 = 232/22 = yearsMAb. If interest rates change so that the yields on all of the securitiesdecrease 1 percent, how does the weighted-average maturity of theportfolio changeTo determine the weighted-average maturity of the portfolio for a rate decrease of 1 percent, the new value of each security must be determined. This calculation will require knowing the YTM of each security before the rate change.T-notes are selling at par, so the YTM = 5 percent. Therefore, the new value will bePV = $500,000*PVIFAn=5,i=4% + $10,000,000*PVIFn=5,i=4%= $10,445,182.10-year bonds: Par = $6,000,000, PV = $5,800,000, Cpn = 7 percent YTM= %. The new PV = $420,000*PVIFAn=10,i=% + $6,000,000*PVIFn=10,i=%= $6,222,290.Debentures: Par = $6,000,000, PV = $6,200,000, Cpn = 9 percentpercent. The new PV = $540,000*PVIFAn=20,i=% + $6,000,000*PVIFn=20,i==$6,820,418.The total value of the assets after the change in rates will be$23,487,890, and the weighted-average maturity will be [5*10,445,182 +10*6,222,290 + 20*6,820,418]/23,487,890 = 250,857,170/23,487,890 = years.c. Explain the changes in the maturity values if the yields increase by 1 percent.。
金融机构管理规定全文
金融机构管理规定全文金融机构管理规定（全文）《金融机构管理规定》在1994.08.05由中国人民银行颁布。
第一章总则第一条为维护金融秩序稳定，规范金融机构管理，保障社会公众的合法权益，促进社会主义市场经济的发展，根据国家有关法律和法规，制定本规定。
第二条中国人民银行及其分支机构是金融机构的主管机关，依法独立履行对各类金融机构设立、变更和终止的审批职责，并负责对金融机构的监督和管理。
任何地方政府、任何单位、任何部门不得擅自审批或干预审批。
对未经中国人民银行批准设立金融机构或经营金融业务的，各金融机构一律不得为其提供开户、信贷、结算及现金等服务。
第三条本规定所称金融机构是指下列在境内依法定程序设立、经营金融业务的机构：(一)政策性银行、商业银行及其分支机构、合作银行、城市或农村信用合作社、城市或农村信用合作社联合社及邮政储蓄网点;(二)保险公司及其分支机构、保险经纪人公司、保险代理人公司;(三)证券公司及其分支机构、证券交易中心、投资基金管理公司、证券登记公司;(四)信托投资公司、财务公司和金融租赁公司及其分支机构，融资公司、融资中心、金融期货公司、信用担保公司、典当行、信用卡公司;(五)中国人民银行认定的其他从事金融业务的机构。
第四条金融业务是指存款、贷款、结算、保险、信托、金融租赁、票据贴现、副资担保、外汇买卖、金融期货、有价证券代理发行和交易，以及经中国人民银行认定的其他金融业务。
第五条金融机构应冠有本规定第三条所列金融机构专用名称，非金融机构一律不得冠有上述名称或与其近似的名称。
第六条中国人民银行对金融机构实行许可证制度。
对具有法人资格的金融机构颁发《金融机构法人许可证》，对不具备法人资格的金融机构颁发《金融机构营业许可证》。
未取得许可证者，一律不得经营金融业务。
第二章金融机构设立的原则和条件第七条设立金融机构应依据下列原则：(一)符合国民经济发展需要;(二)符合金融业发展的政策和方向;(三)符合银行业、信托业、保险业、证券业分业经营、分业管理的原则;(四)符合金融机构合理布局、公平竞争的原则;(五)符合经济核算原则。
金融机构管理
ห้องสมุดไป่ตู้
羚綺 純儀 彥菁
H.C.H
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1.期中及期末考各佔25分 2.態度、出席佔40分 3.道德文章分享10分
課程大綱(1/3)
第一週 課程說明 第二週 金融道德對財金人的重要性 第三週 財金人應具備的價值觀 第四週 東方哲學對道德的看法 第五週 西方哲學對道德的看法 第六週 金融道德法律面（一） 第七週 金融道德法律面（二）
期勉與思考
條件：熱誠、專業、博學、廣結善緣、 人格特質、藝術涵養
心境：工作→事業→志業 進化論：生存力→競爭力→發展力→卓越力 價值觀：自我價值→圓融價值→超我價值 思考圓融自己生命的藍海策略
課程大綱(2/3)
第八週 金融道德法律面（三） 第九週 期中考 第十週 金融道德倫理個案（一） 第十一週 金融道德倫理個案（二） 第十二週 金融道德倫理個案（三）
課程大綱(3/3)
第十三週 企業道德倫理個案（一） 第十四週 企業道德倫理個案（二） 第十五週 道德文章感想或經驗分享(一) 第十六週 道德文章感想或經驗分享(二) 第十七週 道德文章感想或經驗分享(三) 第十八週 期末考
28_Chap011 The Efficient Market Hypothesis 博迪投资学课
11-14
Semistrong Tests: Anomalies
• P/E Effect • Small Firm Effect (January Effect) • Neglected Firm Effect and Liquidity Effects • Book-to-Market Ratios • Post-Earnings Announcement Price Drift
11-20
Figure 11.6 Returns to Style Portfolio as a Predictor of GDP Growth
11-21
Interpreting the Evidence Continued
• Anomalies or Data Mining • The noisy market hypothesis • Fundamental indexing
11-22
Stock Market Analysts
• Do Analysts Add Value – Mixed evidence – Ambiguity in results
11-23
Mutual Fund Performance
• Some evidence of persistent positive and negative performance
Efficient Market Hypothesis (EMH)
• Do security prices reflect information ? • Why look at market efficiency?
某公司金融机构管理知识及业务管理
某公司金融机构管理知识及业务管理在当今日益竞争激烈的金融行业中，金融机构的管理知识和业务管理能力变得尤为重要。
这些知识和能力不仅决定着金融机构的发展和运营，还直接影响着客户的体验和满意度。
本文将介绍一些金融机构管理的基本知识及业务管理的关键点。
金融机构管理的基本知识包括：财务管理、风险管理、战略管理和人力资源管理等。
首先，财务管理是金融机构管理的核心之一。
金融机构经营的核心就是资金的运作，因此对资金的合理配置和利用是至关重要的。
财务管理需要包括预算、投资、融资、资产负债管理等方面内容，以确保金融机构的盈利能力和稳定性。
风险管理是金融机构管理的另一个重要方面。
金融机构所面临的风险包括市场风险、信用风险、操作风险等。
有效的风险管理可以降低金融机构面临的潜在损失，并提高其盈利能力。
金融机构需要建立风险管理体系，包括风险评估、风险监控、风险控制等环节，以保护自身免受风险的威胁。
战略管理是金融机构成功发展的关键。
金融机构的战略管理需要考虑市场环境、竞争对手、技术创新等因素，以确定适合自身的发展路径。
战略管理包括目标设定、战略规划、战略执行等环节，以确保金融机构能够在竞争中脱颖而出。
人力资源管理是金融机构管理的另一个关键方面。
金融机构是知识密集型的行业，其核心竞争力源于人才。
因此，金融机构需要有一个有效的人力资源管理体系，包括招聘、培训、绩效管理、激励机制等方面，以吸引和留住高素质的员工，从而推动机构的发展。
除了金融机构管理的基本知识外，业务管理也是金融机构成功运营的关键。
金融机构的业务管理包括产品和服务的设计、销售和运营等方面。
首先，产品和服务的设计是金融机构业务管理的重要环节。
金融机构需要根据市场需求和客户的需求，设计出具有竞争力和差异化的产品和服务。
设计阶段需要考虑产品特性、定价、定位等因素，以创造价值，并满足客户的需求。
其次，销售是金融机构业务管理的核心。
金融机构需要建立一个高效的销售团队，提供专业的咨询和客户服务，以吸引客户并推动销售。
金融机构管理制度
金融机构管理制度导言金融机构是经济运行中不可或缺的一部分，其管理制度的健全与否直接影响到金融机构的运行效率和风险管理能力。
在金融发展日益快速的背景下，建立一套完善的金融机构管理制度变得尤为重要。
本文将从金融机构管理制度的定义、重要性、内容和实施过程等方面进行分析。
一、金融机构管理制度的定义金融机构管理制度是指金融机构为了合规经营、保护客户权益、防范风险而建立的组织结构、管理原则、政策规定和流程流程等各种规章制度的总称。
金融机构管理制度旨在规范金融机构的各项业务活动，确保其合法合规地开展金融服务，并有效管理和控制风险。
二、金融机构管理制度的重要性金融机构管理制度的建立和实施对于金融机构具有重要意义，主要表现在以下几个方面：1. 保障金融机构合规经营：金融机构管理制度作为金融机构的基础规范，能够为金融机构员工提供明确的行为准则和操作流程，帮助他们了解和遵守法律法规，确保金融机构的合规经营。
2. 提高风险管理能力：金融机构面临着各种风险，如信用风险、市场风险、操作风险等。
管理制度的建立能够帮助金融机构识别、评估和控制风险，提高风险管理能力。
3. 保护客户权益：金融机构管理制度能够规范金融产品和服务的设计与销售流程，保障客户权益，预防金融诈骗等不法行为，维护金融市场的稳定和健康发展。
4. 提升管理效率：金融机构管理制度的建立有利于制约员工的行为，在规范的框架下提升管理效率，减少管理成本，增强金融机构的竞争力。
三、金融机构管理制度的内容金融机构管理制度的内容应根据不同金融机构的性质、规模和经营范围等因素进行具体安排，但一般包括以下几个方面：1. 组织结构：包括机构职能、内部分工和层级关系等，明确工作职责和管理层级。
2. 业务规范：涵盖金融机构各项业务的操作规程，如贷款审批、风险评估、资金管理、客户服务等。
3. 内部控制：明确金融机构内部控制的监管要求，包括风险评估、监控与报告、内部审计等。
4. 风险管理：确保金融机构能够建立和完善风险管理制度，包括风险识别、评估、控制和监控等。
Chap011_PPTr
• To determine the cost of a new debt in the marketplace:
– The firm will compute the yield on its currently outstanding debt, or yield to maturity
1-4
Approximate Yield to Maturity (Y')
• For ease of reference, = Cost of common equity in the form of retained earnings = Dividend at the end of the first year, $2 = Price of stock today, $40 g = Constant growth rate in dividends, 7% = $2 + 7% = 5% + 7% = 12% $40
– With a low-cost debt, must be chosen carefully
• May result in increase of the overall risk • May make all eventual forms of financing more expensive
20 .6 ($940) + .4 ($1,000) = $101.50 + 60 20 $564 + $400 Y’ = $101.50 + 3 = $104.50 = 10.84% $964 $964
1-5
Adjusting Yield for Tax Considerations
• Yield to maturity indicates how much the firm has to pay on a before-tax basis • Interest payment on a debt is a taxdeductible expense
金融机构管理
(3)良好的安全性数据库存储的数据较多，包括金融方面的数据信息、用户操作方面的数据信息等，系统应具备良好的数据备份恢复机制，以此提升系统的安全性。
3.4 本章小结本章主要的工作内容是对综合评价管理系统进行需求分析，主要的工作内容分为两个方面，第一个是系统的业务功能，主要通过用例图对其进行建模，第二个方面是叙述了性能需求方面的内容，从而明确了系统开发的可行性，为后续系统的设计与实现奠定了良好的基础。
第4章系统设计对系统进行需求分析之后，下一步的是对综合评价管理系统进行系统设计，首先叙述了系统的设计原则，在此工作基础上，对系统的架构及各个业务功能模块进行设计，详细的工作内容如下面所示。
4.1设计原则对于金融机构综合评价管理系统而言，设计原则主要叙述了系统在进行设计方面遵循的业务规则，采用软件工程的实现方式对系统的业务流程进行展现，便于用户进行操作，主要工作目标是提升系统的可扩展性、安全性等，从而使系统具备良好的实用性，具体系统遵循的设计原则详细的内容如下面所示。
1.系统安全可靠：此是系统进行设计时候首先需要遵循的原则，由于系统之中存储着许多银行的数据信息，这些数据都是银行的核心利益所在，因此需要从硬件角度、软件角度等多方面采取措施确保系统的安全性，主要的工作重点是两个方面的内容，一个是系统应用程序的安全性；另外一个方面是系统数据信息的安全性；2.开放性原则：主要的工作内容是确保综合评价管理系统具备良好的跨平台性，不限制于采用的数据库及操作管理系统。
系统的接口设计规范，包括与银行其他业务管理系统的操作接口、业务功能模块之间的操作接口、逻辑程序与数据库之间的操作接口；3.可扩展性原则：此是综合评价管理系统的重要开发原则，后续根据用户的使用，难免需要对系统进行优化及升级操作，因此良好的可扩展性可以降低系统各个业务功能模块之间的耦合度，从而提升系统开发的效率，降低后续维护的成本；4.准确性原则：对于综合评价管理系统而言，其操作涉及到银行的众多业务数据信息，需要数据信息具备高度的准确性，因此用户录入数据信息的时候，系统业务逻辑程序应进行严格的校验，对不准确的数据信息给出提示，帮助用户进行修改与录入操作，提升系统业务数据信息的准确性。
金融机构管理制度范文
金融机构管理制度范文金融机构管理制度范文第一章总则第一条为规范金融机构的管理行为，保护金融机构的安全稳健运行，维护金融市场的秩序和投资者的利益，制定本制度。
第二条金融机构应遵循国家法律法规和监管部门的规章制度，加强内部管理，建立健全风险管理制度，提高运营效率和内控能力。
第三条金融机构的主要管理职责包括但不限于：1. 制定和执行公司治理结构和政策；2. 完善内部风险管理和控制制度；3. 提高资本管理和风险分散机制；4. 加强对业务流程和组织结构的管理和调整。
第四条金融机构应建立健全内部风险管理和控制制度，明确风险职责，建立合理的风险管理框架，加强风险监测、评估和控制。
第五条金融机构应遵循风险管理的基本原则，包括但不限于：1. 风险管理应从全局角度进行，确保风险的全面管理和控制；2. 风险管理应以科学的方法进行，确保风险评估的准确性和可靠性；3. 风险管理应以合规性为前提，确保符合法律法规和监管要求；4. 风险管理应以透明度为原则，确保信息披露的完整和准确；5. 风险管理应以持续性为目标，确保风险控制的稳定和持久。
第二章公司治理第六条金融机构应制定并执行有效的公司治理结构和政策，明确权责分配，建立健全内部监管机制，确保公司治理的透明度和有效性。
第七条金融机构应设立合理的董事会或监事会，明确职责和权利，建立高效的决策机制，保证董事会或监事会的独立性和公正性。
第八条金融机构应设立有效的内部监管机构，包括但不限于内部审计、风险管理和合规监察等部门，加强对公司内部各项业务的监督和管控。
第九条金融机构应建立健全薪酬和激励机制，合理设定薪酬结构和福利待遇，推动员工的积极性和创造力，提高公司的绩效和竞争力。
第三章内部风险管理和控制第十条金融机构应建立健全内部风险管理和控制制度，包括但不限于：1. 制定风险管理政策和流程，确保风险管理的连续性和一致性；2. 设立风险管理部门，明确风险管理的职责和权限；3. 建立风险评估和控制模型，进行科学的风险测算和评估；4. 加强对风险事件的监测和跟踪，及时采取控制措施；5. 定期进行风险报告和风险情况通报，确保风险的及时传递和沟通。
第七章 金融机构财务管理《金融机构管理》PPT课件
3.资金头寸的预测
三种方法：（1）资金来源和运用法（2）资金结构法（3）流动性指标法
4.其他金融机构的流动性管理
7.4 金融机构资产负债管理
• 一、商业银行资产负债管理理论
1.资产管理理论
（1）商业性贷款理论 （2）资产可转换理论 （3）预期收益理论
具体目标：安全性：保证资本金的安全 流动性：所形成的资产具有足够的流动性 盈利性：在经营管理中实现资本增值
• 三、 财务管理流程
7.2 金融机构的资金筹集
• 一、金融机构筹资渠道与筹资方式
1.股权筹资
（1）普通股筹资（优缺点） （2）优先股筹资（优缺点）
2.债务筹资
（1）债券筹资（优缺点） （2）长期借款筹资（优缺点）
（2）资本结构 资本结构是企业筹资决策的核心问题，企业应综合考虑有关影响
因素，运用适当的方法确定最佳资本结构。与资本结构相关的理论包 括MM定理、权衡理论和筹资顺序理论等
• 二、商业银行的资金来源
1.商业银行的股权融资
（1）股本：普通股和优先股 （2）盈余：资本盈余和留存收益
2.商业银行的债务融资
3.保险公司的承保盈余 4.其他投资资金来源
四、 证券公司的资金来源
7.3 金融机构的资金运用
• 一、银行信贷
1.贷款的分类
按贷款期限分类；按银行贷款的保障条件分类；按贷款偿还方式 分类；按贷款的质量分类
2.贷款规模与比例
评判银行贷款规模是否适度和结构是否合理，可用一些指标来衡 量：（1）贷款/存款比率；（2）贷款/资本比率；（3）贷款集中度
2.绩效评价方法
（1）比率分析法 （2）综合分析法
金融机构管理
金融机构管理金融机构管理是保障金融体系稳定运行的重要环节，对于促进经济发展和维护金融市场秩序具有重要作用。
本文将从金融机构的分类、监管体系和监管措施三个方面来探讨金融机构管理。
一、金融机构的分类金融机构主要包括银行、证券公司、保险公司等不同类型的机构。
其中，银行是金融体系中最重要的组成部分，扮演着资金融通、支付结算等核心功能的角色。
而证券公司和保险公司则分别负责股票、债券等金融证券产品的发行和交易，以及保险产品的销售和风险管理。
二、金融机构监管体系为了确保金融机构的稳健运营和风险防控，各国都建立了相应的金融监管体系。
其中，中央银行是金融监管的核心机构，负责货币政策的制定和金融体系的整体监管。
在中国，人民银行是中央银行的代表，主要负责货币政策的执行和金融机构的监管工作。
此外，还有其他监管机构负责监管特定领域的金融机构。
例如，证监会负责监管证券市场和证券公司，保监会负责监管保险市场和保险公司等。
这些监管机构在各自的领域内制定法规、执行监管措施，确保金融机构合规经营和风险防控。
三、金融机构监管措施为了有效监管金融机构，各国都采取了一系列监管措施。
首先是加强监管制度建设，制定一系列法规和规章，明确金融机构的经营行为和相关责任。
其次是完善监管手段，包括定期报表的填报和检查、审计和内部控制的评估等，以确保金融机构的风险防控能力。
同时，还需要加强对金融机构的监测和评估，提前发现和应对潜在的风险。
此外，金融机构管理还需要加强合规和风险管理意识的培训，提高金融从业人员的风险意识和风险防范能力。
此外，还需要建立健全风险准备金制度，以提供充足的风险缓冲和应对能力。
同时，加强金融监管国际合作，形成跨境监管的有效机制，共同维护全球金融市场的稳定。
综上所述，金融机构管理是保障金融体系平稳运行的关键环节。
通过金融机构的分类、监管体系和监管措施等方面的管理，能够有效维护金融市场的秩序，促进金融机构合规发展，维护金融体系的稳定和健康。
金融机构管理
金融机构管理金融机构管理是指对金融机构的运营和活动进行监管和控制的一系列管理和规范措施。
在金融领域中，金融机构扮演着重要的角色，如银行、保险公司、证券公司等，它们对于经济的发展和稳定具有巨大的影响力。
因此，金融机构管理涉及到政府、监管机构以及金融机构自身的合作和努力。
I. 金融机构管理的重要性金融机构管理的重要性不言而喻。
金融机构的规模庞大，资金流动频繁，如果管理不善，很容易出现金融风险和不稳定因素，进而影响整个金融体系和经济的稳定。
因此，对金融机构进行科学、有效的管理，可以提高金融机构的运营效率，增强其监管和风险控制能力，维护金融市场的秩序和稳定。
II. 政府的监管责任作为金融机构管理的重要参与者和主导者，政府承担着监管责任。
政府需要通过相关的法律法规和政策措施，规范金融机构的行为，加强监督和管理。
政府应制定和完善金融法规和制度，加强金融监管，包括监管层面的组织结构和运作机制的改革，以确保金融机构的合规运营，防范金融风险的发生。
III. 监管机构的职责监管机构是政府的执行机构，负责实施金融机构管理的具体任务。
监管机构应确保金融机构的风险评估和风险管理措施得到有效实施，保护金融机构的稳定性和安全性。
此外，监管机构还负责对金融机构进行日常监督，及时发现和处理违法违规行为，加强对金融机构的内部控制和风险管理的审核与评估。
IV. 金融机构自身管理金融机构自身也承担着重要的管理责任。
金融机构需要建立健全的内部管理体系，加强对公司治理的监督和改进。
有效的内部控制机制和风险管理体系是金融机构管理的核心内容，包括对资产负债表和风险敞口的管理，内部审计和风险管理制度的建立等。
此外，金融机构还应加强员工职业道德教育，提高员工的风险意识和合规意识。
V. 国际合作与经验借鉴金融机构管理需要国际合作和经验借鉴。
金融机构的活动与跨国边界经常联系在一起，因此，通过加强国际合作和经验交流，可以共同应对全球金融风险和挑战。
各国和地区的金融监管机构应加强沟通与协调，分享监管经验，制定相对统一的监管标准和规则，建立跨国合作机制，以提高金融机构管理的效率和水平。
第一章金融机构管理概述
金融机构管理一、主要概念1. 金融体系：从一般性意义上看，金融体系是一个经济体中资金流动的基本框架。
2. 金融机构：金融机构是指专门从事货币信用活动的中介组织。
是指依法设立的从事金融业务的政策性银行、商业银行、信用合作社、邮政储汇机构、信托投资公司、证券公司、期货经纪公司、保险公司以及国务院反洗钱行政主管部门确定并公布的从事金融业务的其他机构。
3. 商业银行：是为适应市场经济的发展和社会化大生产的需要而形成的一种金融组织。
4.商业银行的资产业务即运用资金的业务。
5.资产业务的种类：现金资产、贷款、证券投资、固定资产、其他资产。
6.现金资产它由库存现金、存放中央银行款项、存放同业款项和托收中的现金构成。
7. 现金资产的来源分为传统的现金来源和创新途径的现金渠道。
8.贷款是商业银行以一定的利率和约期归还为条件, 将一定数量的货币资金提供给借款人使用的一种借贷行为。
9.贷款的种类：活期贷款、定期贷款、透支；信用贷款、担保贷款、票据贴现；正常、关注、次级、可疑、损失贷款；工业、商业、农业、科技、房地产、金融机构、消费贷款；自营、委托、特定贷款；还款方式分类：一次性偿还、分期偿还贷款。
10.商业银行投资业务：商业银行把资金投资于各种长短期不同的证券，以实现资产收益并保持商业银行相应的流动性，即为商业银行证券投资。
11商业银行证券投资的功能：保持流动性，获得收益；分散风险，提高资产质量；合理避税；为银行提供新的资金来源。
12.商业银行证券投资的种类：国内证券投资：公司证券投资、地方政府、中央政府证券投资。
13.通过负债业务形成商业银行资金来源的方式可以分成三大.类型：一是被动型负债，如吸收存款；二是主动型负债，即通过创造金融资产增加资金来源；三是通过向中央银行和同业借款。
14.吸收存款：活期、定期、储蓄存款。
15.我国居民储蓄存款的种类：定期储蓄、活期储蓄、定活两便储蓄存款。
16我国的中央银行也采取再贷款和再贴现形式，基本采取的是再贷款形式。
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At wholesale
– Use both quantity and pricing adjustments
11-13
Measuring Credit Risk
Availability, quality, and cost of information are critical factors in credit risk assessment
CHAPTER 11
Credit Risk: Individual Loan Risk
McGraw-Hill/Irwin
Copyright © 2011 by The McGraw-Hill Companies, Inc. All Rights Reserved.
Overview
This chapter discusses types of loans, and the analysis and measurement of credit risk on individual loans Important for purposes of:
11-15
Other Credit Scoring Models
Logit models
– Overcome weakness of the linear probability models using a transformation (logistic function) that restricts the probabilities to the zero-one interval
11-12
Lending Rates and Rationing
At retail
– Usually a simple accept/reject decision rather than adjustments to the rate – Credit rationing – If accepted, customers sorted by loan quantity – For mortgages, discrimination via loan to value rather than adjusting rates
11-3
Web Resources
For further information on credit ratings visit: Moody’s Standard & Poors
ห้องสมุดไป่ตู้
11-4
Credit Quality Problems
11-14
Credit Scoring Models
Linear probability models: PDi = j X i, j error
j 1 n
– Statistically unsound since the Z’s obtained are not probabilities at all – *Since superior statistical techniques are readily available, there is little justification for employing linear probability models
11-19
Term Structure Based Methods
– May be generalized to loans with any maturity or to adjust for varying default recovery rates – The loan can be assessed using the inferred probabilities from comparable quality bonds
11-11
Return on a Loan
Factors: Interest rate, fees, credit risk premium, collateral, and other requirements such as compensating balances and reserve requirements Return = inflow/outflow 1+k = 1+(of + (BR + m ))/(1-[b(1-RR)]) Expected return: 1 + E(r) = p(1+k) where p equals probability of repayment Note that realized and expected return may not be equal
11-8
Consumer Loans
Individual (consumer) loans: personal, auto, credit card
– Nonrevolving loans
Automobile, mobile home, personal loans
– Growth in credit card debt
11-9
Annual Net Charge-Off Rates on Loans
11-10
Other loans
Other loans include:
– – – – – Farm loans Other banks Nonbank FIs Broker margin loans Foreign banks and sovereign governments – State and local governments
Other alternatives include Probit and other variants with nonlinear indicator functions Quality of credit scoring models has improved providing positive impact on controlling write-offs and default
11-16
Altman’s Linear Discriminant Model
Z=1.2X1+ 1.4X2 +3.3X3 + 0.6X4 + 1.0X5
Critical value of Z = 1.81 – X1 = Working capital/total assets – X2 = Retained earnings/total assets – X3 = EBIT/total assets
– X4 = Market value equity/ book value LT
debt
– X5 = Sales/total assets
11-17
Linear Discriminant Model
Problems:
– Only considers two extreme cases (default/no default) – Weights need not be stationary over time – Ignores hard to quantify factors including business cycle effects – Database of defaulted loans is not available to benchmark the model
11-5
Nonperforming Asset Ratio for U.S. Commercial Banks
11-6
Types of Loans
C&I loans: Secured and unsecured
– Syndication – Spot loans, loan commitments – Decline in C&I loans originated by commercial banks and growth in commercial paper market – Downgrades of Ford, General Motors, and Tyco – Effect of financial crisis on commercial paper market
– Pricing loans and bonds – Setting limits on credit risk exposure
11-2
Credit Quality Problems
Problems with junk bonds, LDC loans, and residential and farm mortgage loans Late 1990s, credit card and auto loans Crises in other countries such as Argentina, Brazil, Russia, and South Korea 2006-2007: Mortgage delinquencies and subprime loans Emphasizes importance of managing credit risk
Over the early to mid 1990s, improvements in NPLs for large banks and overall credit quality Late 1990s and early 2000s: Telecom companies, tech companies Mid 2000s, economic growth accompanied by reduction in NPLs Mortgage crisis, Countrywide Increased emphasis on credit risk evaluation