分析金融市场与金融机构基础（英文版）第3章

DepositoryInstitutions:ActivitiesandCharacteristics,Chapter3,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,2,Asset/LiabilityProblem,SpreadIncomeTypesofRiskCreditRiskRegulatoryRiskInterestRateRisk,Theasset/liabilityproblemthatdepositoryinstitutions,Theasset/liabilityproblemthatdepositoryinstitutionsfaceisquitesimpletoexplain,althuoghnotnecessarilyeasytosolve.Adepositoryinstitutionsseekstoearnapositivespreadbetweentheassetinwhichitinvestandthecostofitsfunds.Thespreadisreferredtoasspreadincomeormargin.Thespreadincomeallowstheinstitutionstomeetoperatingexpensesandearnafairprofitonitscapital,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,3,TypesofRisk,Ingeneratingspreadincomeadepositoryinstitutionsfacesseveralrisks,includingcreditrisk,regulatoryrisk,andfundingrisk.Creditrisk,alsocalleddefaultriskreferstotheriskthataborrowerwill鹰潭治癫痫病最好的医院鹰潭癫痫病医院哪家好defaultonaloanobligationtothedepositoryinstitutionorthattheissuerofasecuritythatthedepositoryinstitutionsholdswilldefaultonitobligation.Regulatoryriskistheriskthatregulatorswillchangetherulesandaffecttheearningoftheinstitutionunfavorably,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,4,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,5,LiquidityConcerns,WaystoaccommodatewithdrawalsandloandemandAttractadditionaldepositsUsecurrently-ownedsecuritiesascollateralforloansfromotherinstitutionsRaiseshort-termfundsinthemoneymarketSellcurrently-ownedsecurities,Thefirstalternativeself-explanatory.ThesecondconcernstheprivilegeallowedtobankstoborrowatthediscountwindowoftheFederalReserveBanks.Thethirdalternative,sellingsecuritiesthatitowns,requiresthatthedepositoryinstitutioninvestaportionofitsfundsinsecuritiesthatarebothliquidandhavelittlepricerisk.Thefourthalternativeprimarilyincludesusingmarketablesecuritiesownedascollateralforraisingintherepurchaseagreementmarket,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,6,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,7,DepositoryInstitutions,CommercialBanksSavingsandLoanAssociationsSavingsBanksCreditUnions,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,8,CommercialBanks,AsofQ22007,7350commercialbanks25%nationalbanks,butholds65%assetsBankdepositsinsuredbyFDIC,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,9,AssetSizeofBanks,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,10,Top30LargestBanks,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,11,Top30LargestBanks(continued),Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,12,BankServices,ConsumerBankingInstallmentloans,residentialmortgageloans,creditcardloans,brokerageservices,studentloans,etc.新余治癫痫病最好的医院鹰潭治疗癫痫专科医院InstitutionalBankingCommercialrealestatefinance,leasing,factoringGlobalBankingCorporatefinance,capitalmarketandforeignexchangemarketproductsandservices,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,13,BankFunding,DepositsDemandandTimeDepositsNon-DepositBorrowingFedDiscountWindowandFederalFundsMarketRetainedEarningsandEquitySecuritiesOtherNon-depositBorrowingIssuanceofDebtSecurities,Banks,Demanddepositpaynointerestandcanbewithdrawnupondemand.Timedeposits,alsocalledcertificatesofdeposit,setafixedmaturitydateandpayeitherafixedorfloatinginterestrate.Amoneymarketdemandaccountisonethatpaysinterestbasedonshortterminterestrates.Themarketforshorttermdebtobligationsiscalledthemoneymarket,whichishowthesedepositsgettheirname.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,14,Banks,Abankcannotinvest$1forevery$1itobtainsindeposits.Specifiedpercentagesarecalledreserveratios,anddolaramountsbasedonthemthatarerequiredtobekeptondepositataFederalReserveBanksarecalledrequiredreserves.ThereserveratiosareestablishbytheFederalReserveBoard(theFed).Tocomputerequiredreserves,theFederalReserveusesanestablishedtwo-weekperiodcalledthedepositcomputationperiod.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,15,Reserve,Reserverequirementsineachperiodaretobesatisfiedbyactualreserves.Ifactualreservesexceedrequiredreserves,thedifferenceisreferredtoasexcessreserves.Banktemporarilyshortoftheirrequiredreservescanborrowreservesfrombankswithexcessreserves.Themarketwherebanksborroworlendreservesiscalledthefederalfundsmarket.Theinterestratechargetoborrowfundsinthismarketiscalledthefederalfundsrate,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,16,BorrowingattheFedDiscountWindow:TheFederalReserveBankisthebankersbank.TheFedestablishesthetypesofeligiblecollateral.Currentlyitincludes:Treasurysecurities,federalagencysecurities,andmunicipalsecurities,allwithmaturityoflessthan6months,新余治疗癫痫专科医院新余癫痫病医院哪家好Commercialandindustrialloanswith90daysorlesstomaturity.TheinterestratethattheFedchargestoborrowfundsatthediscountwindowiscalledthediscountrate.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,17,Banks,CongresspassedtheBankingAct1933.Foursectionsofthe1933actbarredcommercialbanksfromcertaininvesmentbankingactivities-Sections16,20,21and32.ThesefoursectionsarepopularlyreferredtoastheGlass-SteagallAct.Bankcouldneitherunderwritesecuritiesandstock,noractasdealersinthesecondarymarketforsecuritiesandstock,althoughSection16doesprovidetwoexceptions.Section16alsorestrictedtheactivitiesofbanksinconnectionwithcorporatesecuritiessuchascorporatebondsandcommercialpaper.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,18,Banks,PermissibleActivitiesforCommercialBanks:ThekeylegislationistheGramm-Leach-BlileyActof1999.TheactivitiesofbanksandbankholdingcompaniesareregulatedbyFederalReserveBoard,whichwaschargedwiththeresponsibilityofregulatingtheactivitiesofbankholdingcompaniesbytheBankHoldingCompanyActof1956.,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,19,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,20,CapitalRequirementsforBanks,Risk-basedcapitalrequirementsBasel1FrameworkBasel2FrameworkThree“pillars”Minimumrisk-basedcapitalrequirementsSupervisoryreviewofcapitaladequacyMarketdisciplinethroughpublicdisclosure,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,21,CapitalRequirements,Risk-BasedCapitalGuidelinesTier1(CoreCapital)Commonstock,certainpreferredstock,andminorityinterestTier2(SupplementaryCapital)Loan-lossreserve,certainpreferredstock,perpetualdebt,hybridcapitalinstruments,andsubordinateddebt,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,22,CreditRiskWeightCapitalRequirement,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,23,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,24,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,25,SavingsandLoanAssociations,PrincipalassetsMortgagesMortgage-backedsecuritiesGovernmentsecuritiesPrincipalsourcesoffundsPassbooksavingsaccountsTimedepositsRegulation,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,26,RegulationofS&Ls,HomeOwnersLoanActof1933OfficeofThriftSupervisorDepositoryInstitutionsDeregulationandMonetaryControlActof1980Deregulatedinterestratesondeposits,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,27,FactorsinTheS&LCrisis,BorrowingshortandlendinglongInterestrateceilingsondepositsVolatileinterestratesFraudulentmanagementactivitiesHigh-riskstrategies,Copyright2010PearsonEducation,Inc.PublishingasPrenticeHall,28,SavingsBanks,MutuallyownedorstockholderownedPrincipa