中译 本科银行管理课件cha.ppt

1、Chapter 8. Liquidity Planning and Managing Cash Assets流动性和现金资产的管理规划,The purpose of this chapter is to explore the reasons why banks often face heavy demands for immediately spendable funds (liquidity) and learn about the methods bank can use to prepare for meeting their cash needs. 本章在于了解银行需要立即可支付资金

2、的原因(流动性资产)以及银行现金准备的手段,Chapter 8. Liquidity Planning and Managing Cash Assets,One of the most important tasks the management of any financial institution faces is ensuring adequate liquidity at all times. 金融机构管理之一即为保证充足流动资产 How much financial institutions depend upon public confidence to survive and

3、prosper. 金融机构对公众信心的依赖度是否很高. How quickly the essential item called “liquidity” can be eroded when the public, even temporarily, loses its confidence in one or more financial institutions. 若公众失去对该银行信息，尽管很短暂，流动性资产消耗的速率是否很快,1The demand for and supply of bank liquidity银行流动性资产的供求,What activities give rise

4、 to the demand for liquidity inside a bank? What sources can the bank rely upon to supply liquidity when spendable funds are needed? 什么会引起银行流动性资产需求上升? 银行寻求何种流动性资产供给? For most banks, the most pressing demands for spendable funds come from sources 银行重要的流动性资金需求为: (1). Customers withdrawing money from t

5、heir deposits. （客户提取存款） (2). Credit requests from customers the bank wishes to keep .（优质客户的信贷要求,1. The demand for and supply of bank liquidity,3). Repayment of nondeposit borrowings. Paying off obligations arising from bank borrowings, such as loans the bank may have received from other banks or fro

6、m the central bank.（偿还存款之外的借款） (4). Operating expenses and taxes incurred in producing and selling services. (生产及出售服务时产生的经营费用和税赋） (5). Payment of stockholder cash dividends. (向股东发放现金股利,1. The demand for and supply of bank liquidity,To meet the foregoing demands for liquidity, banks can draw upon sev

7、eral potential sources of supply. 当需要时, 银行可借助的流动性资产供给: (1). Receipt of new customer deposits (客户存款） (2). Customers repaying their loans （偿还贷款） (3). Revenues from the sale of nondeposit services （非存款服务收入） (4). Sales of bank assets （资产出售） (5). Borrowing from the money market （货币市场借款,1. The demand for

8、and supply of bank liquidity,A banks net liquidity position (Lt)流动资金头寸 =supplies of liquidity flowing into the bank demands on the bank for liquidity =所获得的流动资金供给- 流动资金需求 Lt0 liquidity surplus Lt0 liquidity deficit,2Why Banks Face Significant Liquidity Problems银行面临流动性问题的缘由,1) Most banks face some imb

9、alances between the maturity dates on their assets and the maturity dates attached to their liabilities. 银行资产到期日和负债到期日分配不均衡 (2) Another source of liquidity problems is the banks sensitivity to changes in interest rates. 利率变动对银行的影响也会导致流动性问题。 (3) A bank must give high priority to meeting demands for l

10、iquidity. To fail in this area may severely damage public confidence in the institution. 满足流动性需求必须优先考虑，因为若不能及时偿付将会极大影响公众的信心,3.Strategies for Liquidity Managers流动性管理策略,Asset Liquidity Management (or Asset Conversion) Strategiesthis strategy calls for storing liquidity in assets, predominantly in cash

11、 and marketable securities. 资产流动性管理(或资产转换)策略: 主要在于保持资产的流动性，特别强调现金和可出售证券。 What is a liquid asset? It must have three characteristics:流动性资产的三个特点 A liquid asset must have a ready market so that it can be converted into cash without delay.流动性资产必须有成熟的市场，以便于快捷地转换成现金,Asset Liquidity Management (or Asset Co

12、nversion) Strategies资产流动性管理,It must have a reasonably stable price so that ,no matter how quickly the asset must be sold or how large the sale is, the market is deep enough to absorb the sale without a significant decline in price. 其资产价格稳定，不会因为大量的抛售而使价格明显下降。 It must be reversible(可逆的) so that the se

13、ller can recover his or original investment (principal) with little risk of loss. 交易可逆，以便卖出后可以小风险收回成本,1) Asset Liquidity Management (or Asset Conversion) Strategies,Among the most popular liquid assets for banks are Treasury bills, federal funds loans, deposits held with other banks, municipal bonds

14、, bankers acceptances（银行承兑汇票）.国债，联邦基金贷款，存放于其他银行的存款，市政债券以及银行承兑汇票。 Although a bank can strengthen its liquidity position by holding more liquid assets, it will not necessarily be a liquid institution if it does so, because a banks liquidity position is also influenced by the demands for liquidity made

15、 against it. 通过持有更多流动性资产银行可以增加其流动性头寸，但是并不一定头寸大于0，因为银行的流动性头寸也受流动性的需求影响,1) Asset Liquidity Management (or Asset Conversion) Strategies,Asset liquidity management strategy is used mainly by smaller banks that find it a less risky approach to liquidity management than relying on borrowings. But asset co

16、nversion is not a cost-less approach to liquidity management. 资产流动性管理一般被小银行采用，因为对于他们，借贷成本较高，而流动性管理风险较低。但不意味着资产转化的成本低,2) Borrowed Liquidity (Liability) Management strategies借入性流动资产(负债)管理,This strategies called purchased liquidity or liability managementin its purest form calls for borrowing immediate

17、ly spendable funds to cover all anticipated（预期） demands for liquidity.购买流动性或负债管理，实质上即为借入贷款去偿付流动性需求。 Advantages:优势 A bank can choose to borrow only when it actually needs funds.灵活性高，需要时才会选择去借 Using borrowed funds permits a bank to leave the volume and composition of its asset portfolio unchanged. 运用借

18、款资金不会银行银行的资产结构,2) Borrowed Liquidity (Liability) Management strategies,The principal sources of borrowed liquidity for a bank. 银行借入性流动资金主要来源: Federal funds borrowings, CDs, repurchase agreement. 联邦基金, 存款单(Certificates of Deposit), 回购协议 Borrowing liquidity is the most risky approach to solving bank l

19、iquidity problems because of the volatility of money market interest rates and the rapidity with which the availability of credit can change. 借入流动资金来缓解短期需求是风险比较大的方法, 因为货币市场利率和信用会随时变化. Remember: a bank is liquid only if it has access, at reasonable cost, to liquid funds in exactly the amounts require

20、d at the time they are needed. （只有在金融机构能以合理的成本在需要时获得所需数量的流动性资金时，才可以说它是具有流动性的,3) Balanced (asset and liability) liquidity management strategies综合流动性(资产和负债)管理策略,Due to the risks inherent in relying on borrowed liquidity and the costs of storing liquidity in assets, most financial firms compromise by u

21、sing both asset and liability management. Under a balanced liquidity management strategy, some of the expected demands for liquidity are stored in assets( principally holdings of marketable securities), while other anticipated liquidity needs are backstopped by advanced arrangements for lines of cre

22、dit from potential suppliers of funds. 因为借入流动资产的风险高，而转换已有资产为流动性资产的机会成本高, 大多数金融机构运用两种方法寻求一种平衡。在这种管理策略下部分流动性需求将由流动性资产(主要为可变现证券)偿付，而其他的短期负债则由借入资金来偿还.（与其它资金供应者事先达成的信用安排来支持,3) Balanced (asset and liability) liquidity management strategies,Unexpected cash needs are typically met from near-term borrowings.

23、 （突发性现金需求通常通过立即借款来满足） Longer-term liquidity needs can be planned for and the funds to meet these needs can be parked in short-term and medium-term loans and securities that will roll over into cash as those liquidity needs arise. （长期流动性需求可由计划好的中短期贷款解决，需要提高其流动性时，有价证券也可以转换成现金,Guidelines for liquidity

24、managers经理准则,First, the liquidity manager must keep track of the activities of all funds-using and funds-raising departments within the bank. 首先, 经理必须要知道银行里每个部门的资金使用和情况. Second, the liquidity manager should know in advance, wherever possible, when the banks biggest credit or deposit customers plan t

25、o withdraw their funds or add to their deposits 其次, 经理要能提前预知大客户什么时候要存取大额资金,Guidelines for liquidity managers,Third, the liquidity manager must make sure the banks priorities and objectives for liquidity management are clear. (明确流动性管理的政策和目标） Fourth, the banks liquidity needs and liquidity decisions m

26、ust be analyzed on a continuing basis to avoid both excess and deficit liquidity positions. （避免流动性盈余或赤字的基础上加以分析,4. The Ultimate Standard for Assessing Liquidity Management: signal from the Marketplace衡量管理流动性最终看市场反映结果,Public confidence (公众的信心） Stock price behavior (股价表现） Risk premiums on CDs and othe

27、r borrowings. (对存单及其他借款的风险溢价） Loss sales of assets (资产出售损失） Meeting commitments to credit customers. (履行对信贷客户的信贷承诺） Borrowings from the central bank. (央行借款,5. Legal Reserves and Money Position Management法定准备金以及货币头寸管理,vault cash库存现金 deposit held with the Federal Reserve 存于央行存款 deposit at other banks存于同行间存款 cash items in the process of collection在途资金,6. Factors In Choosing Among The Different Sources,In choosing whic