商业银行整理罗斯
商业银行整理
CHAPTER ONE
What is bank?
可从三个方面定义(can be defined in terms of):
A.Defined by the Functions It Serves and the Roles It Play银行提供的经济作用
B.Banks and their Principal Competitors(2008Y) 08年金融危机the financial crisis
C.Legal Basis of a Bank银行存在的法律基础
名词解释:A bank is any business offering deposits subject to withdrawal on demand and making loans of a commercial or business nature.
(the legal basis法律规定)银行是提供可以随时按要求提取的存款服务并提供商业或企业性质的贷款的机构。(withdrawal:取回)
美国国会对银行的定义:
Bank is any institution that could qualify for deposit insuranceadministered by FDIC (Federal Deposit Insurance Corporation)
必须由联邦存款保险公司(FDIC)管理并参与存款保险的机构
注:FDIC是指负责对美国银行及储蓄机构偿付公众存款提供担保的美国政府机构。 The roles of financial system
The function of financial institutions (金融机构的功能)
(1)Reduce transaction costs降低交易成本
(2)Credit intermediary信用中介
(3)Decentralized investment risk分散投资风险
(4)transmission of monetary policy货币政策传导
(5)Provide payment and settlement facilities提供支付结算便利
The Competitive Challenge for Banks (银行所面临的挑战)
(1)Non-Bank Competition 非银行之间的竞争银行的主要竞争者
(2)Internet Finance 互联网金融
(3)due to excessive government regulation由于政府监管过多
书本Non-Bank Competition
Banking is being pressured on all sides by key financial service competitors—savings and thrift associations,credit unions,money market funds,investment banks,security brokers and
dealers,investment companies(mutual funds),hedge funds,finance companies,insurance companies,and financial-service conglomerates
银行越来越受到一些来自主要竞争者的压力,如储蓄与贷款协会,信用社,货币市场基金,投资银行,证券经纪及经销商,投资公司(共同基金),对冲基金,财务公司,保险公司,金融服务集团
还可以有finance holding companies 金融控股公司或集团,
Life and Property/Casualty insurance Companies人寿和财产保险公司
The Services Banks and Many of Their ClosestCompetitors Offer the Public银行和他们最亲密的竞争对手向公众提供的服务
(1)Services Banks Have Offered Throughout History历史上银行提供的服务
(2)Services Banks and Many of Their Financial-ServiceCompetitors Have Offered More Recently银行和其金融服务竞争者最新开发的服务
(3)Dealing in Securities: Offering Security Brokerage andInvestment Banking Services (银行和其金融服务竞争者的其他业务)证券交易:提供证券经纪及投资银行服务
(4)Convenience:the sum total of all banking and financialservices
便利:所有银行及金融服务之集大成
Services Banks Have Offered Throughout History
A. Carrying Out Currency Exchanges开展货币兑换
B. Discounting Commercial Notes and Making BusinessLoans商业票据贴现和商业贷款
C. Offering Savings Deposits提供储蓄存款
D. Safekeeping of Valuables and Certification of Value保管贵重物品,价值认证
E. Supporting Government Activities with Credit向政府提供信用支持
F. Offering Checking Accounts (Demand Deposits)提供支票账户(活期存款)
G. Offering Trust Services提供信托服务
Services Banks and Many of Their Financial-ServiceCompetitors Have Offered More Recently
A.Granting Consumer Loans消费者贷款
B.Financial Advising金融咨询
C.Managing Cash现金管理
D.Offering Equipment Leasing提供设备租赁
E.Making Venture Capital Loans提供风险资本贷款
F.Selling Insurance Policies出售保险服务
G.Selling Retirement Plans销售退休基金(Retirement Plan include Social security
pensioninsurance社会保障养老保险,pension scheme雇主自主出资的养老金计
划,Personal savings pensionplan个人储蓄养老金计划)
Dealing in Securities: Offering Security Brokerage andInvestment Banking Services
Offering Security Underwriting提供证券承销业务(1999年《格雷姆-里奇-布利雷法案》
也叫《金融服务现代化法案》,指金融控股公司在经过批准的情况下可以同时经营银行,证券公司及保险公司业务。Gramm-Leach-Bliley (Financial Services Modernization) Act )
Offering Mutual Funds and Annuities提供共同基金和年金
Offering Merchant Banking Services提供商业银行服务
Offering Risk Management and Hedging Services提供风险管理和套期保值服务 Convenience:the sum total of all banking and financial services P2P
Third party payment (第三方支付)
Internet Finance(互联网金融)
Key Trends Affecting All Financial-Service Firms影响所有金融机构的主要趋势
Service Proliferation业务多元化 Rising Competition竞争加剧 Government Deregulation放松政府管制 An Increasingly Interest-Sensitive Mix of Funds资金组合对利率日益敏感
Technological Change and Automation技术进步和自动化(ATM,POS,借记卡) Consolidation and Geographic Expansion合并及地理扩张 Convergence集中化 Globalization全球化
书本The principal functions(and servces)offered by many financial-service firms today include:主要功能
A. The credit function 信用功能
B. The payments function 支付功能
C. The cash management,risk management and trust functions 现金管理,风险管理,
信托功能
D. Through the brokerage,investment banking,and savings functions 证券经纪,投行,储
蓄功能
书本Major trends affecting the performance of financial firms today include:(对应前数两道题)
A. Widening service menus 不断拓大的服务项目(diversification:多元化)
B. The globalization of the financial marketplace 金融市场的全球化和服务的全球扩散
(地域多元化)
C. The easing of government rules affecting some financial firms 政府监管的放松影响银
行及其他金融机构,然而,在这次信贷危机之后,对与抵押贷款相关的资产和其他金融市场的监管有所收紧。
D. The growing rivalry among financial-service competitors金融服务者之间日益激烈的
竞争
E. The tendency for all financial firms increasingly to look alike,offering similar services 趋
同性
F. The declining numbers and larger size of financial-service providers. 金融机构数量越
来越少,规模却不断增大。
G. The increasing automation of financial-service production and delivery 金融服务产品
和传送日趋自动化
CHAPTER TWO
Nature and Importance of Bank Regulation银行监管的性质
Bank Crises银行业危机 (inter -bank borrowing同业拆借)
Financial crisis金融危机
economic crisis经济危机
cycle; period时期
Financial liberalization(金融自由化)
Financial globalization (金融全球化)
Inter-bank borrowing
在存款准备金制度下,凡是商业银行吸收的存款都必须按一定的比例缴存准备金,如法定存款准备金率为10%,商业银行的存款为100万元,那么他所缴纳的存款准备金为10万元,其余90万可以作为贷款发放。
(银行A 多提了5万元的准备金,应拆出,可以用该5万元作为贷款发放,所以资产额减少;银行B由于少提了5万元的准备金,所以要从可发放贷款中转入准备金,所以资产额增加)
Banking Regulation 银行监管的原因
Pros and Cons of Strict Rules 严格规则的利与弊
To protect the public's savings 保护公众储蓄
To control the money supply 控制货币供给
To ensure adequate supply of loans and to ensure fairness 确保获得充足公平的贷款 To maintain confidence in the system 促进公众对银行的信心
To avoid monopoly powers 避免垄断权力
To provide support for government activities 支持政府活动
To support special sectors of the economy 帮助经济体系中的特殊部门
Banking's PrincipalRegulatory Agencies and Their Responsibilities主要监管部门
federal reserve system联邦储备体系 (对会员银行的监管以及对金融控股公司的伞
形监管,征收存款准备金,分支机构的审核,国际银行业务的监管)
comptroller of the currency
货币监理署(授权成立新的国民银行,并定期稽核所有
cycle; period时期
Financial liberalization(金融自由化)
Financial globalization (金融全球化)
Inter-bank borrowing
在存款准备金制度下,凡是商业银行吸收的存款都必须按一定的比例缴存准备金,如法定存款准备金率为10%,商业银行的存款为100万元,那么他所缴纳的存款准备金为10万元,其余90万可以作为贷款发放。
(银行A 多提了5万元的准备金,应拆出,可以用该5万元作为贷款发放,所以资产额减少;银行B由于少提了5万元的准备金,所以要从可发放贷款中转入准备金,所以资产额增加)
Banking Regulation 银行监管的原因
Pros and Cons of Strict Rules 严格规则的利与弊
To protect the public's savings 保护公众储蓄
To control the money supply 控制货币供给
To ensure adequate supply of loans and to ensure fairness 确保获得充足公平的贷款 To maintain confidence in the system 促进公众对银行的信心
To avoid monopoly powers 避免垄断权力
To provide support for government activities 支持政府活动
To support special sectors of the economy 帮助经济体系中的特殊部门
Banking's PrincipalRegulatory Agencies and Their Responsibilities主要监管部门
federal reserve system联邦储备体系 (对会员银行的监管以及对金融控股公司的伞
形监管,征收存款准备金,分支机构的审核,国际银行业务的监管)
comptroller of the currency
货币监理署(授权成立新的国民银行,并定期稽核所有
已成立的国民银行) federal deposit insurance corporation联邦存款保险公司(对存款的保险,对参与保险银行的合并的审批,要求会员银行报告财务状况) department of justice司法部(对金融机构合并等对市场竞争的效果进行评估与审批) securities and exchange commission证券与交易委员会(对银行或银行控股公司公募债券的审核和对银行附属的证券公司的业务的监管) state boards or commissions 州银行委员会(发放州立银行执照,监管州立银行,
本州范围内成立银行控股公司的审核)
The Impact of Regulation :监管影响
The Arguments for Strict Rules versus Lenient Rules严格监管与温和监管的争论
national bank(国立银行)
depository institution(州立银行)
Major Banking Laws美国
Meet the “Parents”: The Legislation That Created Today’s Bank Regulators
National Currency and Bank Acts (1863-64)《国民货币及银行法案》美国银行史
上第一部法规建立货币监理署
The Federal Reserve Act (1913)《联邦储备法案》联邦储备体系银行的最后贷款
人
The Banking Act of 1933 (Glass-Steagall)《格拉斯-斯蒂格尔法案》实行更为严格
的监管,将商业银行业务与投资银行,保险公司业务分离,
Establishing the FDIC under Glass-Steagall依据《格拉斯-斯蒂格尔法案》设立联
邦存款保险公司减小了银行的挤兑现象提升公众信誉
Criticisms of the FDIC and Responses Via New Legislation对FDIC的批评和对新立
法的呼吁
Raising the FDIC Insurance Limit提高对联邦存款保险公司保险的限额
Instilling Social Graces and Morales-Social Responsibility Laws灌输社会规范与道德:社会责任法案
1968--Consumer Credit Protection Act《消费者信贷保护法》
1974--Equal Credit Opportunity Act《信贷机会均等法案》防止服务歧视
1977--Community Reinvestment Act《社会再投资法案》
Legislation Aimed at Allowing Interstate Banking准许跨洲银行业务的立法
Riegle-Neal Interstste Banking and Branching Efficiency Act 《瑞格尔-尼尔跨州银行和分行效率法案》1994年允许银行控股公司跨洲收购银行,允许州立银行设立分支行和兼并 The Gramm-Leach-Bliley Act (1999)或Financial service Modernization 《金融服务现代化法案》允许资本充足,管理完善的金融控股公司在获得监管机构批准的情况下同时经营银行,证券公司及保险公司业务。
Telling the Truth and Not Stretching It:说明真相但不要夸大
The Sarbanes-Oxley Accounting Standards Act (2002)《萨班斯-奥克斯利法案》组成了公共公司会计监管委员会以促进财务报告的准确与公正。(9.11事件,安然事件)
The 21st Century Issues in an Array of New Laws, Regulations and Regulatory Strategies 21世纪新的法律,法规和监管策略。
The FACT Act (The Fair and Accurate Credit Transactions Act)《公平准确信用交易法案》
Check 21《21世纪支票清算法案》
New Bankruptcy Rules新破产法
Federal Deposit Insurance Reform《联邦存款保险公司改革法案》
New Regulatory Strategies in a New Century新世纪监管的新策略
The Regulation of Nonbank Financial-Service Firms 非银行金融机构
Regulating Thrift (Savings) Industry对储蓄业的监管
Credit Unions (NCUA 国民信用社管理局)
Savings and Loans and Savings Banks (Office of Thrift Supervision 储蓄机构监理所 FDIC Insurance 联邦存款保险公司)
Money Market Funds (Securities and Exchange Commission )SEC证券交易委员会
对其他非银行机构的监管
Life and Property/Casualty Insurance Companies (State insurance commissions) Finance Companies (State goverment 州政府)
Mutual Funds (Securities and Exchange Commission)
Security Brokers and Dealers (Securities and Exchange Commission)
Financial Conglomerates 金融寡头(Functional Regulation 功能性监管)
Are Regulations Really Necessary in the Financial Services Sector?
Third party payment
Paypal
The Central Banking System: 中央银行
It‟s Impact on Banks and the Decisions and Policies of Financial Institutions 对银行及其他金融机构决策和政策的影响
(1) Organizational Structure of the Federal Reserve System 美联储的结构
Board of Governors 美联储委员会
Federal Open Market Committee (FOMC) 公开市场委员会(FOMC具体任务
是指导公开市场操作——OMO)
12 district Federal Reserve Bank 12家地方储备银行
(2) The Central Bank's Principal Task -- Making and Implementing Monetary
Policy 主要职责—制定和实施货币政策
The Open Market Policy Tool of Central Banking (OMO 公开市场业务工具)
Other Central Bank Policy Tools
Rediscount Rate再贴现率
Statutory deposit reserve ratio法定存款准备率
A Final Note on Central Banking‟s Impact of Financial Firms 对金融机构影响的最后
说明
书上要点
1. Financial-services regulations are created to implement federal and state laws by providing
practical guidelines for financial firms’ behavior and performance.金融服务监管是通过为金融机构的行为和表现提供指导原则来执行联邦和州政府的法律。
2. Regulation of financial firms takes place in a dual system in the United States---both federal
and state goverments are involved in chartering,supervising,and examining selected financial service companies.在美国,金融机构的监管采取的是双重体制,联邦和州政府都有授权,监管,检查和关闭金融机构的权利。
3. The key federal regulators of banks include the Federal Deposit Insurance
Corporation(FDIC),the Federal Reserve System(FRS),and the Office of the Comptroller of the Currency(OCC).联邦层次大的主要银行监管机构有联邦存款保险公司(FDIC),联邦储备系统(FRS)和货币监理署(OCC)
4. One of the most powerful of all financial institutions in the financial system is the central
bank,which regulates money and credit conditions(i.e,conducts monetary policy)using such tools as open market operations,short-term loans,and legal reserve requirements.Central banks huave a powerful impact upon the profitability,growth,and viability of financial service
firms.金融系统中最强大的金融机构之一是中央银行,它通过公开市场操作,贴现率和法定准备金率控制货币和信贷情况,即执行货币政策。中央银行对银行及与之竞争的金融机构的利润,成长,生存具有较大额影响。
CHAPTER THREE
Organizational Forms and Function in Banking
Organizational Forms:组织形式
External organizational structure
internal organization structure
The Organization and Structure of the Commercial Bank Industry商业银行业的组织与结构
Advancing Size and Concentration of Assets 不断增加的规模和资产的集中
---p67
Is a Counter Trend Underway?反趋势正在进行吗
银行业将达到一个平衡点:银行兼并恰恰抵消了新注册成立银行的数量。
Internal Organization of the Banking Firm 银行业内部组织
Community Banks and Other Community-Oriented Financial Firms 社区银行和其他以
社区为中心的金融机构
retail bank----devoted principally to the markets for smaller ,locally based deposits
and loans,is also often referred to as a retail bank零售银行主要涉及消费者和小
企业的存贷款业务
wholesale bank批发银行与之对应,主要集中服务于商业客户及在全球范围内
发放大额企业贷款。如纽约的摩根大通(J.P.Morgan Chase)及花旗银行(Citibank)。
Larger Banks-Money Center, Wholesale and Retail 大型银行:货币中心,批发和零售 Trends in Organization 银行组织的最新发展趋势
The Array of Organizational Structures and Types In the Banking Industry银行业组织结构和类型概览
state charrterd州特许银行
Unit Banking Organizations单元制银行组织结构
Unit Banks(单元制银行): p72(通过drive-up windows便利窗口,automated teller machines(ATM)自动柜员机)
Offer All Services From One Office通过一个营业部门提供全部服务
Branch Banking Organizations分支行制组织结构
Branch Banks
Offer Full Range of Services from Several Locations
电子通信网络
Total management system(总管理处制)
Head office system(总行制)
Branch Banking Proponents and Opponents利与弊
Proponents
Greater Operating Efficiency提高操作效率
Availability and Convenience of Services服务更加便利
Fewer Failures更少破产
Opponents
Drives Out Smaller Competitors赶走较小的竞争者
Higher Service Fees更高的服务费
Drains Scarce Resources from Local Community从当地社区消耗稀缺资源
Electronic Branching-Websites and Electronic Networks: An Alternative and a Supplement to Traditional Bank Branch Offices?网站和电子网络:传统分支行的替代还是补充
internet banking services网络银行服务 ATM自动柜员机 point of sale (POS)terminal销售点终端机 virtual bank(虚拟银行):Operate Exclusively on the Internet只在互联网上操作 Bank Holding Company Organizations银行控股公司
Bank Holding Company (BHC):银行控股公司的含义名词解释
A Corporation Chartered for the Purpose of Holding the Stock of One or More
Banks持有至少一家银行的股份而获得特许经营的公司
one bank holding companies(单一银行控股公司)
eg:New Hope Group(东方、新希望集团)
multibank holding companies(多银行控股公司)
非银行附属企业附属银行附属银行附属银行
Reasons for the Growth of BHCs
Geographic Diversification地理多样化可以跨洲跨国界拓展业务 Product Line Diversification Tax Sheltering减税具有用内部利润补偿其他公司损失的税收优势 Source of Strength
A Way Around Regulatory Restrictions绕过监管限制
Interstate Banking and the Riegle-Neal Interstate Banking and Branching Efficiency Act of 1994跨洲银行业及1994年的《瑞格尔——尼尔跨州银行和分行效率法案》
Alternative Types of Banking Organization Available as the 21st Century Opened :Financial Holding Companys(FHC)金融控股公司
可作为21世纪替换额银行组织p83全能银行(universal banking)
Banks Providing All of Their Services Across State Lines一站式金融服务
Efficiency and Size: Do Bigger Financial Firms Operate at Lower Cost? p87规模与效率:大型金融机构能够以更低的成本经营吗? Economies of scale 规模经济
Economies of scope 范围经济
U shaped银行业的平均成本曲线(银行规模与每单位银行业务的成本)
small bank
large bank
书本
1. Financial-service firms have changed dramatically over time,often moving from relatively simple,single-office(unit)firms to more complex branching organizations with multiple offices to serve the public and ultimately financial holding complanies that acquire the stock of one or more finance-service businesses.金融机构随着时间流逝发生了巨大的变化,通常从相对简单的,单一(单元制)的公司变成拥有众多分行的分支型组织,并最终兼并一家或多家金融机构
2. When a financial firm starts out,it must secure a charter of incorporation from either state or
federal authorities.In the case of banks and their closest competitors a state charter may be
obtained from a state board or commission,whereas at the federal level charters are issued for national (federal)banks from the Office of the Comptroller of the Currency(OCC)or,in the case of savings associations and credit unions,from the Office of Thrift Supervision(OTS)or the National Credit Union Administration(NCUA).成立金融机构时,首先必须获得州或联邦政府的经营许可。在银行及其最接近竞争者(如信贷联盟和储蓄协会)的例子中,州许可证可以在州理事会获得,而联邦级别的许可则由货币监理署(OCC)授予全国性(联邦)银行,或者储蓄协会和信贷联盟,其许可单位为储蓄机构监理局(OTS)或国家信贷联盟管理委员会(NCUA)
3. Each organizational form adopted by a financial firm is usually a response to competitive
pressures,the demands of customers for better service,the need to diversify geographically and by product line in order to reduce risk exposure,and the pressure of goverment regulation.每个金融机构所采取的组织形式,都是以下因素的结果:竞争压力,客户对于更好服务的要求,地理多元化的需要,为了减少产品线的风险敞口以及政府监管的压力。
CHAPTER FOUR
The Importance of Convenience and Timely Access to Customers客户对便利的理解正在发生变化
ATM
POS
INTERNET BANK
Chartering a New Financial Service Institution特许设立新金融服务机构
state charter
national banks
OCC(OFFICE OF THE COMPTROLLER OF THE CURRENCY)货币监理署
The Bank Chartering Process in the United States美国银行特许程序
Benefits of Applying for a National Charter-P101申请国民银行许可证的好处
由于规则标准比较严格,可以为银行带来额外的声誉,从而吸引更多的企业和个人存款。
在经济不景气时,国家银行管理当局将会向有困难的银行提供技术支持,帮助渡过难关。
联邦银行法规比各州法律效力更高
Benefits of Applying for a State Charter申请州立银行许可证的好处
申请比较容易且成本较低
银行无须加入联邦储备系统
许多州允许银行向单个借款人提供占有银行自有资本较大比例的贷款
可以提供一些联邦许可的银行不允许提供的贷款和服务,如:向为耕种土地者提供贷款和房地产经济服务
Questions Regulators Usually Ask the Organizers of a New Bank监管机构经常向新设银行的创建者提出的问题
population and geographic主要服务地区人口和地理状况 competing bank 新设金融机构所处的服务区有多少家竞争银行 number,types,and sizes of business in the area该服务地区的企业数量,种类,规模 traffic patterns in the area新设服务地区的交通情况 population growth,incomes,types of occupation,educational levels该地区的人口增长,
收入水平,职业种类,教育水平
financial history of the community当地金融状况的历史
Factors Weighing on the Decision to Seek a New Bank Charter决定申请银行许可证的主要考虑因素
External Factors外部因素
Level of Economic Activity当地经济水平
Growth of Local Economic Activity当地经济的增长情况
The Need for a New Bank对新设金融机构的需求
Strength and Character of Local Competition in Supplying Financial Services当地
金融服务的竞争性质和激烈程度
Internal Factors内部因素
Qualifications and Contacts of the Organizers创建者的资格和能力
Management Quality管理质量
Pledging of Capital and Funds to Cover the Cost of Filing a Charter Application and
Getting Underway提供资金用于申请和获得许可证的保证
Establishing Full-Service Branch Offices: Choosing Locations and Designing New Branches
设立全方位服务分支机构:选址与设计(P106)
The location,design,and services offered by a branch office depend
分支机构的位置,设计以及提供的服务取决于:
upon the preference of customer取决于客户的偏好
on the preference of management and empolyees管理者和雇员的意愿
Desirable Sites for New Branches 新分支机构的理想选址
heavy traffic count交通流量大 large numbers of retail stores有大量的零售店和商场 population that are of above-average age当地人口应以中老年人居多 above-average age population growth人口增长加快 above-average population density人口密度较大 A relatively high target ratio of population per branch:较高的人口与分支数目比率
population per branch office=total population in the area to be served/number of
branch office present in the area
人口与分支数目比率=一地区接受银行服务的总人口数/该地区银行分行数量
CHAPTER TWELVE
书本
1. The principal types of deposits offered by depository institutions today include如今存款机
构提供的存款类型主要包括
(1) transaction(or payments) accounts,which customers use primarily to pay for purchases
of goods and services;交易(或支付)账户,客户可以用它来支付商品和服务
(2) nontransaction (savings or thrift) deposits,which are held primarily as savings to prepare
for future emergencies and for the expected yield they promise.Transaction deposits include regular checking accounts,which often bear no interest return,and interest-bearing transaction deposits (such as NOWs),which plays a low yield and,in some cases,limit the number of checks or other drafts that can be written against the account.Nontransaction deposits include certificates of deposit(CDs),savings accounts,and money market accounts.非交易(储蓄或节约)存款,客户开立这种账户主要是为了应付未来可能出现的困难情况及存款机构向其许诺的预期收益。交易存款账户通常包括普通活期账户和有息活期账户(NOW)。普通活期账户通常不付利息,而有息活期账户至少支付较低的利息,在某些情况下还可能限制账户开出支票的数目。非交易存款包括存单(CD),存款账户和货币市场账户。
2. Transaction deposits often are among the most profitable deposit services because of their
nonexistent or low interest rates and the higher service fees these accounts usually carry.In contrast,nontransaction,or thrift,deposits generally have the advantage of a more stable funding base that allows a depository institution to reach for longer-term and higher-yielding assets.交易存款通常是存款机构最赚钱的存款,因为存款机构不用对交易存款付息或支付较低的利息,并且还要收取服务费。非交易(储蓄)存款的优势在于其通常是存款较为稳定的资金基础,从而使存款机构可以购买长期和高收益的资产,但是,许多非交易存款的利息成本较高,从而威胁到其利润。
3. Recent goverment deregulation of the financial-services industry has encouraged
financial-service managers to think creatively about their deposit pricing policies.The key deposit-pricing models in use today fall into four broad categories:近几年金融监管日趋放松,从而金融机构管理者可以创造性的考虑存款的定价政策。目前,存款定价模型主要有四大类
(1) cost-plus deposit pricing成本加利润定价
(2) marginal cost pricing边际成本定价
(3) conditional pricing价格表定价
(4) relationship pricing关系定价
CHAPTER THIRTEEN
书本
1. The use of nondeposit borrowings as a key source of funds was given a boost by the
emergency of the customer relationship doctrine.This managerial strategy calls for putting the goal of satisfying the credit requests of all quality customers at the top of management’s list.If deposits are inadequate to fund all quality loan requests,other sources of funds,including borrowings in the money and capital markets,should be used.Thus,the lending decision comes first,followed by the funding decision.客户关系原则的出现推动了非存款资金成为金融机构的一种重要资金来源。这一管理战略要求管理者将满足优质客户的信贷要求摆在首位。如果存款无法满足优质客户的资金需求,那么管理者应当尽可能运用其他资金来源,包括到货币和资本市场借款。因此,一旦金融机构决定满足客户的贷款需求,那么它必须做出融资决策
2. Other key funds sources include selling negotiable jumbo($100,000+)CDs(mainly to
corporate customers),borrowing Eurocurrency deposits from international firms offshore,issuing commercial paper in the open market through an affiliated corporation,executing repurchase agreements where loans collateralized by top-quality assets are made avaliable for a few hours or days,and longer-term borrowings in the capital markets through the issuance of subordinated debentures and other forms of longer-term debt.其他重要的非存款资金来源还包括:可转让大额(10万美元以上)定期存单(主要针对公司客户),从离岸国际银行借入欧洲货币存款,通过附属机构或分支机构公开发行商业票据,基于高质量资产(通常为政府债券)作为抵押品的回购协议。这些都是借款机构的短期资金来源,通常时限为几小时或几天。通过发行次级债券在资本市场上的长期借款或其他形式的长期债务也是金融机构重要的非存款资金来源。
3. Before tapping nondeposit borrowings,however,the managers of financial firms must
estimate their funding requirements.One such estimate for a depository institution comes from the available funds gap,which is the spread between the current and expected volume of loans and investments and the current and expected volume of deposits and other funds sources.金融机构在利用这些非存款资金来源时,首先必须估计出其总资金需求。一个常用的方法是衡量资金缺口——目前和预期的贷款及投资与目前和预期的存款流入之间的差额。
4. The particular nondeposit funds source(s) chosen by management will rest upon such factors
as:金融机构选择最合适的非存款资金来源,在进行决策时考虑下列因素
(1) the relative cost of each nondeposit funding source每一非存款资金来源的相对成本
(2) the risk or dependability of each funds source每一资金来源的风险或可靠性
(3) the length of time funds will be needed每一资金来源所需期限的长短
(4) the size of the borrowing institution and its funding needs借款机构和其融资需求的规
模
(5) the content of goverment regulations affecting the fund-raising prosess.政府条例的内
容
CHAPTER FIFTHEEN
Introduction: What Is Capital?什么是资本
Capital:名词解释
It refers principally to the funds contributed by the owner of a financial institution.它指的是金融机构所有者提供的初始资金
The Many Tasks Capital Performs资本的职能
Cushion Against Risk of Failure减震器,降低风险
Provides Funds Needed to Begin Operations为金融机构的注册,组建和经营提供了
所需资金
Promotes Public Confidence增强公众对金融机构的信心
Provides Funds for Future Growth and New Services为金融机构的成长和新业务及新
设施的发展提供资金
Maintain bank sustainable development 作为规范机构增长的因素,资本有助于保证
其实现长期可持续的增长
Capital Plays a Role in Mergers在金融机构兼并浪潮中起到了重要作用
Capital and Risk资本和风险
Key Risks in Banking and Financial Institutions’ Management银行和其他金融机构的主
要风险
Credit Risk信用风险
Liquidity Risk流动性风险
Interest-Rate Risk利率风险
Operating Risk经营风险
Exchange Risk汇率风险
Crime Risk犯罪风险
Defenses against Risk风险的防范
Quality Management质量管理
Diversification多元化
Portfolio Diversification资产多元化
Geogrraphic Diversification地理多元化
Deposit Insurance 存款保险
Owner’s Capital 产权资本
Types of Capital资本类型
Common Stock
Preferred Stock 优先股 Surplus(资本公积) Undivided Profits(未分配利润) 27% Subordinated Debentures(次级债券) 13%
One of the Great Issues in the History of Banking: How Much Capital Is Really Needed?
银行史上的一个重大问题:究竟需要多少资本
much of this historic controversy has evolved around two questions:这一争议主要演变为两个问题:适用于所有金融机构
Capital standards,the market or regulatory agencies?应该由谁来制定资本的衡量
标准,市场还是监管机构
amount of Capital合理的资本标准是什么
Reasons for Capital Regulation进行资本监管的理由
To limit the risk of failures降低银行破产的风险
To preserve public confidence保持公众对银行的信心
To limit losses to the federal government arising from deposit insurance claims限制存
款保险索赔对联邦政府造成的损失
The Basle Agreement on International Capital Standards: An Historic Contract among Leading Nations
关于国际资本标准的《巴塞尔协议》:发达国家的历史性协议
Basel 1
The development process
1988——Basel Agreement《巴塞尔协议》
developed countries to attend the meeting ,12 12个主要发达国家(联邦储备委员会作为美国的代表)
The main content
Capital formation (资本构成)
tier1(core) capital:commen stock,surplus,undivided profits(retained earnings)一级资本(核心资本)
tier2 loans 二级资本(补充资本)
Risk weighting (风险权重)
0%,10%,20%,50%,100%
Capital adequacy ratio(资本充足率)
Basel 2对风险更加敏感
operational risk 操作风险 (经营风险)
操作风险定义:
定义操作风险说起来容易做起来难 (Allen and Bali ,2004 )
操作风险与日常运营面临的不确定性难以区分。除了市场和信用风险以外的所有风险,就是经营过程中出现的风险
“操作风险是指由不完善或有问题的内部程序、人员及系统或外部事件所造成损失的风险。”——
BIS
Basel 3
Background of the Basel 3
Excessive leverage
liquidity risk
The defect of risk management
Lack of macro-prudential regulation
资本构成
未来监管资本结构
一级资本:持续经营情况下(going concern)吸收损失
核心一级资本:普通股与留存收益
其它一级资本:优先股等
二级资本:破产清算情况下(gone concern)吸收损失
取消二级资本不得超过一级资本100%的规定
核心一级资本在监管资本中处于主导地位
资本扣除项
实施严格、统一的资本扣除,并在核心一级资本层面上予以扣除
商誉及其他无形资产(抵押贷款服务权利除外)
递延税资产
现金流套期储备
预期损失准备金的缺口
与资产证券化销售相关的收益
固定收益类的养老金资产及负债
所持有本银行的股票(库存股票)
与其他银行、金融机构和保险公司相互交叉持有的资本工具等
提高监管资本透明度
为提高监管资本透明度、加强市场约束,要求银行披露:
监管资本的所有要素
监管资本的所有要素与财务报告科目之间的对应关系
本行发行的各类资本工具的主要特征
若披露监管资本项下更详细的比例,应解释这些比例的计算方法
扩大风险覆盖范围
危机暴露出第二版资本协议的缺陷
对资产证券化交易计提资本严重不足
VaR值不能充分反映交易业务的风险
交易对手信用风险资本计量存在缺陷
银行通过表外业务和复杂结构化产品规避资本要求
Basel historical evolution
计算Calculating the Capital-to Risk-Weighted Assets Ratio Under Basel(计算加权风险资产)
The Basel 3 on bank capital requirements
1)The core capital ratio
The core capital ratio =(core capital/Risk-weighted assets风险加权资产)× 100%≥4.5%
2)Tier 1 capital
Tier 1 capital=[(The core tier 1 capital + tier 2 capital)/Risk-weighted assets风险加权资产]×100%≥6%
3)tier2 (二级资本)
The excess loan loss provisions (超额贷款损失准备金)
Tier 2 capital tool and its premium (二级资本工具及其溢价)
Minority shareholders capital (少数股东资本)
4)
5)The total risk capital ratios (总风险资本比率)
=(Total capital /Risk-weighted assets)×100%
=[(tier1 capital+tier2 capital) /(Credit risk weighted assets+12.5 ×Market risk+12.5 ×operatio-nal risk)] ×100% ≥
8%
Risk-weighted assets(风险加权资)
Credit risk weighted assets(信用风险加权资产)
Market risk (市场风险)
operatio-nal risk(操作风险)
Capital adequacy ratio calculation steps
a)
b)
c)
d) Credit risk weighted assets信用风险加权资产 Market risk 市场风险 operatio-nal risk操作风险) The total risk capital ratios(总风险资本比率)
书本
1. Capital for a corporate financial firm consists principally of common and preferred
stock,surplus(the excess value of stock over its par value),reserves for contingencies,undivided profits,equity reserves,minority interest in consolidated subsidiaries ,and equity commitment notes.Most financial firms don’t have all of these types of instruments in their capital account.The most important capital sources include stock,surplus,undivided profits,and equity reserves.However,increasingly in recent years depository institutions have issued long-term debt subordinated to the claims of depositors.资本主要包括普通股和优先股股票,资本公积,应急准备金,未分配利润,股本储备,附属公司的少数股东权益以及权益承诺票据。大多数的金融机构并不持有所有这些种类的工具。最重要的资本来源包括股票,资本公积,未分配利润和股本储备。然而,近年来,存款机构越来越多的发行长期次级债券,储户具有要求权,这也被监管机构认为是资本构成的一部分
2. Financial firms in need of additional capital have several different sources to draw upon.The
principal internal source is retained earnings.The principal external sources include:金融机构
在需要额外资本的时候可以利用不同的资本来源,包括内部筹资和外部筹资两个途径。
内部资本的主要来源是留存盈余。外部资本的主要来源是包括:
(1) selling common stock发行普通股股票
(2) selling preferred stock发行优先股股票
(3) issuing capital notes发行资本票据
(4) selling assets出售资产
(5) leasing fixed assets出租固定资产
(6) swapping stock for debt.债转股