金融风险管理.ppt

《金融风险管理.ppt》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、Chapter2:BanksSemester2,2013-14Wu,Wei-ShaoNatureofBankingCommercialbankingTakingdeposits,makingloans.Wholesalevs.retail.InvestmentbankingRaisingdebtandequityforcompanies;adviceonmergersandacquisitions,restructurings,etc.2ExampleofSimpleBankBalanceSheet:End2

2、012AssetsCash5MarketableSecurities10Loans80FixedAssets5Total100LiabilitiesDeposits90SubordL.T.Debt5EquityCapital5Total1003IncomeStatement:2012NetInterestIncome3.00ProvisionforLoanLosses(0.80)Non-InterestIncome0.90Non-InterestExpense(2.50)Pre-TaxOperatingInc

3、ome0.604Year2013Whathappensinyear2013ifitisthesameasyear2012exceptthatprovisionforloanlossesis4.0insteadof0.8?Pre-taxnetoperatingloss:0.6-3.2=2.6After-tax(30%)loss:2.6*0.7=1.8Equitycapitalis5%ofassetsAfter-taxlossis1.8%ofassets5WhatifBalanceSheetHadBeenMore

4、Aggressive?AssetsCash5MarketableSecurities10Loans80FixedAssets5Total100LiabilitiesDeposits94SubordL.T.Debt5EquityCapital1Total1006Year2013Whathappensinyear2013ifitisthesameasyear2012exceptthatprovisionforloanlossesis4.0insteadof0.8?Pre-taxnetoperatingloss:0

5、.6-3.2=2.6After-tax(30%)loss:2.6*0.7=1.8Equitycapitalis1%ofassetsAfter-taxlossis1.8%ofassetsIt’saissueofCapitalAdequacyRegulationRegulatorssetminimumlevelsforthecapitalabankisrequiredtokeep.EquityisanexampleofTier1capital.Subordinatedlongtermdebtisanexample

6、ofTier2capital.8DepositInsuranceMostcountrieshavedepositinsuranceprogramsthatinsuredepositorsagainstlossesuptoacertainlevel.IntheUStheFDIC(FederalDepositInsuranceCorporation)hasprovidedprotectionfordepositorssince1933.Theamountinsuredwas$2,500(maximumlevel)

7、in1933.Ithasbeenincreasedseveraltimes.Followingthecreditcrisisitwasincreasedfrom$100,000to$250,000inOctober2008.Whymightdepositinsuranceencourageabanktotakerisks?(moralhazard)9InvestmentBankingMethodsofraisingdebtorequityPublicoffering.Privateplacement.Best

8、efforts.Firmcommitment.10BestEffortsvs.FirmCommitment50millionsharesaretobeissuedandtargetpriceis$30pershare.Besteffortswouldleadtoafeeof30centspershare;firmcommitmentleadstobankbuyingat$30pershareBest