[资本市场和金融机构].5

1THEFINANCIALSERVICESSECTORINCANADA:DepositTakingInstitutions(DTI)(BasedonChapter2oftheTextbookbySaunders,CornettandMcGraw)Outline1.ImportanceofDTI.2.DepositaryFIs:TheBanks3.BalanceSheet4.CreditUnions5.BankRegulatorsandregulations6.Conclusions21.ImportanceofDTIMajorsourceofinvestmentbyindividualsTheclaimsonDepositoryInstitutions(demanddeposits)resultonthemajorityofmoneysupplyMainchannelforsociety’stransmissionofrisksandfundsCriticaltotheoverallpaymentssystemWithFIs↓Informationasymmetry(betweenlenders&borrowers)↑FlowoffundsFIs↑Savings↑InvestmentEconomicgrowth↑Society’sWell-being32.DepositoryFinancialInstitutions:TheBanks‘PlayapivotalroleinthedeliveryoffinancialservicesandarethedrivingforcebehindCanada’sfinancialsystem’MainFunctionChannelfundsfromsavers(deposit-taking)toborrowers(loans).Coreservices:depositsandloans,Otherservices:Moneyorders,foreignexchange,lettersofcredit,mortgages,financialplanning,RRSPs,insuranceproductssuchascreditorlifeinsuranceandinvestmentproducts.4SomereasonswhytheCdnbankingsystemhasnotbeennegativelyaffectedasintheU.S.bythesubprimecrisis.[CanadianBankersAssociationApril2009]BanksinCanadaaremoreregulatedthanintheU.S.Canada’sbanksareamongthebestcapitalizedintheworld.Canadianshavenothadtobailoutfinancialinstitutions,injectcapitalintoinstitutions,orsetuppublicentitiestobuytoxicassets–unliketheU.S.Thevastmajorityofmortgageloansareprime.Mortgagesinarrearsremainverylow(only0.38%)Mortgageswithlessthan20%downmustbeinsured–unlikeintheUS.TheWorldEconomicForumranksCanada’sbankingsystemasthemostsoundintheworld.5TheBanks153602882872842397650100150200250300350400RoyalBankTDBankCIBCScotiaBankBankofMontrealNationalBankAssets($billions)Source:DepartmentofFinanceCanada-2002SixLargestBanksinCanadaThetopsixbanksaccountfor90%ofassetsinthebankingindustry.6LargestDepositoryInstitutionsTotalAssets($Billions)RoyalBankofCanada$447.7Toronto-DominionBank311.0BankofMontreal295.2BankofNovaScotia279.9CanadianImperialBankofCommerce388.0DesjardinsGroupInc.(creditunion)103.6NationalBankofCanada275.2HSBCBankofCanada43.3LaurentianBankofCanada16.6VancouverCitySavings(creditunion)10.5714Canada’sLargestCompanies1RoyalBankofCanada37,1492ThomsonCorp.33,3123BankofNovaScotia27,2204Toronto-DominionBank25,8725ManulifeFinancial22,2346BCEInc.21,7497BombardierInc.20,0968Cdn.Imp.BankofCommerce19,0509AlcanInc.18,97210ImperialOil18,432CurrentMarketCapitalization($Millions)RankCompanySource:*Marketcapitalizationisthemarketpriceofanentirecompany,itiscalculatedbymultiplyingbythenumberofsharesoutstandingbythepricepershare.Assessesthevalueofacompany.BanksandfinancialcompaniesdominatetheCanadianlandscapeintermsofmarketcapitalization*.8BanksinCanadaSource:CBA2005FederallyregulatedandgovernedbytheBankActCategoriesofBanksScheduleI:DomesticBanks(20)Sharesmustbewidelyheldwhichservestorestrictanyoneshareholderorgroupfromhavingcontroloverabank(20%sharesowned).CdnBanks:95%oftotalassetsofbankingindustry(Oct2004)ScheduleIIbanks:ForeignBankSubsidiaries(24)Sharescloselyheldbyforeignbanksorothereligiblefinancialinstitutions.Examples:HSBCBankCanada,IntesaBciCanada,AmexBankofCanada,CitibankCanada,andINGBankofCanada.ScheduleIIIbanks:ForeignBankBranches(29)(Takewholesaledepositsonly$150,000)Examples:J.P.MorganChaseBank,ABNAmroBankN.V.BayerischeLandesbankForeignlendingbranches(5)9InternationalActivityoftheBigSixBankPrimaryFocusInt’lAssets%ofInt’l(Cdn(C$billions)Assetsintotalassets)BofMU.S.,Mexico11243%CIBCU.S.10837%BofNSSouthAmerica,U.S.13947%TDCanadaTrustU.S.9932%RoyalBankEurope,Asia18948%NationalBankNosignificantinternationalpresence1520%(Source:OSFI,Money,BankingandFinancialMarkets,Miskin,Serletis,2005,2ndCdnedition)103.BalanceSheet(SeeTable1-3,Aug1999)TotalAssets(usesoffunds)=Totalliabilities+capital(bothcomprisethesourcesofbankfunds)Liabilities:Mainsourcesoffunds(UpdatedfiguresOct2004)a)deposits(67%ofbankliabilities)66%(Oct2004)b)borrowing(27%)29%c)equity(5%)5%Assets:Mainusesoffundsa)Loans(60%)56%b)Securities(21%)25%c)Cashresources(7.3%)5%Exposure:Loandefault(Defaultrisk)&Maturitymismatch(Interestraterisk)11UsesofFundsAbankusesthefundsthatithasacquiredbyissuingliabilities(shorttermdeposits)topurchaseincome-earningsassets(longtermassets-lessliquidandmorerisky).ProcesscalledAssetTransformationThisinvolvesLiquidityRiskHigh%ofLoan(longterm)involveshighDefaultRiskTrendFewercorporateloansduetodisintermediation(RemovalofaFIsintransaction.)PrivateplacementsthroughInstitutionalInvestors(Largenon-bankFIs)12SourcesofFundsDepositsandBorrowingDemanddeposits.Checkingaccounts(payableondemand)NoticeDeposits:InterestbearingdepositsthatcanbewithdrawnwithpriornoticeFixedTermdeposits:Interestbearingdeposits.IncludesInterbankmarketdeposits(41%)Non-DepositsAdvancesfromBofC(overdraftsloans)OvernightloansCommercialpaperDebentures13BankCapital(networth)Fundsareraisedbysellingnewstockorfromretainedearnings.Off-balanceSheetitemsNorecordedonthebalancesheetContingentitems:Occurrence,timing,and/oramoun