1.13分析金融市场与金融机构基础(英文版)第3章

DepositoryInstitutions:ActivitiesandCharacteristicsChapter3Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall2Asset/LiabilityProblemSpreadIncomeTypesofRiskCreditRiskRegulatoryRiskInterestRateRiskTheasset/liabilityproblemthatdepositoryinstitutionsTheasset/liabilityproblemthatdepositoryinstitutionsfaceisquitesimpletoexplain,althuoghnotnecessarilyeasytosolve.Adepositoryinstitutionsseekstoearnapositivespreadbetweentheassetinwhichitinvestandthecostofitsfunds.Thespreadisreferredtoasspreadincomeormargin.ThespreadincomeallowstheinstitutionstomeetoperatingexpensesandearnafairprofitonitscapitalCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall3TypesofRiskIngeneratingspreadincomeadepositoryinstitutionsfacesseveralrisks,includingcreditrisk,regulatoryrisk,andfundingrisk.Creditrisk,alsocalleddefaultriskreferstotheriskthataborrowerwillahref=鹰潭治癫痫病最好的医院/aahref=鹰潭癫痫病医院哪家好/adefaultonaloanobligationtothedepositoryinstitutionorthattheissuerofasecuritythatthedepositoryinstitutionsholdswilldefaultonitobligation.RegulatoryriskistheriskthatregulatorswillchangetherulesandaffecttheearningoftheinstitutionunfavorablyCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall4Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall5LiquidityConcernsWaystoaccommodatewithdrawalsandloandemandAttractadditionaldepositsUsecurrently-ownedsecuritiesascollateralforloansfromotherinstitutionsRaiseshort-termfundsinthemoneymarketSellcurrently-ownedsecuritiesThefirstalternativeself-explanatory.ThesecondconcernstheprivilegeallowedtobankstoborrowatthediscountwindowoftheFederalReserveBanks.Thethirdalternative,sellingsecuritiesthatitowns,requiresthatthedepositoryinstitutioninvestaportionofitsfundsinsecuritiesthatarebothliquidandhavelittlepricerisk.ThefourthalternativeprimarilyincludesusingmarketablesecuritiesownedascollateralforraisingintherepurchaseagreementmarketCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall6Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall7DepositoryInstitutionsCommercialBanksSavingsandLoanAssociationsSavingsBanksCreditUnionsCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall8CommercialBanksAsofQ22007,7350commercialbanks25%nationalbanks,butholds65%assetsBankdepositsinsuredbyFDICCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall9AssetSizeofBanksCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall10Top30LargestBanksCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall11Top30LargestBanks(continued)Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall12BankServicesConsumerBankingInstallmentloans,residentialmortgageloans,creditcardloans,brokerageservices,studentloans,etc.ahref=新余治癫痫病最好的医院/aahref=鹰潭治疗癫痫专科医院/aInstitutionalBankingCommercialrealestatefinance,leasing,factoringGlobalBankingCorporatefinance,capitalmarketandforeignexchangemarketproductsandservicesCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall13BankFundingDepositsDemandandTimeDepositsNon-DepositBorrowingFedDiscountWindowandFederalFundsMarketRetainedEarningsandEquitySecuritiesOtherNon-depositBorrowingIssuanceofDebtSecuritiesBanksDemanddepositpaynointerestandcanbewithdrawnupondemand.Timedeposits,alsocalledcertificatesofdeposit,setafixedmaturitydateandpayeitherafixedorfloatinginterestrate.Amoneymarketdemandaccountisonethatpaysinterestbasedonshortterminterestrates.Themarketforshorttermdebtobligationsiscalledthemoneymarket,whichishowthesedepositsgettheirname.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall14BanksAbankcannotinvest$1forevery$1itobtainsindeposits.Specifiedpercentagesarecalledreserveratios,anddolaramountsbasedonthemthatarerequiredtobekeptondepositataFederalReserveBanksarecalledrequiredreserves.ThereserveratiosareestablishbytheFederalReserveBoard(theFed).Tocomputerequiredreserves,theFederalReserveusesanestablishedtwo-weekperiodcalledthedepositcomputationperiod.Copyright©2010PearsonEducation,Inc.PublishingasPrenticeHall15ReserveReserverequirementsineachperiodaretobesatisfiedbyactualreserves.Ifactualreservesexceedrequiredreserves,thedifferenceisreferredtoasexcessreserves.Banktemporarilyshortoftheirrequiredreservescanborrowreservesfrombankswithexcessreserves.Themarketwherebanksborroworlendreservesiscalledthefederalfundsmarket.TheinterestratechargetoborrowfundsinthismarketiscalledthefederalfundsrateCopyright©2010PearsonEducation,Inc.PublishingasPrenticeHall16BorrowingattheFedDiscountWindow:TheFederalReserveBankisthebanker’sbank.TheFedestablishesthetypesofeligiblecollateral.Currentlyitincludes:1.Treasurysecurities,federalagencysecurities,andmunicipalsecurities,allwithmaturityoflessthan6months,2.ahref=新余治疗癫痫专科医院/a3.ahref=新余癫痫病医院哪家好/a4.Commercialandindustrialloanswith90daysorlesstomaturity.TheinterestratethattheFedchargestobo