商业银行答案美国版第815.docx
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商业银行答案美国版第815.docx
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商业银行答案美国版第815
CHAPTER15
THEMANAGEMENTOFCAPITAL
GoalofThisChapter:
Thepurposeofthischapteristodiscoverwhycapital–particularlyequitycapital–issoimportantforfinancialinstitutions,tolearnhowmanagersandregulatorsassesstheadequacyofaninstitution'scapitalposition,andtoexplainthewaysthatmanagementcanraisenewcapital.
KeyTopicsinThisChapter
∙TheManyTasksofCapital
∙CapitalandRiskExposures
∙TypesofCapitalInUse
∙CapitalastheCenterpieceofRegulation
∙BaselIandBaselII
∙PlanningtoMeetCapitalNeeds
ChapterOutline
I。
Introduction:
WhatIsCapital?
II.TheManyTasksCapitalPerforms
A.CushionAgainstRiskofFailure
B。
ProvidesFundsNeededtoBeginOperations
C.PromotesPublicConfidence
D。
ProvidesFundsforFutureGrowthandNewServices
E.RegulatorofGrowth
F.CapitalPlaysaRoleinMergers
G.LimitsHowMuchRiskExposureBanksandCompetingFirmsCanAccept
H.ProtectstheGovernment'sDepositInsuranceSystem
Ill。
CapitalandRisk
A。
KeyRisksinBankingandFinancialInstitutions’Management
1.CreditRisk
2.LiquidityRisk
3。
Interest-RateRisk
4。
OperatingRisk
5。
ExchangeRisk
6。
CrimeRisk
B.DefensesagainstRisk
1.QualityManagement
2.Diversification
a。
Portfolio
b。
Geographic
3.DepositInsurance
4。
Owners’Capital
IV。
TypesofCapital
A。
CommonStock
B。
PreferredStock
C。
Surplus
D.UndividedProfits
E.EquityReserves
F.SubordinatedDebentures
G。
MinorityInterestinConsolidatedSubsidiaries
H。
EquityCommitmentNotes
I.RelativeImportanceoftheDifferentSourcesofCapital
V.OneoftheGreatIssuesintheHistoryofBanking:
HowMuchCapitalIsReallyNeeded?
A。
RegulatoryApproachtoEvaluatingCapitalNeeds
1.ReasonsforCapitalRegulation
2。
ResearchEvidence
VI.TheBasleAgreementonInternationalCapitalStandards:
AnHistoricContractamongLeadingNations
A。
BaselI
1。
TierOneCapital
2。
TierTwoCapital
3。
CalculatingRisk—WeightedAssetsUnderBasleI
4.CalculatingtheCapital—toRisk-WeightedAssetsRatioUnderBaselI
B.CapitalRequirementsAttachedtoDerivatives
1.BankCapitalStandardsandMarketRisk
2.MarketRiskandValueatRisk(VaR)Models
3.ValueatRisk(VAR)Models
4.LimitationsandChallengesofVaRandInternalModeling
C.BaselII:
ANewCapitalAccordUnfolding
1。
PillarsofBaselII
2.InternalRiskAssessment
3.OperationalRisk
4.BaselIIandCreditRiskModels
5.ADual(Large-Bank,Small-Bank)SetofRules
6.ProblemsAccompanyingtheImplementationofBaselII
VII。
ChangingCapitalStandardsInsidetheUnitedStates
A。
FDICImprovementAct
B。
PromptCorrectiveAction
1.WellCapitalized
2。
AdequatelyCapitalized
3。
Undercapitalized
4.SignificantlyUndercapitalized
5.CriticallyUndercapitalized
VIII.PlanningToMeetCapitalNeeds
A.RaisingCapitalInternally
1.DividendPolicy
2。
HowFastMustInternallyGeneratedFundsGrow?
B。
RaisingCapitalExternally
1.IssuingCommonStock
2。
IssuingPreferredStock
3。
IssuingSubordinatedNotesandDebentures
4.SellingAssetsandLeasingFacilities
5.SwappingStockforDebtSecurities
6。
ChoosingtheBestAlternativeforRaisingOutsideCapital
IX.SummaryoftheChapter
ConceptChecks
15-1。
Whatdoesthetermcapitalmeanasitappliestofinancialinstitutions?
Fundscontributedtoafinancialinstitutionprimarilybyitsowners,consistingmainlyofstock,reserves,andretainedearnings,plusanylong—termdebtissuedthatqualifiesunderregulations.
15-2。
Whatcrucialroledoescapitalplayinthemanagementandviabilityoffinancialfirm?
Capitalprovidesthelong-term,permanentfundingthatisneededtoconstructfacilitiesandprovideabaseforthefutureexpansionofassets。
Capitalalsoabsorbsoperatinglossesuntilmanagementhasachancetocorrecttheinstitution’sproblems.Fromaregulatoryperspectivecapitallimitsthegrowthofriskyassets。
15—3。
Whatarethelinksbetweencapitalandriskexposureamongfinancialserviceproviders?
Capitalfunctionsasacushiontoabsorblossesuntilmanagementcancorrecttheproblemsgeneratingthoselosses.Institutionsfacemanydifferentkindsofrisk:
(1)crimerisk,
(2)interest-raterisk,(3)creditrisk,(4)liquidityrisk,(5)exchangeriskand(6)operationalrisk。
Capitalrepresentstheultimatelineofdefenseagainsttheseriskswhenallotherdefensesfail。
15—4.Whatformsofcapitalareinusetoday?
Whatarethekeydifferencesbetweenthedifferenttypesofcapital?
Theprincipalformsofbankcapitalincludecommonandpreferredstock,surplus,retainedearnings,andsubordinatednotesanddebentures.Commonstockrepresentstheparvaluepaidbyowners,whilesurplusistheamountpaidoverparvalueforthestockwhenitisfirstsold.Preferredstockisaspecialtypeofownershipwheredividendsarefixedandstockholdersgenerallydonothaveavoteonmajoractivitiesundertakenbythefirm.Retainedearningsaretheaccumulatedearningsofthefirmkepttoreinvestbackinthecompany.Subordinatednotesanddebenturesarelongtermdebtinstrumentsthatdonnotrepresentownershipclaims。
15—5。
Measuredbyvolumeandpercentageoftotalcapital,whatarethemostimportantandleastimportantformsofcapitalheldbyU.S。
-insuredbanks?
Whydoyouthinkthisisso?
Themostimportantformofcapitalissurplus,followedbyretainedearnings,subordinatednotesanddebenturesandpreferredstock。
Commonstockrepresentswhatownerscontributeoriginallywhentheybuythestocktobeginwith.Retainedearningsrepresentthegrowthinearningsthataccumulateinthefirmovertime。
Whattheownerscontributetothefirmandthewealththataccumulatesovertimearethetruecushionagainstlossthatcapitalrepresents。
15—6。
Howdosmallbanksdifferfromlargebanksinthecompositionoftheircapitalaccountsandinthetotalvolumeofcapitaltheyholdrelativetotheirassets?
Whydoyouthinkthesedifferencesexist?
Smallbanksrelymainlyonretainedearningsandverylittleonlongtermdebt,whereaslargebanksrelyoncommonstock,retainedearningsandlongtermdebt。
Smallbankshaveadifficulttimetoplacetheirequityanddebtsecuritiesinthemarketandthus,relymoreheavilyoninternalcapital(i.e.retainedearnings)
15—7Whatistherationaleforhavingthegovernmentsetcapitalstandardsforfinancialinstitutions,asopposedtolettingtheprivatemarketplacesetthosestandards?
Thegovernment'sinterestincapitalstemsfromitseffortstostabilizethefinancialsystemandavoiddrainsonthefederalinsurancesystem。
Capitalrequirementshavelongbeensubjecttogovernmentregulation,thoughbankersfrequentlyarguethatthemarket,ratherthanregulators,shoulddeterminehowmuchcapitalafinancialinstitutionshouldhold.Thefearamongregulators,however,isthatfinancialinstitutionswouldholdtoolittlecapitaltoavoidexcessivenumbersoffailuresandthattheprivatemarketcannotadequatelyassesstheirneedforcapital.
15-8。
Whatevidencedoesrecentresearchprovideontheroleoftheprivatemarketplaceindeterminingcapitalstandards?
Theresultsofrecentstudiesarevaried,butmostfindthattheprivatemarketplaceismoreimportantthangovernmentregulationindeterminingtheamountandtypeofcapitalfinancialinstitutionsmusthold。
However,governmentregulationapparentlywasatleastasimportantinthe1980sandearly1990s,withthetighteningofcapitalregulationsandtheimpositionofminimumcapitalrequirements。
15-9。
Accordingtorecentresearch,doescapitalpreventafinancialinstitutionfromfailing?
Ifcapitalislargeenoughtoabsorboperatinglossesitcanpreventfailureforatime,atleastuntilthecapitalisallusedup.However,thereisnosolid,undisputedevidenceofasignificantrelationshipbetweenthesizeofthecapital—to-assetratioandtheincidenceoffailure。
15—10。
Whatarethemostpopularfinancialratiosregulatorsusetoassesstheadequacyofbankcapitaltoday?
Theprimecapital—adequacyratiosaretotalcapitaltoassets,equitycapitaltoassets,totalcapitaltoriskassets,andprimaryorcorecapitalandsupplementaryorsecondarycapitaltototalassetsandtorisk—adjustedassets。
15—11。
Whatisthedifferencebetweencore(ortier1)capitalandsupplemental(ortier2)capital?
Corecapitalisthepermanentcapitalofabank,consistingmainlyofcommonstock,surplus,retainedearnings,andequityreserves。
Supplementalcapitalissecondaryformsofbankcapital,suchasdebtsecuritiesandlimited—lifepreferredstockandafewqualifiedintangiblesassets.
15—12.Abankreportsthefollowingitemsonitslatestbalancesheet:
AllowanceforLoanandLeaseLosses$42million;UndividedProfits$81million;SubordinatedDebtCapital$3million;CommonStockandSurplus$27million;EquityNotes$2million;MinorityInterestinSubsidiaries$4million;MandatoryConvertibleDebt$5million;IdentifiableIntangibleAssets$3million;andNoncumulativePerpetualPreferredStock$5million.HowmuchdoesthebankholdinTier1capital?
InTier2capital?
DoesthebankhavetoomuchTier2capital?
TheTier1capitalitemsinclude:
TheTier2capitalitemsinclude:
Commonstockandsurplus
$27mill。
AllowanceforLoanand
LeaseLosses
$42mill。
UndividedProfits
81
SubordinatedDebtCapital
3
NoncumulativePerpetual
MandatoryConvertibleDebt
5
PreferredStock
5
EquityNotes
2
Minorityinterestin
IdentifiableIntangibleAssets
3
Subsidiaries
4
TotalTier1Capital
$117mill.
TotalTier2Capital
$55mill.
ThebankdoesnothavetoomuchTier2capital.Tier2capitalcanbeupto100percentoftheamountofTier1capitalandsti
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