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din engleză în română: Economic survey of Belgium -2009 - OECD General field: Afaceri/Financiar Detailed field: Economie
Text sursă - engleză After four years of strong growth, the Belgian economy entered a deep recession during the second half of 2008 under the impact of the international crisis. The economy was first affected by the turmoil in the banking sector and subsequently by the collapse in international trade. The government swiftly intervened to support the financial system and implemented a moderately sized fiscal stimulus package that is broadly appropriate for a small open economy with substantial fiscal sustainability problems. The main challenge ahead is to support the economy by allowing the automatic macro-stabilizers to work while restoring the path towards fiscal sustainability and implementing structural reforms to enhance long term growth.
Traducere - română
După patru ani de creştere puternică, economia Belgiei a intrat într-o recesiune profundă în a doua jumătate a anului 2008 sub impactul crizei internaţionale. Economia a fost afectată,in principal, de turbulenţele din sectorul bancar şi, ulterior, de colapsul inregistrat de comerţul exterior. Guvernul a intervenit rapid pentru a sprijini sistemul financiar şi a implementat un pachet moderat de stimulare fiscală, care este, în general, adecvat pentru o economie deschisă de dimensiune mică, ce se confrunta cu importante probleme de sustenabilitate fiscală. Principala provocare pentru viitor este de a sprijini economia prin restabilirea condittilor de manifestare a automatismelor macro-stabilizatoare, in paralel cu restabilirea sustenabilitatii fiscale si implementarea reformelor structurale pentru a accelera cresterea economica pe termen lung.
din engleză în română: BALANCE SHEET MANAGEMENT, LIQUIDITY RISK AND INTEREST RATE RISK General field: Afaceri/Financiar Detailed field: Finanţe (general)
Text sursă - engleză Aims
This chapter aims to:
• explain the purpose and focus of balance sheet management
• consider the relevance of liquidity risk and interest rate risk within the context of asset and liability management
• identify techniques used by banks in the management of liquidity risk and interest rate risk.
Learning outcomes
After studying this chapter and the relevant reading, you should be able to:
• discuss the principles of asset and liability management
• describe and evaluate the importance of liquidity and interest rate risk
• explain how banks manage liquidity and interest rate risk.
Introduction
The structure of banks’ balance sheets has changed considerably over recent decades as a result of a number of important trends. Increased competition, the breakdown in demarcation lines between different types of business, technological and financial innovation, prudential re-regulation, increased volatility of interest and exchange rates, and the increased usage of securitization (see Chapter 5) have all had a direct or indirect effect on the balance sheet characteristics of the banking firm. Many of these forces have changed banks’ attitudes towards managing the balance sheet. Banks nowadays deal in a very wide range of financial instruments both as assets and liabilities, and balance sheets have become increasingly complex. In addition, Off-Balance-Sheet (OBS) business,2 involving various contingent
liabilities, has grown significantly.
This increased diversity is intended as a means of spreading risks while increasing profitability. However, the various demands of a heterogeneous clientele brings with it many special and additional risks. If banks’ assets and liabilities are poorly adjusted, a bank may find itself without adequate liquidity, and it may incur substantial losses due to changes in interest rates or exchange rates. As a result, banks have adopted an increasingly systematic approach to managing their balance sheet and off-balance-sheet positions. This is widely known as Asset and Liability Management (ALM), which covers the set of techniques used to manage interest rate and liquidity risks, and deals with the structure of the balance sheet within the context of funding and regulatory constraints and profitability targets.
Asset and Liability Management (ALM)
ALM focuses on liquidity risk and interest rate risk at the balance sheet level. It can thus be viewed as a subset of the bank’s overall risk management process, which also addresses other forms of risk such as credit risk and market risk, together with other aspects of risk measurement and control.
ALM techniques are most applicable to commercial banks involved in deposit collection and lending businesses. Liquidity and interest rate policies are interdependent, since any projected liquidity gap will be funded at an unknown rate unless a hedging transaction is initiated immediately.
For our purposes, the net interest margin is the target of ALM policies.3 The net interest margin (NIM) is defined as the net interest income (NII, equal to interest revenues minus interest expenses) as a proportion of the bank’s total assets.4 In this context, the ALM objective is the minimisation of the variability of NIM or NII for a target level of NIM or NII. Alternatively, the objective can be viewed as maximising NIM or NII for a given level of risk.
ALM involves the continual monitoring of the existing position of a bank, evaluating how this differs from the desired position, and undertaking transactions (including hedging programmes) to move the bank towards the desired position. The objective is to enhance profitability, while controlling and limiting the different risks inherent in modern banking, as well as complying with the constraints of banking supervision. Therefore, a bank must assess the risks and benefits of all assets and liabilities in the light of the contribution they make to the earnings and to the risks of its total portfolio. Problems arise for management because bank portfolios are constantly changing as maturities, interest rates and exchange rates change, and as new transactions are undertaken. What is considered to be the desired position is also constantly changing. Banks therefore have to continually adjust assets and liabilities, both by varying the terms they offer for business with clients and by regular trading in financial markets.
Traducere - română Obiective
Acest capitol îşi propune să:
• explice scopul si zona de focalizare a managementului bilantului contabil
• ia în considerare relevanţa riscului de lichiditate şi riscului ratei dobânzii în contextul managementului activelor şi pasivelor
• identifice tehnicile utilizate de către bănci în managementul riscului de lichiditate şi al riscului ratei dobânzii.
Rezultatele urmarite
După studierea acestui capitol şi a bibliografiei relevante, veti putea sa:
• discutati despre principiile managementului activelor şi pasivelor
• descrieti şi să evaluati importanţa riscului de lichiditate şi al ratei dobânzii
• explicati modul în care băncile administreaza riscul de lichiditate şi al ratei dobânzii
Introducere
De-a lungul recentelor decenii structura bilanţurilor băncilor s-a schimbat considerabil ca urmare a unui număr de tendinţe importante. Creşterea concurenţei, estomparea liniilor de demarcaţie dintre diferitele tipuri de activitati, inovatia tehnologica şi financiara, re-reglementarea prudenţială, volatilitatea crescanda a ratei dobânzii şi a cursului de schimb, precum şi utilizarea crescută a instrumentelor financiare derivate (a se vedea capitolul 5) au avut un efect direct sau indirect asupra caracteristicilor bilanţului contabil al institutiilor bancare. Multe dintre aceste forţe au schimbat atitudinea băncilor faţă de managementul bilantier.1 Băncile din zilele noastre tranzactioneaza o gamă foarte largă de instrumente financiare, atât ca active precum si pasive, iar bilanţurile contabile au devenit din ce în ce mai complexe. În plus, au crescut semnificativ operatiunile în afara bilanţului (OAB) 2, implicând diverse pasive contingente,.
Această diversitate crescanda este conceputa ca un mijloc de a diversifica riscurile in paralel cu cresterea profitabilitatii. Totusi, cererile diverse ale unei clientele eterogene aduc cu sine numeroase riscuri speciale şi suplimentare. Daca activele şi pasivele băncilor sunt prost ajustate, o bancă poate ajunge in situatia unei lichiditati inadecvate şi poate inregistra pierderi substanţiale datorită modificărilor ratelor dobânzii sau ale cursurilor de schimb. Ca urmare, băncile au adoptat o abordare din ce in ce mai sistematica a managementului bilantului contabil şi a pozitiilor din afara bilanţului. Acest lucru este larg recunoscut drept Managementul Activelor şi Pasivelor (MAP), care se refera la setul de tehnici utilizate pentru managementul riscurilor de rata a dobânzii şi de lichiditate, aria sa de responsabilitate fiind reprezentata de structura bilanţului contabil în contextul cerintelor de finanţare, al constrângerilor de reglementare şi al obiectivelor de profitabilitate.
Managementul Activelor şi Pasivelor (MAP)
MAP se concentrează pe riscul de lichiditate şi riscul de rată a dobânzii la nivelul bilanţului contabil. Astfel acesta poate fi perceput ca un subset al procesului de management global al riscurilor băncii, care abordează, de asemenea, alte forme de risc, cum ar fi riscul de credit şi riscul de piaţă, împreună cu alte aspecte de măsurare si control al riscurilor.
Tehnicile MAP sunt aplicabile, in special, băncilor comerciale implicate în atragerea de depozite si activitati de creditare. Politicile de lichiditate şi de rată a dobânzii sunt interdependente, deoarece orice decalaj de lichidităţi preconizat va fi finanţat la o rata a dobanzii ce nu este cunoscuta, cu excepţia situatiei în care o tranzacţie de acoperire a riscului este iniţiată imediat.
Pentru scopurile noastre, marja neta a dobânzii nete reprezinta ţinta politicilor MAP.3 . Marja netă A dobândă (MND) este definita ca venitul net din dobânzi (VND, egal cu veniturile din dobânzi minus cheltuielile cu dobânzile), ca procent din totalul activelor băncii .4 În acest context, obiectivul MAP este reducerea la minimum a variabilitatII MND sau VND pentru un nivel ţintă al MND sau VND. Alternativ, obiectivul poate fi privit ca maximizarea MND sau VND pentru un anumit nivel de risc.
MAP presupune monitorizarea continuă a poziţiei existente a unei bănci, evaluarea modului în care aceasta diferă de poziţia dorită, şi întreprinderea tranzacţiilor (inclusiv programe de acoperire a riscurilor) pentru a muta banca spre poziţia dorită. Obiectivul este de a spori profitabilitatea, controland si limitand, in acelasi timp, riscurile inerente activitatilor bancare moderne, precum şi
asigurarea conformarii cu constrângerile supravegherii bancare. Prin urmare, o bancă trebuie să evalueze riscurile şi beneficiile tuturor activelor şi pasivelor în funcţie de contribuţia acestora la câştigurile şi riscurile existente in portofoliul său total. Pentru personalul de conducere problemele apar datorita faptului ca portofoliile bancare se modifica in mod constant ca urmare a modificarii scadenţelor, ratelor de dobânda şi a cursurilor de schimb, precum şi datorita efectuarii de noi operaţiuni. Ceea ce, la un momento dat, este considerata a fi o poziţie dorită, este de asemenea, în continuă schimbare. Prin urmare, băncile trebuie să adapteze in mod continuu activele şi pasivele, atât prin intermediul modificarii condiţiilor pe care le oferă pentru activitatile cu clientii cat si prin tranzactii periodice pe pieţele financiare.
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