Shadow Maturity Transformation and Systemic Risk. Sandra Krieger Executive Vice President and Chief Risk Officer, Federal Reserve Bank of New York
|
|
- Aileen Harper
- 5 years ago
- Views:
Transcription
1 Shadow Maturity Transformation and Systemic Risk Sandra Krieger Executive Vice President and Chief Risk Officer, Federal Reserve Bank of New York 8 March 2011
2 Overview of discussion What is shadow bank maturity transformation and why do we care about this? What role did this play leading up to and during the recent financial crisis? How will financial reform affect the shadow banking system? What more needs to be done? 2
3 What is credit intermediation? Maturity transformation: fund long-term assets with short-term liabilities Credit transformation: enhancement through use of priority or guarantees Liquidity transformation: illiquid assets funded by liquid liabilities 3
4 Topology of Credit Intermediation explicit and direct Credit put Liquidity put Official sector 4
5 Topology of Credit Intermediation implicit and indirect Credit put Liquidity put explicit and direct implicit and direct Credit put Liquidity put Official sector Credit put Liquidity put explicit and indirect Credit put Liquidity put unenhanced 5
6 Shadow Maturity Transformation Banksponsored MMMF Tri-Party Repo Banksponsored SIV ARS implicit and indirect Credit put Liquidity put explicit and direct implicit and direct Credit put Liquidity put Official sector Credit put Liquidity put GSE explicit and indirect Credit put Liquidity put unenhanced ABCP VRDO Independent MMMF Independent SIV 6
7 1985Q4 1986Q3 1987Q2 1988Q1 1988Q4 1989Q3 1990Q2 1991Q1 1991Q4 1992Q3 1993Q2 1994Q1 1994Q4 1995Q3 1996Q2 1997Q1 1997Q4 1998Q3 1999Q2 2000Q1 2000Q4 2001Q3 2002Q2 2003Q1 2003Q4 2004Q3 2005Q2 2006Q1 2006Q4 2007Q3 2008Q2 2009Q1 2009Q4 2010Q3 ($ millions) Shadow Banking Sector $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $- Shadow Maturity Transformation Shadow Credit Transformation Bank Liabilities CP, Repo and Securities Lending, Money funds ABS, GSE debt, Agency MBS 7
8 Sep-07 Oct-07 Nov-07 Dec-07 Jan-08 Feb-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 ($ billions) TAF Established JPMC acquisition; PDCF/TSLF Lehman Bankruptcy /AIG Lending TALF announced FR releases Stress Test results Official Sector Support for Shadow Banking Activities September 2007 to March 3, ,200 1,000 Credit & Liquidity Programs 1 AMLF TSLF TALF CPFF 400 PDCF TAF Source: March 3, 2011 H.4.1 release. Differences in balances compared to other material in this presentation may be due to differences in timing or metrics 1. AMLF - Asset-Backed Commercial Paper Money Market Fund (ABCP MMMF) Liquidity Facility; TSLF- Term Securities Lending Facility; TALF - Term Asset- Backed Securities Loan Facility; CPFF -Commercial Paper Funding Facility; PDCF- Primary Dealer Credit Facility; and TAF - Term Auction Facility. 2. Assets of the portfolio are exhibited and not the loans. 8
9 ($ millions) Asset-backed commercial paper market (ABCP) $2,500, $2,000, $1,500, $1,000, $500, $- Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 ABCP Financial CP Nonfinancial CP 9
10 ($ millions) Tri party Repo $3,500,000 $10,000, $3,000,000 $9,000, $8,000, $2,500,000 $7,000, $2,000,000 $1,500,000 $6,000, $5,000, $4,000, ($ millions) $1,000,000 $3,000, $2,000, $500,000 $1,000, $0 $- Overnight Repo Financial CP M2 10
11 ($ billions) ($ billions) Money Market Mutual Funds 11
12 ABCP: Current regulatory changes FAS 166/167 and Basel capital rules may significantly increase liquidity and capital requirements for bank backup lines of credit for conduits Balance sheet consolidation for loans or securities of the conduit increased risk-based leverage ratio and capital requirements as well higher loan loss reserves Proposed liquidity requirements for banks could make backup lines more expensive liquid assets must be sufficient to meet its stress liquidity needs for a 30- day time horizon 12
13 The Future for ABCP The cumulative impact of these changes will likely include: More required capital and liquidity for bank-sponsored conduits, corresponding to higher-cost lines of credit to finance companies Likely end of programs which exist solely for off-balance sheet capital arbitrage Mitigating behavior by the industry might include: Shift in conduit sponsorship from US banks to non-banks or foreign banks with balance sheet capacity Re-structuring of conduits in order to avoid accounting consolidation (e.g. sale of first-loss tranche to transfer control to third-party) The ABCP market will be smaller and more expensive, sponsored by nonbanks and largely fund asset-backed loans originated by non- bank finance companies 13
14 Tri Party Repo Market: Current Regulator-Driven Changes Industry Tri-Party Task Force has suggested improvements in the following areas Operational Arrangements Dealer Liquidity Risk Management Margining Practices Contingency Planning Transparency Tri-Party Repo Infrastructure Reform White Paper by FRBNY Market reliance on intra-day credit from clearing banks Aggressive dealer liquidity management Cash investor and clearing bank risk management Cash contingency plans around large dealer default Taskforce Website: 14
15 The Future for Tri-Party Repo Impact on the market Reduced intra-day credit and daily unwind Higher margins, less cyclical margins, higher-quality collateral Future of broker-dealer model Broker-dealer model now has liquidity backstop, but will be subject to leverage requirements and prudential supervision instead of voluntary oversight Need tri-party solution to failure of major borrower to reduce systemic risk 15
16 MMMF Buffers Investor run event Ex ante buffers Ex ante buffers are costly but allow preservation of stable NAV Preferred option if investors care more about liquidity Example: Capital, liquidity, risk standards Ex post buffers Absorbing losses when they occur is less costly but is not consistent with stable NAV Preferred option if investors care more about yield Examples: variable NAV or hold back time Loss absorption buffers address the risk of credit losses but may not adequately reduce the risk of losses associated with sales of assets at fire sale prices Access to a source of non-official emergency liquidity could further reduce this risk 16
17 Conclusions The motivations for shadow banking have become even stronger with increases in capital and liquidity requirements on traditional institutions; The objective is to reduce the risks associated with maturity transformation through more appropriate, properly priced and transparent backstops credit and liquidity puts. Regulation has done some good, but more work needs to be done to prevent shadow credit intermediation from being a continued source of systemic concern. 17
Transparency in the U.S. Repo Market
Transparency in the U.S. Repo Market Antoine Martin Federal Reserve Bank of New York October 11, 2013 The views expressed in this presentation are my own and may not represent the views of the Federal
More informationLecture 5. Notes on the Current Crisis
Lecture 5 Notes on the Current Crisis Mark Gertler NYU June 29 .4 Real GDP growth.3.2.1.1.2.3 1975 198 1985 199 1995 2 25 18 16 core inflation federal funds rate 14 12 1 8 6 4 2 1975 198 1985 199 1995
More informationIs Maturity Transformation the Devil s Work or Just Bedeviled?
Is Maturity Transformation the Devil s Work or Just Bedeviled? Federal Reserve Bank of Atlanta 2012 Financial Markets Conference Clifford Rossi, PhD Executive-in-Residence, Tyser Teaching Fellow April
More informationStylized Financial System
Procyclicality and Capital Flows: Emerging Market Perspective Hyun Song Shin Bank of Thailand International Symposium 2010: Challenges to Central Banks in the Era of the New Globalization October 14 15,
More informationUnderstanding the Policy Response to the Financial Crisis. Macroeconomic Theory Honors EC 204
Understanding the Policy Response to the Financial Crisis Macroeconomic Theory Honors EC 204 Key Problems in the Crisis Bank Solvency Declining home prices and rising mortgage defaults put banks in danger
More informationShadow Banking and Financial Stability
Shadow Banking and Financial Stability Tobias Adrian, November 8, 2013 The views expressed here are those of the author exclusively and do not necessarily represent those of the Federal Reserve Bank of
More informationA Nonsupervisory Framework to Monitor Financial Stability
A Nonsupervisory Framework to Monitor Financial Stability Tobias Adrian, Daniel Covitz, Nellie Liang Federal Reserve Bank of New York and Federal Reserve Board June 11, 2012 The views in this presentation
More informationThe year 2008 marked a watershed for
Financial Turmoil and the Economy Economic Research Economic Research, the other areas contributing to this report, and the Legal department are part of an interdepartmental committee the Federal Reserve
More informationFinancial Highlights
November 3, 21 Financial Highlights Federal Reserve Balance Sheet 1 European Debt Bond Spreads 2 CDS Spreads 2 Securitization Markets CMBS Yields and Issuance 3 ABX and CMBX 4 Mortgage Rates 5 Broad Financial
More informationBanks as Liquidity Provider of Second to Last Resort
Banks as Liquidity Provider of Second to Last Resort Til Schuermann* Federal Reserve Bank of New York Q-Group, October 2008 * Any views expressed represent those of the author only and not necessarily
More informationWritten Testimony of Eric S. Rosengren President & Chief Executive Officer Federal Reserve Bank of Boston
Written Testimony of Eric S. Rosengren President & Chief Executive Officer Federal Reserve Bank of Boston Field hearing of the Committee on Financial Services of the U.S. House of Representatives: Seeking
More informationUnconventional Monetary Policy Tools. Michelle Gleeck Patrick Higgins Barry Kelly Cian McDonnell
Unconventional Monetary Policy Tools Michelle Gleeck Patrick Higgins Barry Kelly Cian McDonnell INTRO Quantitive Easing or Credit Easing Conventional tools include: 1) Open Market Operations 2) The Discount
More informationSIX YEARS ON: IS THERE AN ALTERNATIVE TO BAIL-OUT?
SIX YEARS ON: IS THERE AN ALTERNATIVE TO BAIL-OUT? L. Randall Wray Levy Economics Institute and University of Missouri - Kansas City www.levy.org; www.cfeps.org; wrayr@umkc.edu *Report of a Research Project
More informationCredit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference
Credit, Housing, Commodities and the Economy Chartered Financial Analysts Institute Annual Conference May 13, 2008 Janet L. Yellen President and CEO Federal Reserve Bank of San Francisco Overview Financial
More informationFinancial Highlights
November 17, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Consumer Credit Consumer Credit: Revolving and Nonrevolving 2 ABS Yields and Issuance 3 Corporate Bonds Yield Spreads and Bond Issuance
More informationSustainability in a Fat Tailed Long Duration World
Sustainability in a Fat Tailed Long Duration World November 2013 2013 Neuberger Berman LLC. All rights reserved. Member FINRA/SIPC. The Post Crisis Backdrop Uncertainty Promoting Heightened Volatility
More informationThe ABCP Market. For the IMF Conference on Operationalizing Systemic Risk Monitoring, May 27, 2010
The ABCP Market For the IMF Conference on Operationalizing Systemic Risk Monitoring, May 27, 2010 Contents ABCP Market Background August 2007 and September 2008 ABCP Market Today 2 ABCP Market Overview
More informationShadow Banking: What Has Been Done (and Is It Enough)? Laura E. Kodres International Monetary Fund May 17, 2013
Shadow Banking: What Has Been Done (and Is It Enough)? Laura E. Kodres International Monetary Fund May 17, 2013 Main Points To monitor shadow banking requires an understanding of the following: Data collection
More informationJulie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis
Julie Stackhouse Senior Vice President Federal Reserve Bank of St. Louis May 22, 2009 The views expressed are those of Julie Stackhouse and may not represent the official views of the Federal Reserve Bank
More informationHow did Monetary Policy Implementation Change with the Financial Crisis?
How did Monetary Policy Implementation Change with the Financial Crisis? John McGowan Assistant Vice President Money Markets, Markets Group, FRBNY September 28, 2015 Internal FR I. FRS Mandate and Pre-
More informationCentral Bank collateral frameworks before and during the crisis
Central Bank collateral frameworks before and during the crisis The case of the Federal Reserve Central banking, liquidity crises and financial stability lecture Mai 20 th, 2011 Presentation by 1 Goals
More informationFinancial Stability Monitoring Fernando Duarte Federal Reserve Bank of New York March 2015
Financial Stability Monitoring Fernando Duarte Federal Reserve Bank of New York March 2015 The views in this presentation do not necessarily represent the views of the Federal Reserve Board, the Federal
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationInternational cooperation to address shadow banking risks
International cooperation to address shadow banking risks Benjamin H Cohen Bank for International Settlements Conference on Shadow Banking: A European Perspective London, 2 February 2013 Restricted Disclaimer
More informationFederal Reserve Bank of New York Staff Reports
Federal Reserve Bank of New York Staff Reports Shadow Banking Zoltan Pozsar Tobias Adrian Adam Ashcraft Hayley Boesky Staff Report no. 458 July 2010 This paper presents preliminary findings and is being
More informationFinancial Highlights
November 16, 2011 Financial Highlights Federal Reserve Balance Sheet 1 Europe European Bond Spreads 2 Mortgage Markets Mortgage Rates 3 Mortgage Applications Consumer Credit Revolving and Nonrevolving
More informationCredit and Liquidity Programs and the Balance Sheet
July 2009 Federal Reserve System Monthly Report on Credit and Liquidity Programs and the Balance Sheet Board of Governors of the Federal Reserve System 1 Purpose The Federal Reserve prepares this monthly
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationFinancial Stability Board (FSB) and its work on Shadow Banking
Shadow Banking Financial Stability Board (FSB) and its work on Shadow Banking Yasushi Shiina, Member of Secretariat 9 November 2011 Note: The views expressed in this slides are those of the author and
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationPRESS RELEASE. Securities issued by Hungarian residents and breakdown by holding sectors. January 2019
7 March 2019 PRESS RELEASE Securities issued by Hungarian residents and breakdown by holding sectors January 2019 According to securities statistics, the amount outstanding of equity securities and debt
More information5 th ANNUAL SKBI CONFERENCE 2015ON "DIGITAL BANKING, FINANCIAL INCLUSION AND IMPACT INVESTING" P2P in China
5 th ANNUAL SKBI CONFERENCE 2015ON "DIGITAL BANKING, FINANCIAL INCLUSION AND IMPACT INVESTING" P2P in China Dr. Rui, Oliver Meng(CFA, FRM) Professor of Finance and Accounting Director Ph.D. Program Co-director
More informationSimon Potter August 4, 2018
Confidence in the Implementation of U.S. Monetary Policy Normalization Remarks at the 23 rd EMEAP (Executives Meeting of East Asia-Pacific Central Banks) Governors Meeting Manila, Philippines Simon Potter
More informationAPPENDIX A: GLOSSARY
APPENDIX A: GLOSSARY Italicized terms within definitions are defined separately. ABCP see asset-backed commercial paper. ABS see asset-backed security. ABX.HE A series of derivatives indices constructed
More informationComments on The Fd Federal lr Reserve s Primary Dealer Credit Facility Tobias Adrian and James McAndrews
Comments on The Fd Federal lr Reserve s Primary Dealer Credit Facility Tobias Adrian and James McAndrews SGE Session on The Fed s New Lending Facilities ASSA Meetings San Francisco John B. Taylor Stanford
More informationGeneral Electric Company Financial Services Funding Policy
General Electric Company Financial Services Funding Policy How we minimize interest rate and currency risk "This document contains "forward-looking statements" within the meaning of the Private Securities
More informationWhy Regulate Shadow Banking? Ian Sheldon
Why Regulate Shadow Banking? Ian Sheldon Andersons Professor of International Trade sheldon.1@osu.edu Department of Agricultural, Environmental & Development Economics Ohio State University Extension Bank
More informationHow did Too Big to Fail become such a problem for broker-dealers? Speculation by Andy Atkeson March 2014
How did Too Big to Fail become such a problem for broker-dealers? Speculation by Andy Atkeson March 2014 Proximate Cause By 2008, Broker Dealers had big balance sheets Historical experience with rapid
More informationMonetary Policy, Financial Regulation and Procyclicality of the Financial System - The Indian Experience
Monetary Policy, Financial Regulation and Procyclicality of the Financial System - The Indian Experience Mohua Roy Monetary Policy Department Reserve Bank of India Outline of the Presentation Monetary
More informationAn Evaluation of Money Market Fund Reform Proposals
An Evaluation of Money Market Fund Reform Proposals Sam Hanson David Scharfstein Adi Sunderam Harvard University May 2014 Introduction The financial crisis revealed significant vulnerabilities of the global
More informationUnconventional Monetary Policy
Unconventional Monetary Policy Mark Gertler (based on joint work with Peter Karadi) NYU October 29 Old Macro Analyzes pre versus post 1984:Q4. 1 New Macro Analyzes pre versus post August 27 Post August
More informationPrices and Quantities in the Monetary Policy Transmission Mechanism
Prices and Quantities in the Monetary Policy Transmission Mechanism Tobias Adrian a and Hyun Song Shin b a Federal Reserve Bank of New York b Princeton University Central banks have a variety of tools
More informationFinancial Highlights
February 10, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Agency Debt and MBS Purchases 2 Commercial Paper Issuance 3 Spreads over Treasuries 3 Broad Financial Market Indicators LIBOR Spreads
More informationFinancial Highlights
January 6, 2010 Financial Highlights Federal Reserve Balance Sheet 1 Agency Debt and MBS Purchases 2 Commercial Mortgage Backed Securities Issuance and Spreads 3 CMBS TALF Operations 4 Broad Financial
More informationTERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
More informationPrinciples of Banking (II): Microeconomics of Banking (2) Securitized Banking
Principles of Banking (II): Microeconomics of Banking (2) Securitized Banking Jin Cao (Norges Bank Research, Oslo & CESifo, München) Outline 1 and risk sharing in real world 2 Securitized banking evolving
More informationShadow Banking Out of the Shadows and Into the Light
2013 Morrison & Foerster (UK) LLP All Rights Reserved mofo.com Shadow Banking Out of the Shadows and Into the Light Presented By Peter Green Jeremy Jennings-Mares 19 September 2013 LN2-11206v1 Today s
More informationDiscussion of The Safety Trap by Ricardo J. Caballero and Emmanuel Farhi
Discussion of The Safety Trap by Ricardo J. Caballero and Emmanuel Farhi Simon Potter, Bank of Korea International Conference, June 2-3, 2014 The views expressed in this presentation are those of the author
More informationCommon stock prices 1. New York Stock Exchange indexes (Dec. 31,1965=50)2. Transportation. Utility 3. Finance
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis 000 97 98 99 I90 9 9 9 9 9 9 97 98 99 970 97 97 ""..".'..'.."... 97 97 97 97 977 978 979 980 98 98 98 98 98 98 987 988
More informationFederal Reserve Bank of New York Staff Reports. Dodd-Frank One Year On: Implications for Shadow Banking
Federal Reserve Bank of New York Staff Reports Dodd-Frank One Year On: Implications for Shadow Banking Tobias Adrian Staff Report no. 533 December 2011 This paper presents preliminary findings and is being
More informationEffective Investment Policy and Strategies
Agenda for Today Effective Policy and Strategies For Today s Economic Environment Objectives and Goals Decisions Policy Permissible s Strategy Implementation Case Studies 2 Objectives & Goals Making Informed
More informationSolvency, systemic risk and moral hazard: Where does the central bank s role begin and where does it end? Lorenzo Bini Smaghi
Solvency, systemic risk and moral hazard: Where does the central bank s role begin and where does it end? Lorenzo Bini Smaghi Executive Board member of the European Central Bank Conference The ECB and
More informationFinancial & Operations Compliance Current Trends & Issues. FAS Annual Conference September 9, 2016
Financial & Operations Compliance Current Trends & Issues FAS Annual Conference September 9, 2016 AGENDA Trends: Early Warnings and Capital Deficiencies Number of Dealer Members by Peer Group Number of
More informationWhy Regulate Shadow Banking? Ian Sheldon
Why Regulate Shadow Banking? Ian Sheldon Andersons Professor of International Trade sheldon.1@osu.edu Department of Agricultural, Environmental & Development Economics Ohio State University Extension Bank
More informationPOST-CRISIS GLOBAL FINANCIAL REGULATORY CHANGES - NORTH AMERICA AND EUROPE
Appendix 1 Legislation Governing Body 165 & 171 POST-CRISIS GLOBAL FINANCIAL REGULATORY CHANGES - NORTH AMERICA AND EUROPE FDIC, FRS, Date 1-Jan-18 Description U.S. bank holding companies which have at
More informationMarch 17 18, 2009 Authorized for Public Release. Appendix 1: Materials used by Ms. Mosser
March 17 18, 29 Authorized for Public Release 222 of 266 Appendix 1: Materials used by Ms. Mosser 11 March 17 18, 29 Authorized for Public Release 223 of 266 Index to 1=8/1/8 (1) Global Equities August
More informationSlow recovery from worst downturn since Great Depression. Monetary policy at the zero lower bound: Empirical evidence
Monetary policy at the zero lower bound: Empirical evidence A. Brief summary of 27-214 1. Emergency lending 2. Large-scale asset purchases 3. Forward guidance Slow recovery from worst downturn since Great
More informationThe Financial Crisis. Gerald P. Dwyer Federal Reserve Bank of Atlanta University of Carlos III, Madrid
The Financial Crisis Gerald P. Dwyer Federal Reserve Bank of Atlanta University of Carlos III, Madrid Disclaimer These views are mine and not necessarily those of the Federal Reserve Bank of Atlanta or
More informationWho Gave It. How They Got It. It Takes A Pillage: Behind the Bailouts, Bonuses and Backroom Deals from Washington to Wall Street
Bailout and Subsidization Type Report by Nomi Prins and Krisztina Ugrin May 5, 2010 Supplemental Analysis for It Takes A Pillage: Behind the Bailouts, Bonuses and Backroom Deals from Washington to Wall
More informationStrengthening the Oversight and Regulation of Shadow Banking
16 April 2012 Strengthening the Oversight and Regulation of Shadow Banking Progress Report to G20 Ministers and Governors I. Introduction At the Cannes Summit in November 2011, the G20 Leaders agreed to
More informationJapan Securities Finance Co.,Ltd
Japan Securities Finance Co.,Ltd \ mil ( )ratio of OR Mar-13 Mar-14 Securities Finance Bussiness 14,093 16,363 Margin Loan Business 6,625 9,240 (37.5%) (47.2%) Interest on Loans 1,760 4,012 Interest
More informationReview of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
More informationBusiness Cycle Index July 2010
Business Cycle Index July 2010 Bureau of Trade and Economic Indices, Ministry of Commerce, Tel. 0 2507 5805, Fax. 0 2507 5806, www.price.moc.go.th Thailand economic still expansion. Medium-run Leading
More informationImplementing Monetary Policy: Transition Tools
Implementing Monetary Policy: Transition Tools Julie Remache Central Banking Seminar Oct 6, 2015 The views expressed in this presentation reflect the author s and do not necessarily reflect that of the
More informationAlgo Trading System RTM
Year Return 2016 15,17% 2015 29,57% 2014 18,57% 2013 15,64% 2012 13,97% 2011 55,41% 2010 50,98% 2009 48,29% Algo Trading System RTM 89000 79000 69000 59000 49000 39000 29000 19000 9000 2-Jan-09 2-Jan-10
More informationMacroprudential policies beyond Basel III
Macroprudential policies beyond Basel III Hyun Song Shin 1 The centrepiece of the new capital and liquidity framework for banks known as Basel III is a strengthened common equity buffer of 7% together
More information1.2 The purpose of the Finance Committee is to assist the Board in fulfilling its oversight responsibilities related to:
Category: BOARD PROCESS Title: Terms of Reference for the Finance Committee Reference Number: AB-331 Last Approved: February 22, 2018 Last Reviewed: February 22, 2018 1. PURPOSE 1.1 Primary responsibility
More informationPolicy Implementation with a Large Central Bank Balance Sheet
Policy Implementation with a Large Central Bank Balance Sheet Antoine Martin The views expressed herein are my own and may not reflect the views of the Federal Reserve Bank of New York or the Federal Reserve
More informationWhat is going on in Basel?
What is going on in Basel? by Fabiana Melo Monetary and Capital Markets Department International Monetary Fund Seminar for Senior Bank Supervisors from Emerging Economies October 19, 2016 1 Outline I.
More informationMonetary Policy in India
Monetary Policy in India Deepak Mohanty Executive Director Reserve Bank of India September 16, 2013 1 I. Objective(s) An Outline II. III. IV. Policy Framework Operating Procedure Outcome V. Conclusion
More informationHUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region
More informationThe Fed s new front in the financial crisis
MPRA Munich Personal RePEc Archive The Fed s new front in the financial crisis Tatom, John Networks Financial institute at Indiana State University 31. October 2008 Online at http://mpra.ub.uni-muenchen.de/11803/
More informationArbitrage, liquidity and exit: The repo and federal funds market before, during, and after the financial crisis
Arbitrage, liquidity and exit: The repo and federal funds market before, during, and after the financial crisis Morten Bech (FRBNY), Elizabeth Klee (FRB), and Viktors Stebunovs (FRB) May 21, 2011 The views
More informationFive Years after Lehman s Collapse: Where are we going to?
Five Years after Lehman s Collapse: Where are we going to? Luis M. Linde Governor XCVII MEETING OF CENTRAL BANK GOVERNORS OF THE CENTER FOR LATIN AMERICAN MONETARY STUDIES São Paulo 28 April 2014 LEHMAN
More information6.1 Government of Pakistan Treasury Bills
6.1 Government of Pakistan Treasury Bills PERIODS (Million Rupees) 3 Months Treasury Bills 6 Months Treasury Bills Discount Discount Outstanding Discount Issue Allowed Discharged Paid Balance Issue Allowed
More informationFinancial Reform. Jeremy Stein, Harvard University. A Conference in Honor of Elias M. Stein May 19, 2011
Financial Crisis and Financial Reform Jeremy Stein, Harvard University Analysis and Applications: A Conference in Honor of Elias M. Stein May 19, 2011 Overview How did we get into this mess? Short-run
More informationChallenges to the single monetary policy and the ECB s response. Benoît Cœuré Member of the Executive Board European Central Bank
Challenges to the single monetary policy and the ECB s response Benoît Cœuré Member of the Executive Board European Central Bank Institut d études politiques, Paris 2 September 212 1 Prime conduit of monetary
More informationShadow banking in the EU Session 6: Cross-border implications
IMF/FRB of Chicago 16th Annual International Banking Conference "Shadow banking within and across national borders" November 7-8, 2013 Shadow banking in the EU Session 6: Cross-border implications Important
More informationEconomicLetter. Insights from the. TALF: Jump-Starting the Securitization Markets. Federal Reserve Bank of Dallas
Vol. 4, No. 6 AUGUST 29 EconomicLetter Insights from the TALF: Jump-Starting the Securitization Markets by Kenneth J. Robinson Securitization was a major source of credit to the economy, and its resurgence
More informationThe Federal Reserve in the 21st Century Financial Stability Policies
The Federal Reserve in the 21st Century Financial Stability Policies Thomas Eisenbach, Research and Statistics Group Disclaimer The views expressed in the presentation are those of the speaker and are
More informationEconomic Outlook. Christopher J. Neely Assistant Vice President, Federal Reserve Bank of St. Louis. NLB,LLC The Lodge, Des Peres, MO.
Economic Outlook Christopher J. Neely Assistant Vice President, Federal Reserve Bank of St. Louis NLB,LLC The Lodge, Des Peres, MO April 8, 2010 The opinions expressed are my own and not necessarily those
More informationHow does Banking Union affect Shadow Banking? Matthias Thiemann Goethe Universitaet, Frankfurt am Main, SAFE
How does Banking Union affect Shadow Banking? Matthias Thiemann Goethe Universitaet, Frankfurt am Main, SAFE Shadow Banking Shadow banking: credit intermediation outside of banking regulation (FSB) Entities
More informationBig Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2013 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR TO DATE FINANCIAL
More informationThe Credit Crisis. James A. Wilcox. Haas School of Business University of California, Berkeley
The Credit Crisis James A. Wilcox Haas School of Business University of California, Berkeley jwilcox@haas.berkeley.edu http://haas.berkeley.edu/finance/wilcox.html 1 Prelude to the Credit Crisis Increase
More informationStatistical Appendix
ANNUAL REPORT 2006 Statistical Appendix Statistical Appendix Classification and Presentation of Data on Claims and Liabilities Data on financial institutions claims and liabilities are classified according
More informationIdentifying and assessing risks in the shadow banking system
Identifying and assessing risks in the shadow banking system Stijn Claessens Head of Financial Stability Policy, Monetary and Economic Department Second ESRB Annual Conference Frankfurt, 21 22 September
More informationLooking at a Variety of Municipal Valuation Metrics
Looking at a Variety of Municipal Valuation Metrics Muni vs. Treasuries, Corporates YEAR MUNI - TREASURY RATIO YEAR MUNI - CORPORATE RATIO 200% 80% 175% 150% 75% 70% 65% 125% Average Ratio 0% 75% 50% 60%
More informationWESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, Over(Under) Budget WECC Fund Actual Budget
WESTWOOD LUTHERAN CHURCH Summary Financial Statement YEAR TO DATE - February 28, 2018 General Fund Actual A B C D E F WECC Fund Actual Revenue Revenue - Faith Giving 1 $ 213 $ 234 $ (22) - Tuition $ 226
More informationThe new liquidity measurement model developed by the Hungarian Central Bank during the financial crisis
The new liquidity measurement model developed by the Júlia Király Deputy Governor 29 November 212 Content Liquidity and measurement prior to the crisis New measures and new data collection during the crisis
More informationThe Financial Crisis. Yale. Marinus van Reymerswaele, 1567
The Financial Crisis Gary Gorton Yale Marinus van Reymerswaele, 1567 What is the crisis? What you saw: firms fail, get acquired, or get bailed out (Lehman Brothers, Bear Stearns, Merrill Lynch, AIG); people
More informationPRESENTATION TO UNCTAD WORKSHOP
PRESENTATION TO UNCTAD WORKSHOP ALM RISK MANAGEMENT PRACTICES IN SOUTH AFRICA 2 October 2013 Anthony Julies Chief Director: Strategy and Risk Management PURPOSE AND STRATEGIC MANDATE 2 STRUCTURE OF PRESENTATION
More informationGlobal Securities Lending Business and Market Update
NORTHERN TRUST 2009 INSTITUTIONAL CLIENT CONFERENCE GLOBAL REACH, LOCAL EXPERTISE Global Securities Lending Business and Market Update Michael A. Vardas, CFA Managing Director Quantitative Management and
More informationBig Walnut Local School District
Big Walnut Local School District Monthly Financial Report for the month ended September 30, 2012 Prepared By: Felicia Drummey Treasurer BIG WALNUT LOCAL SCHOOL DISTRICT SUMMARY OF YEAR-TO-DATE FINANCIAL
More informationEuropean Commission Green Paper on Shadow Banking
23 March 2012 European Commission Green Paper on Shadow Banking On 19 March 2012, the European Commission launched a consultation in the form of a Green Paper on regulation of the shadow banking sector.
More informationFederal Reserve Policy During and After the Crisis. Loretta J. Mester*
Federal Reserve Policy During and After the Crisis Loretta J. Mester* Executive Vice President and Director of Research Conference on Understanding the Economic Slump: Balance Sheets and Policy Uncertainty
More information11 th July 2011
Pinners Hall 105-108 Old Broad Street London EC2N 1EX tel: + 44 (0)20 7216 8947 fax: + 44 (2)20 7216 8928 web: www.ibfed.org Mr Svein Andresen Secretary General Financial Stability Board c/o Bank for International
More informationCost Estimation of a Manufacturing Company
Cost Estimation of a Manufacturing Company Name: Business: Date: Economics of One Unit: Manufacturing Company (Only complete if you are making a product, such as a bracelet or beauty product) Economics
More informationMonetary policy operating procedures: the Peruvian case
Monetary policy operating procedures: the Peruvian case Marylin Choy Chong 1. Background (i) Reforms At the end of 1990 Peru initiated a financial reform process as part of a broad set of structural reforms
More informationThe Changed Landscape for Short-term Investing Post SEC Money Market Fund Reform
The Changed Landscape for Short-term Investing Post SEC Money Market Fund Reform April 4, 2017 1718920 CRC Exp. 02/23/2018 FOR INSTITUTIONAL USE ONLY AND MAY NOT BE USED WITH THE GENERAL PUBLIC. A Challenging
More informationTable of Contents. Executive Summary I. Introduction II. Extraordinary Financial Policy Initiatives and the Status of the Recovery...
Table of Contents Executive Summary... 1 I. Introduction... 4 II. Extraordinary Financial Policy Initiatives and the Status of the Recovery... 5 A. Background to the Crisis... 5 B. Containing the Panic...
More information