Sound Liquidity Management Principles Regulatory and Industry Perspectives

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1 Sound Liquidity Management Principles Regulatory and Industry Perspectives 3 4 May 2007 H.C. Coombs Centre 122A Kirribilli Ave, Kirribilli Ph: (02) , Fax: (02) In this conference, APRA will discuss its current thinking on the broad direction of liquidity supervision policy against the background of developments in markets and liquidity management practice. The conference presents an opportunity for industry to highlight those aspects of APRA s supervisory approach requiring further guidance or review, and to recommend possible changes. It also offers participants an open forum to share issues and experiences in the area of liquidity management and, in doing so, set the benchmarks for industry good practice. Australian Prudential Regulation Authority

2 Participants list Institutions Adelaide Bank Limited Australian Financial Markets Association AMP Capital Investors Australia and New Zealand Banking Group Limited Australian Bankers Association Inc. Australian Finance Conference Australian Prudential Regulation Authority Bank of Queensland Limited Citigroup Australia Citigroup Inc. Commonwealth Bank of Australia Cuscal Deutsche Bank AG HBOS Treasury Services HSBC Bank Australia JPMorgan Chase Liquidity Risk Advisors Macquarie Bank Limited Moody s Investors Service Pty Limited National Australia Bank Limited Reserve Bank of Australia Reserve Bank of New Zealand Société Générale St George Bank Limited Suncorp-Metway Limited The Board of Governors of the Federal Reserve System Westpac Banking Corporation Representatives Peter Ormandy Allen Young Shane Oliver Rick Moscati and David O Brien Nicholas Hossack David Thorpe Bob Allen, Wayne Byres, Colleen Cassidy, Victor Chandra, Neil Grummitt, Graham Johnson, Tom Karp, David Lewis, Heidi Richards and Kelly Yeung Tim Ledingham Charles Finkelstein and Karina Kwan Marc A. Weinberg Pat Brennan, Phil Christie and Leanne Leong Oliver Hudson Andrew Martin Ian Fox Marwan Eid and Sachin Maharaj Natalie Cooper Leonard Matz David Dennis and Craig Shapiro Patrick Winsbury Peter Hanlon and Rick Sawers Chris Aylmer, Lindsay Boulton and Peter Gallagher Willy Chetwin Andrew Hurrell Roger Desmarchelier and William Pappas Deborah Benstead and Peter King Craig F. Marchbanks Steve Carre and Curt Zuber Photographs courtesy of City of Sydney Photographer: Patrick Bingham-Hall Photographs: Sydney Opera House and Harbour Bridge, and City and Harbour View Australian Prudential Regulation Authority 2

3 Program Day 1 Thursday, 3 May :00am :00am Opening remarks Dr John Laker APRA Chairman Key observations on market trends Chair: Rick Sawers NAB Shane Oliver AMP Capital Chris Aylmer RBA Roger Desmarchelier ASF Curt Zuber Westpac Charles Finkelstein Citigroup Peter Ormandy Adelaide Bank 11: am 11.30am 1:00pm :00pm 2: pm Issues for regulators in supervising liquidity risk Chair: David Lewis APRA Colleen Cassidy APRA Craig Marchbanks US Federal Reserve Lunch Role of intraday payment systems in liquidity management Chair: Heidi Richards APRA Peter Gallagher RBA Lindsay Boulton RBA Pat Brennan CBA Natalie Cooper JP Morgan 2:45 3:30pm 3:30 4:00pm 4:00 5:30pm 6: pm 6.30pm Ratings agency perspective Chair: Phil Christie CBA Speaker: Patrick Winsbury Moody's Chair: Bob Allen APRA Peter Hanlon NAB Ian Fox HBOS Plc Pre-dinner drinks Dinner Craig Shapiro Macquarie Bank Photographs courtesy of City of Sydney Photographer: Patrick Bingham-Hall Photographs: Opera House and Harbour Bridge, and City View Australian Prudential Regulation Authority 3

4 Program Day 2 Friday, 4 May :30 10:00am 10: am (continued) Chair: Steve Carre Westpac Leanne Leong CBA Oliver Hudson Cuscal :15am 11:15am 1:00pm 1:00 2:00pm 2:00 3:30pm 3:30 4:00pm Liquidity reporting and disclosure Chair: Neil Grummitt APRA Marwan Eid HSBC Sachin Maharaj HSBC Peter King Suncorp-Metway Deborah Benstead Suncorp-Metway Scenario modelling Chair: Curt Zuber Westpac David O'Brien ANZ Lunch Crisis management Chair: Graham Johnson APRA Pat Brennan CBA Ian Fox HBOS Peter King Suncorp-Metway David Lewis APRA Patrick Winsbury Moody's Willy Chetwin RBNZ Steve Carre Westpac Ian Fox HBOS Tim Ledingham Bank of Queensland Craig Marchbanks US Federal Reserve 4:00 5:00pm 5:00pm Roundtable discussion Chair: Wayne Byres APRA Executive General Manager Nick Hossack ABA Andrew Hurrell Société Générale Karina Kwan Citigroup Sachin Maharaj HSBC Will Pappas St George Closing remarks Wayne Byres APRA Executive General Manager Australian Prudential Regulation Authority 4

5 Session overview Thursday, 3 May 2007 Key observations on market trends Liquidity in asset markets Holdings of bank liquidity Trends in bank funding markets Securitisation as an alternative funding source Issues for regulators in supervising liquidity risk Overview of regulatory approaches Current regulatory developments Issues, challenges and ideas for change Role of intraday payment systems in liquidity management Role of the central bank Key payments system trends Issues and challenges Ratings agency perspective Assessing liquidity risk management Cross country comparisons The influence of regulatory standards Defining risk appetite Meeting the governance agenda Identifying a liquidity risk management framework Economic capital Developing datasets and systems Liquidity risk management tools Determining funding plans Contingent funding markets Asset market liquidity and collateral management Foreign currency liquidity Friday, 4 May 2007 (continued) Liquidity reporting and disclosure Key elements of a liquidity report Liquidity reporting to facilitate benchmarking Scenario modelling Defining scenarios Cash flow projections and forecasting liquidity needs Liquidity stress testing and limit calibration Crisis management The need for contingency planning Early warning indicators Key elements of a contingency plan Internal and external communication Market liquidity in a time of crisis Crisis funding arrangements Roundtable discussion Principles or prescriptive regulation? Dealing with different standards across countries Future work Australian Prudential Regulation Authority 5

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