Best Practices for Liquidity Regulatory Reporting According to FSA PS09/16 Moody's Analytics Liquidity Risk and FSA Reporting Webinar Series
|
|
- Audrey Warner
- 8 years ago
- Views:
Transcription
1 Best Practices for Liquidity Regulatory Reporting According to FSA PS09/16 Moody's Analytics Liquidity Risk and FSA Reporting Webinar Series XAVIER PERNOT, ANTOINE SPINELLI January, 19th 2010
2 Agenda 1. New liquidity regulatory reporting requirements from FSA 2. Issues that need to be addressed in the process of generating the reports 3. Practical implementation of Regulatory Reporting 2
3 New requirements Issues to be addressed Towards New Liquidity Regime Discussion paper issued by FSA in December 2007» Review of the liquidity requirements for banks and building societies» CP08/22: Strengthening liquidity standards in December 2008» CP09/13, CP09/14, CP09/16 Policy Statement 09/16 issued in October 2009 Committee of European Banking Supervisors» Technical Advice to the European Commission on Liquidity Risk Management (1 st part : Aug 2007, 2 nd part: Sept 2008) Large banks to build their proper liquidity risk management model to be approved by supervisor» March 2009 : Interim Report on Liquidity Buffers & Survival Periods Basel Committee on Banking Supervision» Principles for Sound Liquidity Risk Management and Supervision (June 2008) Turner Review (March 2009)» It is essential now to restore liquidity regulation and supervision to a position of central importance. Lord Turner, Chairman, Financial Services Authority, Turner Review 3
4 New requirements: building blocks Issues to be addressed» Adequate liquidity and self-sufficiency (BIPRU 12.1 and 12.2) UK banks are expected to be able to stand alone and should monitor and manage their own liquidity separately from the liquidity of other institutions in the group» Branches will have to hold local operational liquidity reserves FSA may agree to modifications of this self-sufficiency requirement for overseas branches if it can agree cross-border supervision arrangements» Enhanced systems and control requirements (BIPRU 12.3 and 12.4) All BIPRU firms will be subject to liquidity risk-management, stress testing and contingency funding plan (CFP) requirements» Pricing liquidity risk» Management of collateral positions» Robustness of stress testing and CFPs» Individual Liquidity Adequacy Standards (BIPRU 12.5 and 12.6 for Simplified ILAS) Introduction of new quantitative standards based on three separate stress tests: an idiosyncratic liquidity stress (2 weeks), a market-wide liquidity stress (3 months) and a combination of the two ILAA/SLRP/ILG process» Granular and frequent regulatory reporting requirements Data in a standardized format and on a contractual basis is vital to form firm-specific, sector- and market-wide views on liquidity risk 4
5 New requirements Issues to be addressed More on FSA Liquidity Modifications Overall liquidity adequacy rule (Self-sufficiency principle) UK branch Whole-firm liquidity modification UK solo entity Intra-group liquidity modification Effect: branch can rely on liquidity resources available elsewhere within the firm Impacts on reporting requirements Effect: firm can rely on liquidity resources available elsewhere in its group foreign parent (non-uk DLG) other entity in UK (self-sufficient ILAS Group or UK DLG) 5
6 New requirements Issues to be addressed Some useful terminology» Short description of Full ILAS and non-ilas firms Full ILAS» Banks Building societies Full-scope investment firms not meeting the criteria below Non-ILAS» Limited licence Limited activity firms Full-scope investment firms with a balance sheet less than or equal to 50m» Firms can obtain a simplified ILAS waiver from the FSA if they meet some eligibility criteria which depend on the bank s business model A simplified ILAS firm will be authorized to use a standardized buffer ratio instead of adhering to the full ILAS process 6
7 New requirements Issues to be addressed New data items created by FSA Data item Description Frequency FSA047: Daily flows FSA048: Enhanced Mismatch Report (EMR) FSA050: Liquidity Buffer FSA051: Funding concentration FSA052: Wholesale liabilities FSA053: Retail, SME and Large Enterprises and Corporate funding FSA054: Currency analysis FSA055: Systems and Controls Questionnaire Collects daily flows out to 3 months to analyse survival periods and spot potential liquidity squeezes early Captures the ILAS risk drivers and contractual flows across the full maturity spectrum Provides more granular analysis of firms marketable assets holding Captures firms borrowings from unsecured wholesale funders, by counterparty class Collects daily transaction prices and transacted volumes for wholesale unsecured liabilities Captures firms retail and corporate funding profiles and the stickiness of various retail deposits Provides an analysis of FX exposures on firms balance sheets Allows FSA to monitor a non-ilas BIPRU firm s compliance with the new requirements BAU: Weekly (Daily if liquidity stress) Respectively Monthly/Weekly for Simplified ILAS As above Monthly Monthly Weekly Monthly for Simplified ILAS Quarterly Quarterly Annual 7
8 New requirements Issues to be addressed When to report? Class of Firm (according to current liquidity requirements) FSA047, 048, 052 FSA050, 051, 053, 054 Sterling stock bank 1 June November 2010 Building Society (Standard ILAS) Building Society (Simplified ILAS) 1 June November October November 2010 Mismatch Banks 1 October November 2010 Branches, with or without GLCs Investment firms 1 November November
9 Agenda 1. New liquidity regulatory reporting requirements from FSA 2. Issues that need to be addressed in the process of generating the reports 3. Practical implementation of Regulatory Reporting 9
10 New requirements Issues to be addressed Granular Contractual Frequent Standardized Key features Granularity & contractual basis High reporting frequencies and short submission deadlines Standardized data items Several levels of reporting reflecting liquidity flows within a firm or group of firms System requirements Transaction-level data handling Financial transactions modeling Platform high-availability Rapid computations on high volumes Delivery of regulatory final formats Full auditability Intra-group consolidation 10
11 New requirements Issues to be addressed Transaction-level data & Intra-group consolidation Centralized data repository which provides: Historical Data Management Data Loading, Checking, Reconciliation Financial Instruments modelling Customer & Exposure-Level Information Calculation framework which enables: Group vs Legal entity independent access Multiple setups (per Jurisdiction) Support for Stress-Testing Reporting framework which enables: Regulatory reports generation Drill-down analysis of results Web-deployment of dashboard reports Trend analysis with on-line historical data What-if scenarios results comparison Group calculation Home supervisor Workspace
12 New requirements Issues to be addressed Cash-flow generation Calculation framework Inflows Outflows» Need for cash inflows and outflows over a certain period of time (FSA047/FSA048) Relying on comprehensive data model versus importing all cash-flows Ability to define behavioural assumptions» Security position management for Liquidity Buffer Handling encumbered positions in maturing Repurchase Agreements» Stress testing framework Marketable assets using haircuts and selling assumptions Wholesale funding with non roll-over assumptions Retail funding with stickiness assumptions Draw-down assumptions for facilities 12
13 New requirements Issues to be addressed Standardized data items Regulatory mapping: from bank s data to regulatory data Bank s data Mapping rules Regulatory data FSA reports Internal reports for Liquidity Risk Management A system designed for regulatory reporting should provide the regulatory data (for each supervisor involved in bank s group) include rules to map bank s data to regulator s data allow quick & easy update of regulatory data and rules to follow changes in the regulation 13
14 New requirements Issues to be addressed Standardized data items Regulatory mapping: an example for FSA048 Mapping order Bank Product Type Supervisor Table name Sub Type Flag transferable Liq. Product Type 32 BANK_LOAN_A FSA LOANDEPO WHOLE T WHOLE_LOAN_TRAN 33 BANK_LOAN_A FSA LOANDEPO WHOLE F WHOLE_LOAN 34 * FSA LOANDEPO * * OTHER_LOAN Rule 32: for the supervisor FSA, all loans with bank s product type BANK_LOAN_A marked as transferable will be mapped to regulatory product type WHOLE_LOAN_TRAN FSA048 production rule: data with regulatory product type WHOLE_LOAN_TRAN will be used to fill row 9 Rule 33: for the supervisor FSA, all loans with bank s product type BANK_LOAN_A marked as not transferable will be mapped to regulatory product type WHOLE_LOAN FSA048 production rule: data with regulatory product type WHOLE_LOAN will be used to fill rows 20, 21 or 22 according to entity type mapping rules 14
15 Agenda 1. New liquidity regulatory reporting requirements from FSA 2. Issues that need to be addressed in the process of generating the reports 3. Practical implementation of Regulatory Reporting 15
16 Practical implementation Main Concerns 16 Regulatory risk reporting main concerns» Producing the reports: Time and complexity to produce the reports (thousand of cells) Availability and quality of information coming from various systems and calculation engines Checking report quality and consistency before sending to regulator Comparing report over time and scenarios» Justifying and auditing reports: Justifying aggregated figure, going into the detail of individual contribution Being able to go through the details of calculation of individual indicators Top-down and bottom-up audit» Developing and maintaining the reports definition: National regulations evolve over time Calculation and reporting engines need to maintained simultaneously 16
17 Practical implementation Delivery Regulatory final formats are delivered» Reports are generated in the format required by the regulator. Reports are generated either in database (improved security) or as a disk file Final XML format and validation are generated, ready to be uploaded in GABRIEL platform» Maintenance is contractually guaranteed. It includes: Changes to formats or templates Changes to aggregation rules New reports No effort for regulatory updates or new regulation installation» Scope of the delivery Report FSA047 to 055 File converter Excel to XML (compliant with Gabriel) 17
18 Practical implementation RRT 18 Integrated solution with a dedicated menu entry for the Regulatory Reporting Tool FDM : Financial datamart (central data repositery) RRT: Regulatory Reporting Tool 18
19 Practical implementation RRT 19 Generated reports are stored within the datamart to improve security and audit List of generated reports 19
20 Practical implementation Final Format Regulatory reports are delivered in both Excel and XML 20
21 Practical implementation Auditability Regulatory reports are provided with full auditability Auditing the full report: Top Down 60+ are already referenced in the Fermat Solution Auditable columns of the Excel file can be retrieved in a OLAP cube 21
22 Practical implementation Auditability Regulatory reports are provided with full auditability Auditing the full report: Bottom Up Rows of the Excel file Columns of the Excel file Drill down can be performed on any line Dimensions are chosen by users. Any dimension of the system is available in audit cubes You can drill down to contract reference 22
23 Practical implementation Reconciliation Reconciliation & Adjustments at each level of the process Fermat Datamart GL reconciliation Financial system Technical reconciliation Liquidity results Technical reconciliation Validation rules Regulatory reporting 23
24 Practical implementation Validity Checks Validity Checks» The regulatory maintenance offered by Fermat also comprises the validity checks published by the regulator We deliver the system with all regulatory checks Whenever the validity changes, we update the application» Users can implement their own validity checks Improvement of the regulatory checks (checking other columns) Check values of the reports against figures from external systems» Example: reconciling reports cells with data from accounting reports 24
25 Practical implementation Adjustments Reports adjustments» Adjusting the contents of a report is a common situation: Accounting reconciliation can reveal gaps that need to be adjusted Last-minute deals may need to be imported» Fermat offers several ways to perform adjustments: It is always possible to insert a new contract and relaunch only an incremental calculation An adjustment line can be inserted after a liquidity calculation» Manually» Automatically at the end of a reconciliation process. Every manual change is subject to access rights and audit trail 25
26 Practical implementation Submission Fermat EFS (Electronic File Submission tool) for FSA GABRIEL Standard Step 1: Launch the conversion Step 2: Select start, end and submission date of reporting Step 3: Users can see the XML file and submit it to GABRIEL 26
27 Q&A 27
28 Summary 28
29 Key Contacts Antoine Spinelli Director, Head of Global Business Solutions Moody s Analytics Tel: + (331) antoine.spinelli@moodys.com Xavier Pernot Director, Product Management Moody s Analytics Tel: + 33 (0) xavier.pernot@moodys.com 29
30 2009 Moody s Analytics, Inc. and/or its licensors and affiliates (collectively, MOODY S ). All rights reserved. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY COPYRIGHT LAW AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY S PRIOR WRITTEN CONSENT. All information contained herein is obtained by MOODY S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided AS IS without warranty of any kind. Under no circumstances shall MOODY S have any liability to any person or entity for (a) any loss or damage in whole or in part caused by, resulting from, or relating to, any error (negligent or otherwise) or other circumstance or contingency within or outside the control of MOODY S or any of its directors, officers, employees or agents in connection with the procurement, collection, compilation, analysis, interpretation, communication, publication or delivery of any such information, or (b) any direct, indirect, special, consequential, compensatory or incidental damages whatsoever (including without limitation, lost profits), even if MOODY S is advised in advance of the possibility of such damages, resulting from the use of or inability to use, any such information. The ratings, financial reporting analysis, projections, and other observations, if any, constituting part of the information contained herein are, and must be construed solely as, statements of opinion and not statements of fact or recommendations to purchase, sell or hold any securities. NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY SUCH RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY S IN ANY FORM OR MANNER WHATSOEVER. Each rating or other opinion must be weighed solely as one factor in any investment decision made by or on behalf of any user of the information contained herein, and each such user must accordingly make its own study and evaluation of each security and of each issuer and guarantor of, and each provider of credit support for, each security that it may consider purchasing, holding, or selling. 30
ILAS overview for UK branches of foreign banks
ILAS overview for UK branches of foreign banks Draft version 0.6 Revised June 2010 Page 1 of 8 Katalysys Table of Contents 1 Introduction... 3 2 Overview of the new liquidity framework... 3 3 Scope...
More informationHow Analytically-Driven Insurers Improve Ratings & Financial Projections
How Analytically-Driven Insurers Improve Ratings & Financial Projections Matthew C. Mosher, FCAS, MAAA, CERA Senior Vice President Rating Services Disclaimer AM Best Company (AMB) and/or its licensors
More informationA. M. Best Company & The Rating Process
A. M. Best Company & The Rating Process Raymond J. Thomson, ARe, ARM Senior Financial Analyst, Property/Casualty Ratings Oldwick NJ Disclaimer AM Best Company (AMB) and/or its licensors and affiliates.
More informationLessons Learned From Stress Testing Loan and Lease Portfolios TONY HUGHES, MANAGING DIRECTOR, HEAD OF SPECIALIZED MODELING
Lessons Learned From Stress Testing Loan and Lease Portfolios TONY HUGHES, MANAGING DIRECTOR, HEAD OF SPECIALIZED MODELING Speaker Tony Hughes, PhD Managing Director Specialized Modeling Dr. Hughes oversees
More informationESG and Fixed Income Investing
and Fixed Income Investing 2 nd Annual CSR Investing Summit: and Fixed Income Investing US SRI Fixed Income Mutual Funds July 22, 2014 Henry Shilling, Senior Vice President July 22, 2014 Sustainable and
More informationCanadian Life Insurance Industry
A.M. Best Company s 9 th Annual Insurance Market Briefing Canada Canadian Life Insurance Industry Edward Kohlberg, CPA, FLMI Senior Financial Analyst Richard McMillan Senior Financial Analyst September
More informationThe Future of insurance sales to buy rather than to sell. Will Halley
The Future of insurance sales to buy rather than to sell Will Halley Abstract The future of insurance sales to buy rather than to sell Whereas it s now the norm for customers to research, compared, purchase
More informationDecomposing Mortgage Portfolio Risk: Default, Prepayment, and Severity YUFENG DING
Decomposing Mortgage Portfolio Risk: Default, Prepayment, and Severity YUFENG DING NOVEMBER 19, 2010 Overview» The loss on a mortgage portfolio is an aggregate of the losses of the loans in the portfolio»
More informationThe Hedge Fund Redemption
Alternative Intelligence Quotient The Hedge Fund Redemption Alex Potts of Conyers Dill & Pearman in Bermuda shines a light on whether hedge funds can make redemption payments in kind. 34 ISSUE July 2009
More informationHow To Understand And Understand The Financial Sector In Turkish Finance Companies
FEBRUARY 14, 2013 BANKING SECTOR COMMENT Turkish Finance Companies: New legislation on Financial Leasing, Factoring and Financing Institutions Is Credit Positive Table of Contents: SUMMARY OPINION 1 OVERVIEW
More informationResidential Mortgage Portfolio Risk Analytics ROGER M. STEIN, ASHISH DAS
Residential Mortgage Portfolio Risk Analytics ROGER M. STEIN, ASHISH DAS NOVEMBER 19, 2010 Agenda Why are mortgages complicated to model? Many (many) scenarios are required to capture the behavior of mortgages
More informationNATIONAL BANK OF ROMANIA
NATIONAL BANK OF ROMANIA Regulation No. 18/2009 on governance arrangements of the credit institutions, internal capital adequacy assessment process and the conditions for outsourcing their activities,
More informationLiquidity Cash Flow Planning and Stress Testing Model. User s Guide. Version 2.1
Liquidity Cash Flow Planning and Stress Testing Model User s Guide Version 2.1 Table of Contents INTRODUCTION...1 MODEL STRUCTURE...2 BASE CASE ASSUMPTIONS...3 KEY LIQUIDITY VARIABLES...3 WORKSHEET MAINTENANCE...3
More informationRating Action: Moody's upgrades LEAF Receivables Funding equipment backed ABS from 2011 and 2012
Rating Action: Moody's upgrades LEAF Receivables Funding equipment backed ABS from 2011 and 2012 Global Credit Research - 28 Feb 2014 Approximately $168 million of asset-backed securities affected New
More informationMoody s Short-Term Insurance Financial Strength Ratings
November 1999 Special Comment Summary Contact New York Phone Robert Riegel 1.212.553.1653 Moody s Short-Term Insurance Financial Strength Ratings Moody s is introducing short-term insurance financial strength
More informationAnaCredit Gives Banks an Opportunity to Improve Data Management, but Challenges Remain
June 2015 Enterprise Risk Solutions RESEARCH / WHITEPAPER Author Dr. Christian Thun Senior Director Strategic Business Development Contact Us Alternatively, you may contact our customer service team: Americas
More informationBasel Committee on Banking Supervision
Basel Committee on Banking Supervision Liquidity coverage ratio disclosure standards January 2014 (rev. March 2014) This publication is available on the BIS website (www.bis.org). Bank for International
More informationRating Action: Moody's assigns Aaa to mortgage covered bonds of Raiffeisen- Landesbank Steiermark
Rating Action: Moody's assigns Aaa to mortgage covered bonds of Raiffeisen- Landesbank Steiermark Global Credit Research - 11 Oct 2012 EUR8 million of debt affected London, 11 October 2012 -- Moody's Investors
More informationRating Action: Moody's reviews for downgrade the ratings of MBIA Inc. and of its lead insurance subsidiaries Global Credit Research - 21 Mar 2013
Rating Action: Moody's reviews for downgrade the ratings of MBIA Inc. and of its lead insurance subsidiaries Global Credit Research - 21 Mar 2013 New York, March 21, 2013 -- Moody's Investors Service has
More informationRating Action: Moody's takes actions on 4 Norwegian regional banks
Rating Action: Moody's takes actions on 4 Norwegian regional banks Global Credit Research - 04 Mar 2013 Actions conclude the review for downgrade London, 04 March 2013 -- Moody's Investors Service has
More informationRating Action: Moody's upgrades Scottish Widows' and Clerical Medical's subordinated debt ratings to Baa1(hyb); outlook stable
Rating Action: Moody's upgrades Scottish Widows' and Clerical Medical's subordinated debt ratings to Baa1(hyb); outlook stable Global Credit Research - 06 May 2014 Upgrade follows rating action on Lloyds
More informationLiquidity Stress Testing
Liquidity Stress Testing Scenario modelling in a globally operating bank APRA Liquidity Risk Management Conference Sydney, 3-4 May 2007 Andrew Martin Head of Funding & Liquidity Risk Management, Asia/Pacific
More informationUpdate: Rating Triggers in the U.S. Life Insurance Industry In 2004
Special Comment July 2004 Contact Phone New York Laura Bazer 1.212.553.1653 Marc Abusch Robert Riegel Update: Rating Triggers in the U.S. Life Insurance Industry In 2004 Overview Rating triggers, their
More informationImpact of Hurricane Sandy on. and Reinsurance Industry
Impact of Hurricane Sandy on Property & Casualty Insurance and Reinsurance Industry November 2, 2012 Assessing the Credit Impact on Insurers Positive Factors for the Industry» Good risk-adjusted capitalization»
More informationDNB Liquidity Pillar 2 Supervision. Seminar Das neue SREP Konzept der Aufsicht Clemens Bonner (c.bonner@dnb.nl)
DNB Liquidity Pillar 2 Supervision Seminar Das neue SREP Konzept der Aufsicht Clemens Bonner (c.bonner@dnb.nl) Legal framework Act on Financial Supervision (Wft) Decree on Prudential Rules pursuant to
More informationRating Action: Moody's changes outlook to negative from stable on Argentine Banks' deposit ratings; affirms deposit ratings
Rating Action: Moody's changes outlook to negative from stable on Argentine Banks' deposit ratings; affirms deposit ratings Global Credit Research - 05 Aug 2014 The rating action follows Moody's decision
More informationInterest Rate Sensitivity Analysis on European RMBS
JULY 2011 STRUCTURED THOUGHT Interest Rate Sensitivity Analysis on European RMBS Constantinos Tavlas Associate Director 44.207.772.1233 constantinos.tavlas@moodys.com Andrew Jacobs Director 212.553.7765
More informationHow To Sell The Lily Funding Pty.Linconsistency Mortgage Backed Notes
INTERNATIONAL STRUCTURED FINANCE PRE SALE REPORT Liberty Funding Pty Limited Series 2001-1 Floating Rate Mortgage-Backed Notes CLOSING DATE: September 12, 2001 AUTHOR: Australia-RMBS This pre-sale report
More informationPolicy for Record Retention for Rating Services
Policy for Record Retention for Rating Services Issued by: Moody s Compliance Department Applicable to: All MIS Employees and select Moody s Shared Services Employees Effective Date: December 14, 2015
More informationPolicy for Withdrawal of Credit Ratings
Policy for Withdrawal of Credit Ratings Issued by: MIS Compliance Department Applicable to: All MIS Employees and Moody's Shared Services Employees involved in the Ratings Process Effective Date: October
More informationRating Action: Moody's places MBIA Insurance Corporation's B3 IFS rating on review for upgrade Global Credit Research - 14 Feb 2014
Rating Action: Moody's places MBIA Insurance Corporation's B3 IFS rating on review for upgrade Global Credit Research - 14 Feb 2014 New York, February 14, 2014 -- Moody's Investors Service has placed the
More informationLiquidity Coverage Ratio
Liquidity Coverage Ratio Aims to ensure banks maintain adequate levels of unencumbered high quality assets (numerator) against net cash outflows (denominator) over a 30 day significant stress period. High
More informationAnnouncement: Moody's assigns Aaa/MR1 bond fund and market risk ratings to IMET 1-3 Year Fund Global Credit Research - 13 Jan 2012
Announcement: Moody's assigns Aaa/MR1 bond fund and market risk ratings to IMET 1-3 Year Fund Global Credit Research - 13 Jan 2012 New York, January 13, 2012 -- Moody's Investors Service has assigned a
More informationRating Action: Moody's assigns Aaa.br rating to Duke's BRL479 million debentures; outlook stable
Rating Action: Moody's assigns Aaa.br rating to Duke's BRL479 million debentures; outlook stable Global Credit Research - 11 Apr 2014 Approximately BRL1.1 billion of debt instruments affected Sao Paulo,
More informationNew Issue: MOODY'S: CITY OF SAN DIEGO'S SUBORDINATED WATER REVENUE REFUNDING BONDS RATED Aa3
New Issue: MOODY'S: CITY OF SAN DIEGO'S SUBORDINATED WATER REVENUE REFUNDING BONDS RATED Aa3 Global Credit Research - 27 Mar 2012 SENIOR LIEN BONDS' Aa2 RATING AFFIRMED SAN DIEGO PUBLIC FACILITIES FINANCING
More informationThird Quarter 2014 Earnings Call
Third Quarter 2014 Earnings Call October 24, 2014 Overview SALLI SCHWARTZ GLOBAL HEAD OF INVESTOR RELATIONS Third Quarter 2014 Earnings Call, October 24, 2014 2 Agenda 1. Third Quarter 2014 Results Ray
More informationStudent Housing Revenue Bonds MJH Education Assistance Illinois IV LLC (Fullerton Village Project)
Corporate Trust Services 60 Livingston Ave. St. Paul, MN 55107 Notice to Holders of: Illinois Finance Authority Student Housing Revenue Bonds MJH Education Assistance Illinois IV LLC (Fullerton Village
More informationNUCSOFT. Asset Liability Management
NUCSOFT Asset Liability Management ALM Overview Forecasting, Budgeting & Planning Tool for Advanced Liquidity Management & ALM Analysis & Monitoring of Liquidity Buffers, Key Regulatory Ratios such as
More informationeconomic & COnsumer credit Analytics Merchandise Line Estimates, Forecasts and ZIP Code Potential Methodology
economic & COnsumer credit Analytics Merchandise Line Estimates, Forecasts and ZIP Code Potential Methodology Merchandise Line Estimates, Forecasts, and ZIP Code Potential Methodology Historical Merchandise
More informationRating Action: Moody's changes Nexteer's Ba1 ratings outlook to positive Global Credit Research - 24 Nov 2015
Rating Action: Moody's changes Nexteer's Ba1 ratings outlook to positive Global Credit Research - 24 Nov 2015 Hong Kong, November 24, 2015 -- Moody's Investors Service has changed to positive from stable
More informationGuarantees and Target Volatility Funds
SEPTEMBER 0 ENTERPRISE RISK SOLUTIONS B&H RESEARCH E SEPTEMBER 0 DOCUMENTATION PACK Steven Morrison PhD Laura Tadrowski PhD Moody's Analytics Research Contact Us Americas +..55.658 clientservices@moodys.com
More informationEnterprise Risk Management
Enterprise Risk Management Enterprise Risk Management Understand and manage your enterprise risk to strike the optimal dynamic balance between minimizing exposures and maximizing opportunities. Today s
More informationRating Action: Moody's assigns A2 to Los Angeles County Capital Asset Leasing Corporation CA's equipment lease revenue bonds
Rating Action: Moody's assigns A2 to Los Angeles County Capital Asset Leasing Corporation CA's equipment lease revenue bonds Global Credit Research - 03 Jun 2014 Outlook is stable; $30 million in debt
More informationKyobo Life Insurance Co., Ltd
MARCH 2010 GLOBAL INSURANCE COMPANY PROFILE Kyobo Life Insurance Co., Ltd Seoul, Korea Table of Contents: COMPANY OVERVIEW 1 FINANCIAL HIGHLIGHTS (AS REPORTED)2 BUSINESS ACTIVITIES 2 DISTRIBUTION CHANNELS
More informationRating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3)
Rating Action: Moody's assigns first time ratings to Texas Capital Bancshares (issuer at Baa3) Global Credit Research - 13 Sep 2012 New York, September 13, 2012 -- Moody's Investors Service assigned first
More informationKey matters in examining Liquidity Risk Management at Large Complex Financial Groups
Key matters in examining Liquidity Risk Management at Large Complex Financial Groups (1) Governance of liquidity risk management Senior management of a large complex financial group (hereinafter referred
More informationProf Kevin Davis Melbourne Centre for Financial Studies. Managing Liquidity Risks. Session 5.1. Training Program ~ 8 12 December 2008 SHANGHAI, CHINA
Enhancing Risk Management and Governance in the Region s Banking System to Implement Basel II and to Meet Contemporary Risks and Challenges Arising from the Global Banking System Training Program ~ 8 12
More informationConsultation Paper on Liquidity Coverage Ratio Disclosure Requirements
CONSULTATION PAPER P018-2015 Consultation Paper on Disclosure Requirements October 2015 i TABLE OF CONTENTS TABLE OF CONTENTS... ii 1 Preface... 1 2 Specific Areas for Comment... 3 2.1 Scope of Application...
More informationRating Action: Moody's downgrades Hypo Alpe Adria's guaranteed debt ratings to non-investment grade, ratings remain on review for downgrade
Rating Action: Moody's downgrades Hypo Alpe Adria's guaranteed debt ratings to non-investment grade, ratings remain on review for downgrade Global Credit Research - 23 May 2014 New rating levels reflect
More informationThe PRA s approach to supervising liquidity and funding risks
Supervisory Statement SS24/15 The PRA s approach to supervising liquidity and funding risks June 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered
More informationCredit Opinion: BH Securities, a.s.
Credit Opinion: BH Securities, a.s. Global Credit Research - 19 Jul 2012 Prague, Czech Republic Ratings Category Outlook NSR Issuer Rating -Dom Curr Moody's Rating Stable Baa3.cz Contacts Analyst Phone
More informationMARE BALTIC PCC LIMITED 2006-1
International Structured Finance Europe, Middle East, Africa Pre-Sale Report MARE BALTIC PCC LIMITED 2006-1 Static Cash CLO / Europe This pre-sale report addresses the structure and characteristics of
More informationRating Action: Moody's downgrades hybrid securities ratings in Denmark. Global Credit Research - 26 Feb 2010
Rating Action: Moody's downgrades hybrid securities ratings in Denmark Global Credit Research - 26 Feb 2010 London, 26 February 2010 -- Moody's Investors Service downgraded its ratings on certain Danish
More informationRating Action: Moody's downgrades CDC, OSEO and AFD to Aa1, negative; outlook changed to negative on Credit Mutuel group entities
Rating Action: Moody's downgrades CDC, OSEO and AFD to Aa1, negative; outlook changed to negative on Credit Mutuel group entities Global Credit Research - 20 Nov 2012 Actions follow sovereign downgrade
More informationBasel Committee on Banking Supervision. Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework
Basel Committee on Banking Supervision Frequently Asked Questions on Basel III s January 2013 Liquidity Coverage Ratio framework April 2014 This publication is available on the BIS website (www.bis.org).
More informationPolicy on the Management of Country Risk by Credit Institutions
2013 Policy on the Management of Country Risk by Credit Institutions 1 Policy on the Management of Country Risk by Credit Institutions Contents 1. Introduction and Application 2 1.1 Application of this
More informationRating Action: Moody's reviews Royal Bank of Scotland's ratings for downgrade
Rating Action: Moody's reviews Royal Bank of Scotland's ratings for downgrade Global Credit Research - 12 Feb 2014 Review follows announcement of weaker-than-expected capital position at end-2013 London,
More informationCredit Opinion: Akzo Nobel N.V.
Credit Opinion: Akzo Nobel N.V. Global Credit Research - 25 Oct 2012 Amsterdam, Netherlands Ratings Category Outlook Senior Unsecured -Dom Curr Commercial Paper Bkd Other Short Term -Dom Curr Akzo Nobel
More informationSolutions for Balance Sheet Management
ENTERPRISE RISK SOLUTIONS Solutions for Balance Sheet Management Moody s Analytics offers a powerful combination of software and advisory services for essential balance sheet and liquidity risk management.
More informationRating Action: Moody's downgrades Puerto Rico GO and related bonds to Ba2, notched bonds to Ba3 and COFINA bonds to Baa1, Baa2; outlook negative
Rating Action: Moody's downgrades Puerto Rico GO and related bonds to Ba2, notched bonds to Ba3 and COFINA bonds to Baa1, Baa2; outlook negative Global Credit Research - 07 Feb 2014 Approximately $55B
More informationBasel Committee on Banking Supervision. Net Stable Funding Ratio disclosure standards
Basel Committee on Banking Supervision Net Stable Funding Ratio disclosure standards June 2015 This publication is available on the BIS website (www.bis.org). Bank for International Settlements 2015. All
More informationCredit Opinion: SkandiaBanken AB
Credit Opinion: SkandiaBanken AB Global Credit Research - 30 Jan 2015 Sweden Ratings Category Moody's Rating Outlook Stable Bank Deposits A3/P-2 Bank Financial Strength C- Baseline Credit Assessment baa1
More informationBasel Committee on Banking Supervision. Consultative Document. Net Stable Funding Ratio disclosure standards. Issued for comment by 6 March 2015
Basel Committee on Banking Supervision Consultative Document Net Stable Funding Ratio disclosure standards Issued for comment by 6 March 2015 December 2014 This publication is available on the BIS website
More informationRating Action: Moody's affirms ISAGEN's Baa3 Issuer rating and changed the outlook stable Global Credit Research - 15 May 2015
Rating Action: Moody's affirms ISAGEN's Baa3 Issuer rating and changed the outlook stable Global Credit Research - 15 May 2015 New York, May 15, 2015 -- Moody's Investors Service changed today the rating
More informationFOREIGN EXCHANGE RISK MANAGEMENT
STANDARDS OF SOUND BUSINESS PRACTICES FOREIGN EXCHANGE RISK MANAGEMENT 2005 The. All rights reserved Foreign Exchange Risk Management Page 2 FOREIGN EXCHANGE RISK MANAGEMENT A. PURPOSE This document sets
More informationThe ADP National Employment Report
121 N. Walnut St., Suite 500 West Chester, PA 19380 The ADP National Employment Report There are few economic releases that attract as much attention from economists and financial analysts and move global
More informationAFFIRMS A1 RATING ON $9 MILLION GENERAL OBLIGATION UNLIMITED TAX DEBT OUTSTANDING
Rating Update: MOODY'S DOWNGRADES TO A2 FROM A1 THE CITY OF YPSILANTI'S (MI) RATING ON $16 MILLION OUTSTANDING RATED GO LIMITED TAX DEBT; ASSIGNS NEGATIVE OUTLOOK Global Credit Research - 22 Sep 2011 AFFIRMS
More informationPrudential Standard APS 210 Liquidity
Prudential Standard APS 210 Liquidity Objectives and key requirements of this Prudential Standard This Prudential Standard aims to ensure that an authorised deposit-taking institution adopts prudent practices
More informationResearch Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed. Table Of Contents
May 17, 2012 Research Update: Banco Monex S.A. Rated Global Scale 'BB+/B', National Scale 'mxa+/mxa-1' Rating Affirmed Primary Credit Analyst: Arturo Sanchez, Mexico City (52) 55-5081-4468;arturo_sanchez@standardandpoors.com
More informationMoody's Ultimate Recovery Database
Special Comment April 2007 Contact Phone New York Kenneth Emery 1.212.553.1653 Richard Cantor David Keisman Sharon Ou Moody's Ultimate Recovery Database Summary Moody's ultimate recovery database includes
More informationMoody's: Increasing demand prompts rapid growth of cyber insurance market
Moody's Investors Services 11/19/2015 Rating Action Moody's: Increasing demand prompts rapid growth of cyber insurance market New York, November 19, 2015 -- As data breaches increase in severity and frequency,
More informationNOVEMBER 2010 (REVISED)
CENTRAL BANK OF CYPRUS BANKING SUPERVISION AND REGULATION DIVISION DIRECTIVE TO BANKS ON THE COMPUTATION OF PRUDENTIAL LIQUIDITY IN ALL CURRENCIES NOVEMBER 2010 (REVISED) DIRECTIVE TO BANKS ON THE COMPUTATION
More informationInteragency Guidance on Funds Transfer Pricing Related to Funding and Contingent Liquidity Risks. March 1, 2016
Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation Office of the Comptroller of the Currency Interagency Guidance on Funds Transfer Pricing Related to Funding and Contingent
More informationSAP BUSINESSOBJECTS FINANCIAL CONSOLIDATION 7.5 STARTER KIT FOR US GAAP SP1
SAP BUSINESSOBJECTS FINANCIAL CONSOLIDATION 7.5 STARTER KIT FOR US GAAP SP1 Simplified Configuration Description 2010-04-28 1 Copyright 2009 SAP BusinessObjects. All rights reserved. SAP BusinessObjects
More informationImproving Accuracy of Subnational Forecasting and Analysis through Historical Data Estimation
economic & COnsumer credit Analytics March, 2012 Moody s analytics Improving Accuracy of Subnational Forecasting and Analysis through Historical Data Estimation Prepared by Megan McGee Assistant Director
More informationPolicy Statement PS11/15. CRD IV: Liquidity. June 2015
Policy Statement PS11/15 CRD IV: Liquidity June 2015 Prudential Regulation Authority 20 Moorgate London EC2R 6DA Prudential Regulation Authority, registered office: 8 Lothbury, London EC2R 7HH. Registered
More informationMoody s Rates Rabobank Nederland s Senior Contingent Notes issued in 2010 at Baa2(hyb)
JULY 13, 2015 BANKING NEW ISSUER REPORT Rabobank Nederland Moody s Rates Rabobank Nederland s Senior Contingent Notes issued in 2010 at Baa2(hyb) Key Ratings Rabobank Nederland Deposit Rating Senior unsecured
More informationRisk & Capital Management under Basel III
www.pwc.com Risk & Capital Management under Basel III London, 15 Draft Agenda Basel III changes to capital rules - Definition of capital - Minimum capital ratios - Leverage ratio - Buffer requirements
More informationGuideline. No: B-6 Date: February 2012
Guideline Subject: No: B-6 Date: February 2012 This Guideline sets out prudential considerations relating to the liquidity risk management programs of federally regulated deposit-taking institutions and
More informationYE08 Consolidated Financial Results. February 13, 2009
YE08 Consolidated Financial Results February 13, 2009 1 We support our strategy with strong risk management Proven risk management track record and the highest credit ratings given to a bank in Turkey
More informationNet Stable Funding Ratio
Net Stable Funding Ratio Aims to establish a minimum acceptable amount of stable funding based on the liquidity characteristics of an institution s assets and activities over a one year horizon. The amount
More informationNationale Borg Group Outlook Revised To Developing On Uncertainties Related To Sale News; 'A-' Ratings Affirmed
Research Update: Nationale Borg Group Outlook Revised To Developing On Uncertainties Related To Sale News; 'A-' Ratings Affirmed Primary Credit Analyst: Thomas Benhamou, London (44) 20-7176-3216; thomas.benhamou@standardandpoors.com
More informationJULY 2015 METHODOLOGY. Canadian Surveillance Methodology for CDOs of Large Corporate Credit
JULY 2015 METHODOLOGY Canadian Surveillance Methodology for CDOs of Large Corporate Credit PREVIOUS RELEASE: JULY 2014 Canadian Surveillance Methodology for CDOs of Large Corporate Credit DBRS.COM 2 Contact
More informationGlobal Credit Research Credit Opinion 10 APR 2008. Credit Opinion: Meritz Fire & Marine Insurance Co Ltd. Meritz Fire & Marine Insurance Co Ltd
Global Credit Research Credit Opinion 10 APR 2008 Credit Opinion: Meritz Fire & Marine Insurance Co Ltd Meritz Fire & Marine Insurance Co Ltd Seoul, Korea Ratings Category Outlook Insurance Financial Strength
More informationConstellium Holdco B.V. Recovery Rating Profile
Recovery Report: Constellium Holdco B.V. Recovery Rating Profile Recovery Analyst: Franck Rizzoli, London (44) 20-7176-3934; Franck_Rizzoli@standardandpoors.com Primary Credit Analyst: Tatjana Lescova,
More informationPEOPLESOFT GENERAL LEDGER
PEOPLESOFT GENERAL LEDGER Oracle s PeopleSoft General Ledger is a comprehensive financial management solution that offers a fully-automated close and consolidation solution for legal KEY FEATURES Compliance
More informationBest s Credit Rating Methodology Update Briefing
Best s Credit Rating Methodology Update Briefing Greg Carter Managing Director, Analytics A.M. Best Disclaimer AM Best Company, Inc. (AMB) and/or its licensors and affiliates. All rights reserved. ALL
More informationResearch Update: Ratings Lowered On Netherlands-Based SNS REAAL N.V. Group And Core Subs On Slower Recovery Prospects; Outlook Stable
March 1, 2012 Research Update: Ratings Lowered On Netherlands-Based SNS REAAL N.V. Group And Core Subs On Slower Recovery Prospects; Outlook Stable Primary Credit Analysts: Alexandre Birry, London 44 (0)
More informationFibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable
Research Update: Fibria Celulose S.A. Upgraded To 'BB+ From 'BB' On Debt Reduction, Outlook Stable Primary Credit Analyst: Diego H Ocampo, Buenos Aires (54) 114-891-2124; diego_ocampo@standardandpoors.com
More informationRating Update: Moody's upgrades Liberty University's (VA) bonds to Aa3; outlook stable
Rating Update: Moody's upgrades Liberty University's (VA) bonds to Aa3; outlook stable Global Credit Research - 09 Sep 2013 $99M of rated debt affected LIBERTY UNIVERSITY, VA Private Colleges & Universities
More informationInformation on Capital Structure, Liquidity and Leverage Ratios as per Basel III Framework. as at March 31, 2015 PUBLIC
Information on Capital Structure, Liquidity and Leverage Ratios as per Basel III Framework as at Table of Contents Capital Structure Page Statement of Financial Position - Step 1 (Table 2(b)) 3 Statement
More informationBusiness Development Bank of Canada 'AAA' Rating Affirmed On Continuing Federal Government Support
Research Update: Business Development Bank of Canada 'AAA' Rating Affirmed On Continuing Federal Government Support Primary Credit Analyst: Bhavini Patel, CFA, Toronto (1) 416-507-2558; bhavini.patel@standardandpoors.com
More informationThe Mortgage Market Review and Non-bank mortgage lenders is enhanced Prudential Supervision on the way?
JULY 2010 The Mortgage Market Review and Non-bank mortgage lenders is enhanced Prudential Supervision on the way? Introduction Since the publication of the FSA's latest Mortgage Market Review consultation
More informationRating Action: Moody's assigns A2 Insurance Financial Strength Rating to Tryg Forsikring; positive outlook
Rating Action: Moody's assigns A2 Insurance Financial Strength Rating to Tryg Forsikring; positive outlook Global Credit Research - 29 Apr 2016 Baa1(hyb) ratings assigned to Tryg's outstanding subordinated
More informationModelling and Management of Tail Risk in Insurance
Modelling and Management of Tail Risk in Insurance IMF conference on operationalising systemic risk monitoring Peter Sohre, Head of Risk Reporting, Swiss Re Washington DC, 27 May 2010 Visit of ntuc ERM
More informationRisk Management Programme Guidelines
Risk Management Programme Guidelines Submissions are invited on these draft Reserve Bank risk management programme guidelines for non-bank deposit takers. Submissions should be made by 29 June 2009 and
More informationRating Action: Moody's changes outlook on Erste Group Bank's Baa2 senior ratings to positive
Rating Action: Moody's changes outlook on Erste Group Bank's Baa2 senior ratings to positive Global Credit Research - 01 Sep 2015 Outlook change reflects expected improvement in the bank's sustained credit
More informationRating Methodology by Sector. Non-life Insurance
Last updated: March 26, 2012 Rating Methodology by Sector Non-life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made
More informationCredit Card Pool Performance Forecast 2010-2011
SECTOR IN-DEPTH ABS - UK Rising Consumer Debt Is Increasing Risk in UK Credit Card Pools Executive Summary ANALYST CONTACTS Greg O'Reilly 4420-7772-8673 AVP-Analyst greg.oreilly@moodys.com Aishwarya Dahanukar
More information