Session II. Funding and Coverage Limit. Coverage Limits. Jorge A. Chávez Presa. Board of Directors November Amman, Jordan
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1 Session II. Funding and Coverage Limit Coverage Limits Jorge A. Chávez Presa Board of Directors November Amman, Jordan
2 Overview 1. Some background 2. The rule of coverage limits 3. Coverage limits and cross border issues 4. Transitioning: Mexico s case 5. Final remarks
3 1. Some background a. Theoretical framework (moral hazard market discipline) b. Core principles. Principle 9 Coverage. c. Deposit Insurance Coverage Discussion Paper
4 1. Some Background a. Theoretical framework (moral hazard market discipline) Limit insurance since: o o o Source of moral hazard (moral hazard - A cost for depositors and taxpayers To encourage market discipline Without a limit, depositors would seek the highest return regardless of risk level and banks would invest in financial instruments with higher risk o Maximize return by risking the most Moral hazard can be limited by offering partial insurance (align incentives)
5 1. Some Background a. Theoretical framework (moral hazard market discipline) When facing a serious financial crisis, it is common for financial authorities to apply an explicit full coverage or even a blanket guarantee in order to calm down financial markets In the event that a bank has liquidity problems, it represents a high cost for depositors not to access their deposits. Hence, they try to anticipate the behavior of other depositors, withdraw their deposits and seek a better bank or start hoarding cash. Experience has demonstrated that limited insurance is not sufficient to protect banks from runs in a weakened financial system
6 1. Some Background b. Core principles. Principle 9 Coverage examination of relevant data credible and internally consistent cover the large majority of depositors public-policy objectives adjusted periodically
7 1. Some Background c. Deposit Insurance Coverage Discussion Paper This paper gives a guidance to: the determination of the level and scope of deposit insurance coverage The setting of coverage level Adjustment of coverage limits Cross border issues Coverage of retirement and pension funds The emergence of new financial instruments, and The importance of effective communication of deposit insurance coverage is also stressed
8 1. Some Background c. Deposit Insurance Coverage Discussion Paper Coverage is a fundamental issue in designing a deposit insurance system Coverage can be classified in: Scope Eligibility of deposit instruments Level Amount of deposits to be covered (coverage limit)
9 2. The rule of coverage limits a. Importance of setting the coverage limit right b. How to set it? c. What is the optimal coverage? d. Constraints that Mexico considered to set coverage limits e. What are the consequences of exceeding the coverage limit?
10 2. The rule of coverage limits a. Importance of setting the coverage limit right Financial stability Coverage limit Moral hazard Market discipline
11 2. The rule of coverage limits b. How to set it? Start by considering reality Policymakers must gather data on the financial instruments held by the population o Number of accounts, and o Size distribution These data will allow policymakers to determine what proportion of accounts and total deposits would be covered at various levels
12 2. The rule of coverage limits b. How to set it? Appropriate coverage limit One that covers a proportion of depositors and deposits beyond which the benefits accruable to a small number of depositors are negligible A limit that covers at least 80% of depositors and 20% 40% of total deposits* Accounts Amounts * Rule of thumb accepted at the First Annual Conference of the International Association of Deposit Insuresrs in Basel, Switzerland, May 2002.
13 2. The rule of coverage limits c. What is the optimal coverage? If the objective is: To ensure banking stability To protect small depositors and reduce moral hazard High or relatively generous coverage limits are an attractive option Low or less generous coverage limits are preferred Regulation and Oversight
14 2. The rule of coverage limits d. Constraints that Mexico considered to set coverage limits Conditions of the financial system Flow of funds among countries (Mexico US) Financial - legal framework Political conditions A small number of accounts contain a large amount
15 2. The rule of coverage limits e. What are the consequences of exceeding the coverage limit? Blanket coverage Full protection to both depositors and creditors Erodes market discipline Full coverage Protect all depositors 100% Heightens moral hazard
16 3. Coverage limits and cross border issues
17 3. Coverage limits and cross border issues In Mexico the definition of coverage limits had to consider: Trading partner and neighbor Convergence of banking and financial markets In 2005, Mexico reached a coverage limit of 400,000 UDIs.
18 3. Coverage limits and cross border issues b. Your neighbor matters Previous coverage Current coverage (from October 2008) 250, , Coverage USD $ 200, , , , , , ,000 - Mexico US
19 4. Transitioning: Mexico s case a. Antecedents b. Transition Program of the coverage of guaranteed obligations c. Types of banking guaranteed deposits in Mexico d. Data of banking guaranteed deposits in Mexico e. Number of accounts, amounts for coverage and accumulated percentages f. Number of accounts and deposits (Mexican Financial System)
20 4. Transitioning: Mexico s case g. Number of accounts and amounts for coverage (Banks A and B) h. Accumulated percentages number of accounts and amounts for coverage (Banks A and B) i. Sight and time accounts (Banks A and B) j. Sight and Time deposits (Banks A and B) k. Annually average total current income per household by deciles of households (2008) l. Deposit Insurance Coverage
21 a. Antecedents Meltdown of the financial system Re-privatization of the banking system (in order to capitalize banks) Government assumed banks losses (toxic assets) Updating the financial regulatory framework o Early corrective measures (first stage) o Bank liquidation (second stage) o Bankruptcy (third stage)
22 Coverage b. Transition Program of the coverage of guaranteed obligations 1_/ Derivatives on Shares and metals Derivatives in well-known Stock exchanges and capitalization instruments Guarantee deposits, tax collection, payments to the TESOFE and securities liquidation accounts Obligations held by full service banking institutions, except: subordinate obligations, interbank loans, Obligations on behalf of intermediaries of their own financial groups, unlawful transactions, and obligations with related parties Deposits, loans and credits mentioned in Article 46, Sections I and II of the Law of Credit Institutions 1-June-99 I
23 b. Transition Program of the coverage of guaranteed obligations 1_/ Coverage Derivatives in well-known Stock exchanges and capitalization instruments Guarantee deposits, tax collection, payments to the TESOFE and securities liquidation accounts Obligations held by full service banking institutions, except: subordinate obligations, interbank loans, Obligations on behalf of intermediaries of their own financial groups, unlawful transactions, and obligations with related parties Deposits, loans and credits mentioned in Article 46, Sections I and II of the Law of Credit Institutions 1-June-99 I 1-January-00 II
24 b. Transition Program of the coverage of guaranteed obligations 1_/ Coverage Guarantee deposits, tax collection, payments to the TESOFE and securities liquidation accounts Obligations held by full service banking institutions, except: subordinate obligations, interbank loans, Obligations on behalf of intermediaries of their own financial groups, unlawful transactions, and obligations with related parties Deposits, loans and credits mentioned in Article 46, Sections I and II of the Law of Credit Institutions 1-June-99 1-January-00 1-January-01 I II III
25 b. Transition Program of the coverage of guaranteed obligations 1_/ Coverage Obligations held by full service banking institutions, except: subordinate obligations, interbank loans, Obligations on behalf of intermediaries of their own financial groups, unlawful transactions, and obligations with related parties Deposits, loans and credits mentioned in Article 46, Sections I and II of the Law of Credit Institutions 1-June-99 1-January-00 1-January-01 1-January-02 I II III IV
26 b. Transition Program of the coverage of guaranteed obligations 1_/ Coverage Obligations held by full service banking institutions, except: subordinate obligations, interbank loans, Obligations on behalf of intermediaries of their own financial groups, unlawful transactions, and obligations with related parties Up to 10 million UDIS Deposits, loans and credits mentioned in Article 46, Sections I and II of the Law of Credit Institutions 1-June-99 1-January-00 1-January-01 1-January-02 1-January-03 I II III IV V
27 b. Transition Program of the coverage of guaranteed obligations 1_/ Coverage Deposits, loans and credits mentioned in Article 46, Sections I and II of the Law of Credit Institutions Up to 5 million UDIS 1-June-99 1-January-00 1-January-01 1-January-02 1-January-03 1-January-04 I II III IV V VI
28 b. Transition Program of the coverage of guaranteed obligations 1_/ Coverage Deposits, loans and credits mentioned in Article 46, Sections I and II of the Law of Credit Institutions Up to 5 million UDIS Up to 400,000 UDIS 3_/ 1-June-99 1-January-00 1-January-01 1-January-02 1-January-03 1-January-04 1-January-05 I II III IV V VI VII
29 Coverage b. Transition Program of the coverage of guaranteed obligations 1_/ Derivatives on Shares and metals Derivatives in well-known Stock exchanges and capitalization instruments Guarantee deposits, tax collection, payments to the TESOFE and securities liquidation accounts Obligations held by full service banking institutions, except: subordinate obligations, interbank loans, Obligations on behalf of intermediaries of their own financial groups, unlawful transactions, and obligations with related parties Deposits, loans and credits mentioned in Article 46, Sections I and II of the Law of Credit Institutions Up to 10 million UDIS Up to 5 million UDIS Up to 400,000 UDIS 3_/ 1-June-99 1-January-00 1-January-01 1-January-02 1-January-03 1-January-04 1-January-05 I II III IV V VI VII Percentage Peso vs dollar TIIE 28 days Overnight interbank rate Exchange rate <right>
30 c. Types of banking guaranteed deposits in Mexico Banking monetary sight deposits, such as checking accounts; Saving accounts; Term deposits or deposits that can be withdrawn with prior notice, such as certificates of deposits Deposits that can be withdrawn on predefined days Current account deposits associated with debit cards
31 d. Data of banking guaranteed deposits in Mexico (September, 2009) Insured accounts Fully insured accounts Partially insured accounts Number of accounts , , ,688 Balances (millions of UDIs) 429, , ,824
32 d. Data of banking guaranteed deposits in Mexico (September, 2009) i) Accounts Insured accounts Fully insured accounts as % of Partially insured accounts as % of
33 d. Data of banking guaranteed deposits in Mexico (September, 2009) ii) Balances balances of insured deposits balances of total liabilities GDP Balances of fully insured deposits as % of
34 Number of accounts Range ,488 e. Number of accounts, amounts for coverage and accumulated percentages 3 158, , , , ,688 Up to to to to to 400 More of 400 Accumulated percentages Note 1: Data to September, 2009
35 Number of accounts Range , % e. Number of accounts, amounts for coverage and accumulated percentages 98.62% 3 158, % 498, % 273, % 143, % 111,688 Up to to to to to 400 More of 400 Accumulated percentage Note 1: Data to September, 2009
36 Number of accounts Range , % e. Number of accounts, amounts for coverage and accumulated percentages 98.62% 3 158, % 498, % 273, % 143, % 111,688 Up to to to to to 400 More of 400 Accumulated percentage Amounts 40,327 65,586 32,876 34,868 36, ,499 Accumulated percentage Note 1: Amounts in millions of UDIs Note 2: Data to September, 2009
37 Number of accounts Range Amounts , % e. Number of accounts, amounts for coverage and accumulated percentages 98.62% 3 158, % 498, % 273, % 143, % 111,688 Up to to to to to 400 More of % 40, % 65, % 32, % 34, % 36, ,499 Accumulated percentage Accumulated percentage Note 1: Amounts in millions of UDIs Note 2: Data to September, %
38 f. Number of accounts and deposits (Mexican Financial System) Number of accounts Deposits (millions of UDIs) 3.3% 2'432,140 72'066, % 172, , % 96.7% Sight accounts Time accounts Sight deposits Time deposits Note 1: Data to September, 2009
39 g. Number of accounts and amounts for coverage (Banks A and B) Number of accounts , , , , , ,983 55,155 61,985 25,183 31,808 17,772 26,717 Range Up to to to to to 400 More of 400 Amounts 8,790 11,337 14,865 16,826 7,099 7,456 7,145 7,903 6,492 8,262 35,669 59,471 Note 1: Amounts in millions of UDIs Note 2: Data to September, 2009 Bank A Bank B
40 h. Accumulated percentages: number of accounts and coverage amounts (Banks A and B) Accounts accumulated percentage 93.84% 92.82% 98.63% 98.43% 99.34% 99.71% 99.20% 99.61% 99.88% 99.82% 100.0% Range Amounts accumulated percentage Up to to to to to 400 More of % 25.3% 32.0% 39.1% 46.5% 11.0% 29.5% 38.4% 47.3% 55.4% Note: Data to September, 2009 Bank A Bank B 100.0%
41 f. Number of accounts and amount of deposits in the Mexican banking system) Number of accounts Deposits (millions of UDIs) 3.3% 2'432, % 172, , '066, % 96.7% Sight accounts Term accounts Sight deposits Term deposits Note 1: Data to September, 2009
42 i. Sight and time accounts (banks A and B) 5.1% Bank A 762,281 Bank B 2.2% 336,201 14'151,984 14'661, % 97.8% Sight accounts Term accounts Sight accounts Term accounts Note 1: Number of accounts Note 2: Data to September, 2009
43 j. Sight and time deposits (Banks A and B) Bank A Bank B 33.4% 26, % 36, , , % 67.5% Sight deposits Term deposits Sight deposits Term deposits Note 1: Data in millions of UDIs Note 2: Data to September, 2009
44 k. Annually average total current income per household by deciles of households (2008) ,188 UDIs 1.7 5, ,216 13, , , , , ,964 56,576 Accumulated percentage I II III IV V VI VII VIII IX X Note: Gini coefficient = 0.457
45 l. Deposit Insurance Coverage ,000 Previous coverage 200,000 Current coverage (from October 2008) 150, ,000 50,000 - Colombia Philippines Bosnia-Herzg. Ukraine Russia Albania Kazakhstan Bahrain Poland EU Sweden Croatia UK Switzerland Mexico Belgium Cyprus Spain Greece Netherlands Lithuania Malta Portugal Indonesia US Coverage USD $
46 5. Final remarks
47 5. Final remarks The establishment of coverage limits an important action for deposit insurance. Setting coverage limits is not an easy job There is no recipe The banking authorities should establish coverage limits of deposit insurance system according to its sensitivity, avoiding incentives to moral hazard and by encouraging market discipline We should investigate the relationship between the coverage limits and premiums or levies, as well as institutions too big to fail.
48 Jorge A. Chávez Presa Thank you
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