Chamber of Commerce Swiss - Israel Financing Swiss Commercial Properties Changing Environment

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Chamber of Commerce Swiss - Israel Financing Swiss Commercial Properties Changing Environment"

Transcription

1 Chamber of Commerce Swiss - Israel Financing Swiss Commercial Properties Changing Environment Daniel Ph. Niggli, Real Estate Lending EMEA March 29, 2012

2 Real Estate Investments in Switzerland Real Estate Buyers in Switzerland Swiss nationals No restrictions to buy real estate in Switzerland Foreign nationals According to the Lex Koller legislation Foreign operating companies (legal entities with foreign domicile) are usually not accepted by Credit Suisse as mortgage borrowers SIPL 3/ March 29,

3 Real Estate Financing of CS PB EMEA in Switzerland Key Parameters Borrower Purchaser Properties Locations Client booked in EMEA, APAC and/or Americas Foreign nationals Residential (primary and vacation), office-, commercial- and industrial properties All locations in Switzerland Minimum loan amount CHF 500,000 Loan to value (LTV) Max 50% 80%, depending on property, with additional collateral up to 100% Amortization Conditions Maturity Products Documents (Borrower an Property) Depending on property and LTV Private banking story is essential. Assets must be in a reasonable relation to the loan amount years Flex-Rollover Mortgage with Framework Agreement 1 10 years: Tranche 3 12 months. Fix-Mortgage 1 15 years. Adjustable Rate Mortgage Borrower: full disclosure and transparency of the economic situation Property: official and individual documents depending on property (checklist) SIPL 3/ March 29,

4 Property Type Overview and Loan to Value Ratios for Mortgages of CS PB EMEA in Switzerland First mortgage Second mortgage Developed building land Residential properties 1 Luxury and character properties 1 Vacation properties 1 Luxury vacation properties 1 Apartment buildings Office buildings Commercial properties Max. 50% 66% 50% 50% Max. 50% 66% 50% Max. 50% 80% 66% 66% 80% 66% Industrial properties Max. 50% Loans up to 100% with additional collateral might be possible. Ask your Lending Specialist. 1 Houses and freehold apartments SIPL 3/ March 29,

5 Loan to Value Ratio for a Standard Office Building 100% market value SIPL 3/ March 29,

6 Equity Instruments The equity portion needs to be deposited on the client s current account with the Bank, at the latest on the day of issuing a promise of payment and/or paying out the mortgage, taking into consideration any pre-paid amounts Accounts balance(s) Funds from selling assets (securities, etc.) Cash value of life assurances Other properties pledged to the bank 1 Only possible for self-occupied home financings (primary residence) SIPL 3/ March 29,

7 Additional Collateral The additional collateral will be pledged in favor of Credit Suisse and will be taken into account on the basis of its actual collateral value Account balance(s) Securities (shares, bonds, etc.) Cash value of life assurances Other properties located in Switzerland 1 Only possible for self-occupied home financings (primary residence) SIPL 3/ March 29,

8 Development of Vacant Office Space in Switzerland SIPL 3/ March 29,

9 Development of Vacant Retail Space in Switzerland SIPL 3/ March 29,

10 Changing Environment: What is it about? Basel III: A global regulatory framework for more resilient banks and banking systems with two major topics: Strengthening the global capital framework Introducing a global liquidity standard Too big to fail (TBTF) regulation, a Swiss framework also known as Swiss Finish, to protect the financial system in case of failure of systemically important banks with four major topics: Increasing minimum equity capital to 19% Contingency planning Liquidity Risk diversification SIPL 3/ March 29,

11 Too Big to Fail Regulation 1. Equity capital 19% Basic requirement as per Basel III 4.5% Loss-absorbing cushion 8.5% Progressive component 6% Key measures 2. Organization of contingency planning Secure the continuation of systemically important functions Ensure restructuring or winding down of bank s residual operations Tough, but feasible solution to the Too Big to Fail problem that does not unduly impair competitiveness Implementation of the measures requires great effort and discipline from the major banks 3. Liquidity Stress scenario Cover outflows from own liquidity for a month Anticyclical set-up of liquidity cushions in good times 4. Risk diversification Reduce dependence of other banks on systemically important banks Limit counterparty risks and risk concentration Procure services from more than one systemically important party Balanced package of measures Very strict on an international comparison and ahead of its time SIPL 3/ March 29,

12 International Basel III Versus Swiss Too Big to Fail Functioning of the Solution Swiss Capital Guidelines Substantially Higher Than International Norm Basel II Basel III Countercyclical buffer Countercyclical buffer Maximum Tier 2 4.0% Countercyclical buffer G-SIFI 2 Surcharge 1% 2.5% Tier 2:2.0% Additional Tier 1:1.5% Conservation buffer 2.5% Bail-In Bonds 4% 7% Non-equity capital (add. T1 and T2) 3.5% Minimum 9.5% Low-trigger CoCos (conversion at 5%) 6.0% High-trigger CoCos (conversion at 7%) 3.0% Conservation buffer 5.5% Component III: Progression Component II: Puffer CoCo-Mandatory convertible capital/loss-absorbing Tier 2 capital Can be additional hybrid capital but loss-absorbing in crises Common equity Tier 1 capital (eligible equity capital) Minimum Tier 1 (Common Equity) 4.0% Minimum 4.5% Minimum 4.5% Component I: Basis 8.0% 10.5% 4.0% 7.0% +G-SIFI % 9.5% 19.0% 10.0% Total Capital Common Equity SIPL 3/ March 29,

13 Overview of the Costs of a Loan The pricing for a credit is strongly correlated with the type of collateral: The higher the risk, the higher the price Client Perspective Credit Suisse Perspective Cost Allocation Comments/specification Gross Margin Net Margin Gross Margin: bps, depending on client rating, property type, LTV, affordability and additional securities. Net Margin: effective net revenue Operational costs (calculated on an overall portfolio approach) need to be covered CoC TFB (True and Fair) Business Level Cost of Capital; costs for the equity required by the regulator for a loan; basis for calculation are Risk Weighted Assets (RWA) which are mainly determined by type of collateral, borrower and booking location; capital costs cover the unexpected loss of a transaction ACP RM Annual Credit Provision; insurance premium to cover potential losses; determined by the probability of default (PD) multiplied by loss given default (LGD); ACP cover the expected loss of a transaction Term Spread RM Term Spread is Credit Suisse s cost for long-term refinancing in the capital market (on average for 4.5 years for a diversified funding structure) Reference Rate Reference Rate Treasury Reference Rate (e.g. overnight rate, LIBOR, EURIBOR, Swap Rate) covers Treasury s costs to manage the interest rate risk SIPL 3/ March 29,

14 Example of Changement in Cost (ERC vs. RWA) ERC RWA ERC = Economic Risk Capital Net Margin RWA = Risk Weighted Assets Net Margin CoC ACP Term Spread Reference Rate CoC +20% ACP Term Spread Reference Rate Key Parameters: Office Building CHF 50m market value CHF 30m mortgage (LTV 60%) Commercial client Increase of Cost of Capital by approx. 20% as impact of the new regulation Basel III and Too Big to Fail (Swiss Finish) 1 1 Indicative, simulated assumptions SIPL 3/ March 29,

15 Mortgage Rates and Forecast until 2013 Source: Credit Suisse Mortgage Interest Forecast, 15th February, 2012 SIPL 3/ March 29,

16 Some think everything has been said. We think you might have some questions. SIPL 3/ March 29,

17 This document was produced by Credit Suisse AG and/or its affiliates (hereafter "CS") with the greatest of care and to the best of its knowledge and belief. However, CS provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this document are those of CS at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited. This document is provided for information purposes only and is for the exclusive use of the recipient. It does not constitute an offer or a recommendation to buy or sell financial instruments or banking services and does not release the recipient from exercising his/her own judgment. The recipient is in particular recommended to check that the information provided is in line with his/her own circumstances with regard to any legal, regulatory, tax or other consequences, if necessary with the help of a professional advisor. This document may not be reproduced either in part or in full without the written permission of CS. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Neither this document nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person (within the meaning of Regulation S under the US Securities Act of 1933, as amended). Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. It should be noted that historical returns and financial market scenarios are no guarantee of future performance. Copyright 2012 Credit Suisse Group AG and/or its affiliates. All rights reserved. SIPL 3/ March 29,

Depositary Bank Solutions Effective Custody of Fund Assets

Depositary Bank Solutions Effective Custody of Fund Assets 1 Depositary Bank Solutions Effective Custody of Fund Assets Depositary Bank Solutions 4 Fund Domiciles 6 A Solution Package with Many Benefits 8 Depositary Bank Services 10 Contractual Settlement 13 Reimbursement

More information

Multi-Factor Risk Attribution Concept and Uses. CREDIT SUISSE AG, Mary Cait McCarthy, CFA, FRM August 29, 2012

Multi-Factor Risk Attribution Concept and Uses. CREDIT SUISSE AG, Mary Cait McCarthy, CFA, FRM August 29, 2012 Multi-Factor Risk Attribution Concept and Uses Introduction Why do we need risk attribution? What are we trying to achieve with it? What is the difference between ex-post and ex-ante risk? What is the

More information

Contingent Capital in the new regulatory regime Challenge or Opportunity?

Contingent Capital in the new regulatory regime Challenge or Opportunity? Contingent Capital in the new regulatory regime Challenge or Opportunity? David Mathers, Chief Financial Officer London, October 5th, 2011 Cautionary statement Cautionary statement regarding forward-looking

More information

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 Date: August

More information

Bank Capital Adequacy under Basel III

Bank Capital Adequacy under Basel III Bank Capital Adequacy under Basel III Objectives The overall goal of this two-day workshop is to provide participants with an understanding of how capital is regulated under Basel II and III and appreciate

More information

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only

Credit Suisse Asset Management Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low. For qualified investors only Credit Suisse Asset Headline Ideas 2015 Dividends An Important Source of Income When Interest Rates Are Low For qualified investors only Dividends An Important Source of Income When Interest Rates Are

More information

Index Solutions A Matter of Weight

Index Solutions A Matter of Weight Index Solutions A Matter of Weight Newsletter No. 11 Our current newsletter is about weight, or more precisely the weighting of equities in an index. Non-market capitalization weighted indices are at present

More information

Bank of America Merrill Lynch 2013 Banking & Financial Services Conference. Robert J. McCann CEO, UBS Group Americas CEO, Wealth Management Americas

Bank of America Merrill Lynch 2013 Banking & Financial Services Conference. Robert J. McCann CEO, UBS Group Americas CEO, Wealth Management Americas Bank of America Merrill Lynch 2013 Banking & Financial Services Conference Robert J. McCann CEO, UBS Group Americas CEO, Wealth Management Americas November 13, 2013 Cautionary statement regarding forward-looking

More information

III. Treasury, Risk, Balance sheet and Off-balance sheet. 94 Liquidity and funding management. 101 Capital management. 115 Risk management

III. Treasury, Risk, Balance sheet and Off-balance sheet. 94 Liquidity and funding management. 101 Capital management. 115 Risk management 93 III Treasury, Risk, Balance sheet and Off-balance sheet 94 Liquidity and funding management 101 Capital management 115 Risk management 141 Balance sheet, off-balance sheet and other contractual obligations

More information

my Solutions Customized Structured Products and Options

my Solutions Customized Structured Products and Options my Solutions Customized Structured Products and Options credit-suisse.com/mysolutions Structured Products do not constitute participation in a collective investment scheme within the meaning of the Swiss

More information

Pillar 3 Disclosures. (OCBC Group As at 31 December 2014)

Pillar 3 Disclosures. (OCBC Group As at 31 December 2014) 1. INTRODUCTION The purpose of this document is to provide the information in accordance with Pillar 3 directives under Monetary Authority of Singapore ( MAS ) Notice 637 on Risk Based Capital Adequacy

More information

Second Quarter 2014 Results

Second Quarter 2014 Results Second Quarter 2014 Results Presentation to Media Disclaimer Cautionary statement regarding forward-looking statements This presentation contains forward-looking statements that involve inherent risks

More information

JB Certificates and Warrants on Interest Rates in EUR, USD and CHF

JB Certificates and Warrants on Interest Rates in EUR, USD and CHF JB Certificates and Warrants on Interest Rates in EUR, USD and CHF Efficient instruments to hedge bonds, mortgages and lombard loans against rising interest rates Zurich, 2013 Content Table Embedded risks

More information

Methodology Overview

Methodology Overview BRC Best Picks Methodology Overview May 2016 This structured products referenced do not constitute a participation in a collective investment scheme within the meaning of the Swiss Federal Act on Collective

More information

Roche Capital Market Ltd Financial Statements 2009

Roche Capital Market Ltd Financial Statements 2009 R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,

More information

General Bank of Canada. Pillar Three Disclosures

General Bank of Canada. Pillar Three Disclosures General Bank of Canada Pillar Three Disclosures The Basel Committee of Banking Supervision sets out expectations for the public qualitative disclosure of a bank s risk management objectives and policies,

More information

Roche Capital Market Ltd Financial Statements 2014

Roche Capital Market Ltd Financial Statements 2014 Roche Capital Market Ltd Financial Statements 2014 1 Roche Capital Market Ltd - Financial Statements 2014 Roche Capital Market Ltd, Financial Statements Roche Capital Market Ltd, statement of comprehensive

More information

Bank Regulatory Capital Quick Reference. Very simply: to limit risk and reduce our potential, unexpected losses.

Bank Regulatory Capital Quick Reference. Very simply: to limit risk and reduce our potential, unexpected losses. Bank Regulatory Capital: Why We Need It Very simply: to limit risk and reduce our potential, unexpected losses. Unlike normal companies, banks are in the business of issuing loans to individuals and businesses

More information

Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc.

Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc. Basel II, Pillar 3 Disclosure for Sun Life Financial Trust Inc. Introduction Basel II is an international framework on capital that applies to deposit taking institutions in many countries, including Canada.

More information

1. Tally the balances in the various elements from the audited accounts

1. Tally the balances in the various elements from the audited accounts Illustrative Audit Checklist for Basel II Audit Procedures Tier I and Tier II Capital 1. Tally the balances in the various elements from the audited accounts 2. Check whether the various instruments comply

More information

Risk Management for Fixed Income Portfolios

Risk Management for Fixed Income Portfolios Risk Management for Fixed Income Portfolios Strategic Risk Management for Credit Suisse Private Banking & Wealth Management Products (SRM PB & WM) August 2014 1 SRM PB & WM Products Risk Management CRO

More information

Roche Capital Market Ltd Financial Statements 2012

Roche Capital Market Ltd Financial Statements 2012 R Roche Capital Market Ltd Financial Statements 2012 1 Roche Capital Market Ltd - Financial Statements 2012 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes

More information

The Lombard Loan Your Bridge to Financial Flexibility

The Lombard Loan Your Bridge to Financial Flexibility The Lombard Loan Your Bridge to Financial Flexibility Private Banking Investment Banking Asset Management The Lombard Loan. An Attractive and Flexible Financing Opportunity for You. Are you in need of

More information

Basel 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 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 information

Roche Capital Market Ltd Interim Financial Statements 2014

Roche Capital Market Ltd Interim Financial Statements 2014 Roche Capital Market Ltd Interim Financial Statements 2014 Roche Capital Market Ltd Interim Financial Statements The Interim Financial Statements have been reviewed by Roche Capital Market Ltd s auditor

More information

BASEL III PILLAR 3 DISCLOSURES. March 31, 2014

BASEL III PILLAR 3 DISCLOSURES. March 31, 2014 BASEL III PILLAR 3 DISCLOSURES Table of Contents 2 Table 1. Scope of application HomEquity Bank (the Bank) is a federally regulated Schedule I bank, incorporated and domiciled in Canada. The Bank s main

More information

Dreyfus Cash Management Funds

Dreyfus Cash Management Funds Dreyfus Cash Management Funds Prospectus June 1, 2016 Institutional Shares Dreyfus Cash Management (DICXX) Dreyfus Government Cash Management (DGCXX) Dreyfus Government Securities Cash Management (DIPXX)

More information

CREDIT RISK MANAGEMENT

CREDIT RISK MANAGEMENT GLOBAL ASSOCIATION OF RISK PROFESSIONALS The GARP Risk Series CREDIT RISK MANAGEMENT Chapter 1 Credit Risk Assessment Chapter Focus Distinguishing credit risk from market risk Credit policy and credit

More information

Development of the Client-Focused, Capital-Efficient Business Model

Development of the Client-Focused, Capital-Efficient Business Model Development of the Client-Focused, Capital-Efficient Business Model David Mathers, Chief Operating Officer, Investment Bank at the Goldman Sachs European Financials Conference, Madrid, June 10, 2010 Cautionary

More information

RAMAPO COLLEGE OF NEW JERSEY 479. DEBT MANAGEMENT POLICY Procedures

RAMAPO COLLEGE OF NEW JERSEY 479. DEBT MANAGEMENT POLICY Procedures Debt Capacity Procedures It is the objective of the College to maintain no less than a single A category underlying rating for all debt at the time of issue. Core financial ratios that are strongly correlated

More information

Risk & Capital Management under Basel III

Risk & 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 information

STRATEGY Rīgā. Central Government Debt Management Strategy

STRATEGY Rīgā. Central Government Debt Management Strategy Treasury of the Republic of Latvia Smilšu iela 1, Rīga, LV-1919, Latvia, phone +371 67094222, fax +371 67094220, e-mail kase@kase.gov.lv, www.kase.gov.lv STRATEGY Rīgā APPROVED BY Minister of Finance J.Reirs

More information

Q3 INTERIM MANAGEMENT STATEMENT Presentation to analysts and investors. 28 October 2014

Q3 INTERIM MANAGEMENT STATEMENT Presentation to analysts and investors. 28 October 2014 INTERIM MANAGEMENT STATEMENT Presentation to analysts and investors 28 October HIGHLIGHTS FOR THE FIRST NINE MONTHS OF Continued successful execution of our strategy and further improvement in financial

More information

VIII. Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors. 340 Financial review. 341 Statements of income

VIII. Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors. 340 Financial review. 341 Statements of income VIII Parent company financial statements Credit Suisse (Bank) 339 Report of the Statutory Auditors 340 Financial review 341 Statements of income 342 Balance sheets 343 Off-balance sheet business 344 Notes

More information

ARAB NATIONAL BANK BASEL III LIQUIDITY COVERAGE RATIO QUALITATIVE DISCLOSURE

ARAB NATIONAL BANK BASEL III LIQUIDITY COVERAGE RATIO QUALITATIVE DISCLOSURE ARAB NATIONAL BANK BASEL III LIQUIDITY COVERAGE RATIO QUALITATIVE DISCLOSURE JUNE 2015 1 Table of Contents Liquidity Coverage Ratio Qualitative Disclosure... 3 Liquidity Risk Management... 3 Funding strategy...

More information

Risk Management. Risk Charts. Credit Risk

Risk Management. Risk Charts. Credit Risk Risk Management Risk Management Sumitomo Bank sees tremendous business opportunities developing in concert with the current liberalization and internationalization of financial markets, advancement of

More information

As of July 1, 2013. Risk Management and Administration

As of July 1, 2013. Risk Management and Administration Risk Management Risk Control The ORIX Group allocates management resources by taking into account Group-wide risk preference based on management strategies and the strategy of individual business units.

More information

GENERAL INFORMATION ON SECURITIES 1

GENERAL INFORMATION ON SECURITIES 1 GENERAL INFORMATION ON SECURITIES 1 1. Investing into securities Contemporary securities markets provide a person wishing to invest his/her money into securities, i.e. an investor, with the opportunity

More information

Market Risk Capital Disclosures Report. For the Quarter Ended March 31, 2013

Market Risk Capital Disclosures Report. For the Quarter Ended March 31, 2013 MARKET RISK CAPITAL DISCLOSURES REPORT For the quarter ended March 31, 2013 Table of Contents Section Page 1 Morgan Stanley... 1 2 Risk-based Capital Guidelines: Market Risk... 1 3 Market Risk... 1 3.1

More information

Responsible leveraging. A wealth creation strategy

Responsible leveraging. A wealth creation strategy Responsible leveraging A wealth creation strategy What is leveraging? Borrowing to invest is a wealth-building strategy that has been used for thousands of years. The financial term for borrowing to invest

More information

Seeking Alternatives. Senior loans an innovative asset class

Seeking Alternatives. Senior loans an innovative asset class Trends 09 10.11 Seeking Alternatives Senior loans an innovative asset class Dirk Wieringa, Alternative Investments Advisory Senior loans are an innovative asset class that provide a hedge against rising

More information

AMP Investment Trust 15 August Risks

AMP Investment Trust 15 August Risks AMP Investment Trust 15 August 2016 Risks This document provides a general overview of how risks affect your investment and detail on the types of risks associated with investing. The risks described in

More information

18,343 18,308 3 Accumulated other comprehensive income (and other reserves)

18,343 18,308 3 Accumulated other comprehensive income (and other reserves) The information in this report is prepared quarterly based on the ADI financial records. The financial records are not audited for the Quarters ended 30 September, 31 December and 31 March. The report

More information

Division 9 Specific requirements for certain portfolios of exposures

Division 9 Specific requirements for certain portfolios of exposures L. S. NO. 2 TO GAZETTE NO. 43/2006 L.N. 228 of 2006 B3157 Division 9 Specific requirements for certain portfolios of exposures 197. Purchased receivables An authorized institution shall classify its purchased

More information

Subordinated bonds at attractive yields

Subordinated bonds at attractive yields INVESTMENT OPPORTUNITY June 2015 For professional investors BY JAN WILLEM DE MOOR, PORTFOLIO MANAGER OF ROBECO FINANCIAL INSTITUTIONS BONDS Subordinated bonds at attractive yields Strong market momentum

More information

Updated Fair Value Disclosures: SSAP No. 100 Fair Value Measurements

Updated Fair Value Disclosures: SSAP No. 100 Fair Value Measurements December 3, 2010 Updated Fair Value Disclosures: SSAP No. 100 Fair Value Measurements On Monday, November 29, 2010, the NAIC approved revisions to SSAP No. 100 Fair Value Measurements (SSAP 100). The new

More information

Assessing the Supplementary Leverage Ratio. September 20, 2013

Assessing the Supplementary Leverage Ratio. September 20, 2013 Assessing the Supplementary Leverage Ratio September 20, 2013 Executive summary We have supplementary leverage and capital data as of 2Q 2013 covering 100% of US G-SIB assets, and ~93% of total US domiciled

More information

MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006

MITSUI SUMITOMO INSURANCE COMPANY, LIMITED AND SUBSIDIARIES. CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 CONSOLIDATED BALANCE SHEETS March 31, 2005 and 2006 2005 2006 ASSETS Investments - other than investments in affiliates: Securities available for sale: Fixed maturities, at fair value 3,043,851 3,193,503

More information

Quarterly Financial Supplement - 1Q 2016

Quarterly Financial Supplement - 1Q 2016 Quarterly Financial Supplement - 1Q 2016 Page # Consolidated Financial Summary... 1 Consolidated Income Statement Information... 2 Consolidated Financial Information and Statistical Data... 3 Consolidated

More information

Disclosure 17 OffV (Credit Risk Mitigation Techniques)

Disclosure 17 OffV (Credit Risk Mitigation Techniques) Disclosure 17 OffV (Credit Risk Mitigation Techniques) The Austrian Financial Market Authority (FMA) and the Oesterreichsiche Nationalbank (OeNB) have assessed UniCredit Bank Austria AG for the use of

More information

Enhanced Money Market Funds Reporting

Enhanced Money Market Funds Reporting January 20, 2016 Enhanced Money Market Funds Reporting Schwab Money Funds are making important changes to their reporting features to comply with the new Securities and Exchange (SEC) regulations. More

More information

The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA. 2015 Annual Dodd-Frank Act Stress Test Disclosure

The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA. 2015 Annual Dodd-Frank Act Stress Test Disclosure The Goldman Sachs Group, Inc. and Goldman Sachs Bank USA 2015 Annual Dodd-Frank Act Stress Test Disclosure March 2015 2015 Annual Dodd-Frank Act Stress Test Disclosure for The Goldman Sachs Group, Inc.

More information

Banco Sabadell Stress test results. 15 th July 2011

Banco Sabadell Stress test results. 15 th July 2011 Banco Sabadell Stress test results 15 th July 2011 1 Disclaimer Banco Sabadell cautions that this presentation may contain forward looking statements with respect to the business. financial condition.

More information

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents

MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents Page # MORGAN STANLEY Financial Supplement - 4Q 2015 Table of Contents 1. Quarterly Consolidated Financial Summary 2. Quarterly Consolidated Income Statement Information 3. Quarterly Consolidated Financial

More information

The International Certificate in Banking Risk and Regulation (ICBRR)

The International Certificate in Banking Risk and Regulation (ICBRR) The International Certificate in Banking Risk and Regulation (ICBRR) The ICBRR fosters financial risk awareness through thought leadership. To develop best practices in financial Risk Management, the authors

More information

Market risk consists of market price risk, currency risk and interest rate risk.

Market risk consists of market price risk, currency risk and interest rate risk. Market Risk Market risk consists of market price risk, currency risk and interest rate risk. Market price risk the risk to incur losses due to the revaluation of balance sheet and off-balance sheet items,

More information

AMP KiwiSaver Scheme 28 July Risks

AMP KiwiSaver Scheme 28 July Risks AMP KiwiSaver Scheme 28 July 2016 Risks This document provides a general overview of how risks affect your investment and detail on the types of risks associated with investing. The risks described in

More information

TIAA-CREF Individual & Institutional Services, LLC (A wholly-owned subsidiary of Teachers Insurance and Annuity Association of America) Statement of

TIAA-CREF Individual & Institutional Services, LLC (A wholly-owned subsidiary of Teachers Insurance and Annuity Association of America) Statement of TIAA-CREF Individual & Institutional Services, LLC (A wholly-owned subsidiary of Teachers Insurance and Annuity Association of America) Statement of Financial Condition (Unaudited) Index Page(s) Financial

More information

DISCLOSURE ON CAPITAL ADEQUACY & MARKET DISCIPLINE (CAMD)

DISCLOSURE ON CAPITAL ADEQUACY & MARKET DISCIPLINE (CAMD) DISCLOSURE ON CAPITAL ADEQUACY & MARKET DISCIPLINE (CAMD) A) Scope of Application : (a) This guidelines applies to Delta Brac Housing Finance Corporation Ltd. (b) (c) DBH has no subsidiary companies. Not

More information

TD Bank Financial Group Q4/08 Guide to Basel II

TD Bank Financial Group Q4/08 Guide to Basel II TD Bank Financial Group Q4/08 Guide to Basel II 1. OVERVIEW General Information on Basel can be found on the Canadian Bankers Association website at www.cba.ca. Choose Issues, Standards, Rules and Guidelines

More information

SBA 504 Non Bank Business Model. Presented by Sok Cordell

SBA 504 Non Bank Business Model. Presented by Sok Cordell SBA 504 Non Bank Business Model Presented by Sok Cordell CH Capital Partners LLC (SBA Non Bank Lending Program) The information contained in this presentation has been obtained from sources believed to

More information

Risk Management. Special Feature. The Daiwa Bank, Limited Annual Report 2000

Risk Management. Special Feature. The Daiwa Bank, Limited Annual Report 2000 Management Special Feature The Daiwa Bank, Limited Annual Report 2000 Management Policy Daiwa Bank has positioned the establishment of strong internal supervisory systems as a key management objective,

More information

Financial-Institutions Management. Solutions 6

Financial-Institutions Management. Solutions 6 Solutions 6 Chapter 25: Loan Sales 2. A bank has made a three-year $10 million loan that pays annual interest of 8 percent. The principal is due at the end of the third year. a. The bank is willing to

More information

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015

ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 ADVISORSHARES YIELDPRO ETF (NASDAQ Ticker: YPRO) SUMMARY PROSPECTUS November 1, 2015 Before you invest in the AdvisorShares Fund, you may want to review the Fund s prospectus and statement of additional

More information

loan pricing & profitability management solution How Does the Math Work? Carl Ryden, CEO precisionlender.com

loan pricing & profitability management solution How Does the Math Work? Carl Ryden, CEO precisionlender.com loan pricing & profitability management solution How Does the Math Work? Carl Ryden, CEO precisionlender.com Copyright 2015 Lender Performance Group, LLC. All rights reserved. Overview How do we calculate

More information

The challenge of liquidity and collateral management in the new regulatory landscape

The challenge of liquidity and collateral management in the new regulatory landscape The challenge of liquidity and collateral management in the new regulatory landscape ICMA Professional Repo and Collateral Management Course 2012 Agenda 1. Background: The repo product under pressure 2.

More information

Economic Commentaries

Economic Commentaries n Economic Commentaries In its Financial Stability Report 214:1, the Riksbank recommended that a requirement for the Liquidity Coverage Ratio (LCR) in Swedish kronor be introduced. The background to this

More information

1) What kind of risk on settlements is covered by 'Herstatt Risk' for which BCBS was formed?

1) What kind of risk on settlements is covered by 'Herstatt Risk' for which BCBS was formed? 1) What kind of risk on settlements is covered by 'Herstatt Risk' for which BCBS was formed? a) Exchange rate risk b) Time difference risk c) Interest rate risk d) None 2) Which of the following is not

More information

Basel Committee on Banking Supervision. Basel III counterparty credit risk - Frequently asked questions

Basel Committee on Banking Supervision. Basel III counterparty credit risk - Frequently asked questions Basel Committee on Banking Supervision Basel III counterparty credit risk - Frequently asked questions November 2011 Copies of publications are available from: Bank for International Settlements Communications

More information

Securitized-Product Investment: Risk Management Perspectives *

Securitized-Product Investment: Risk Management Perspectives * - March 2008 Paper Series of Risk Management in Financial Institutions Securitized-Product Investment: Risk Management Perspectives * Financial Systems and Bank Examination Department Bank of Japan Please

More information

2010 Portfolio Management Guidelines

2010 Portfolio Management Guidelines 2010 Portfolio Management Guidelines Preamble The Board of Directors of the Swiss Bankers Association has adopted these Guidelines in order to maintain and enhance the reputation and high quality of Swiss

More information

Managing Home Equity to Build Wealth By Ray Meadows CPA, CFA, MBA

Managing Home Equity to Build Wealth By Ray Meadows CPA, CFA, MBA Managing Home Equity to Build Wealth By Ray Meadows CPA, CFA, MBA About the Author Ray Meadows is the president of Berkeley Investment Advisors, a real estate brokerage and investment advisory firm. He

More information

PUERTO RICO EXPOSURE

PUERTO RICO EXPOSURE PUERTO RICO EXPOSURE FIRST QUARTER 2016 2016 Ambac Financial Group, Inc. One State Street Plaza, New York, NY 10004 All Rights Reserved 800-221-1854 www.ambac.com Neither Ambac nor any of its employees,

More information

SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE ANNOUNCEMENT

SUB: STANDARD CHARTERED PLC (THE COMPANY) STOCK EXCHANGE ANNOUNCEMENT April 26, 2016 To, Ms. D'souza AVP, Listing Department National Stock Exchange of India Exchange Plaza Bandra Complex Bandra (East) 400 001 Limited SUB: STANDARD CHARTERED PLC (THE "COMPANY") STOCK EXCHANGE

More information

The LIAJ s Comments on. Second Consultative Document. Margin requirements for. non-centrally cleared derivatives

The LIAJ s Comments on. Second Consultative Document. Margin requirements for. non-centrally cleared derivatives The LIAJ s Comments on Second Consultative Document Margin requirements for non-centrally cleared derivatives 15 March 2013 The Life Insurance Association of Japan (LIAJ) The Life Insurance Association

More information

VII. Consolidated financial statements Credit Suisse (Bank) 419 Report of the Statutory Auditor. 421 Consolidated financial statements

VII. Consolidated financial statements Credit Suisse (Bank) 419 Report of the Statutory Auditor. 421 Consolidated financial statements 417 VII Consolidated financial statements Credit Suisse (Bank) 419 Report of the Statutory Auditor 421 Consolidated financial statements 428 Notes to the consolidated financial statements (see the following

More information

Loan Disclosure Statement

Loan Disclosure Statement ab Loan Disclosure Statement Risk Factors You Should Consider Before Using Margin or Other Loans Secured by Your Securities Accounts This brochure is only a summary of certain risk factors you should consider

More information

Northern Rock plc: Half Year Results 2011

Northern Rock plc: Half Year Results 2011 Press Release 3 August 2011 Northern Rock plc: Half Year Results 2011 Northern Rock has continued to build momentum during the first half of the year and considerably improved its position over 2010 The

More information

VII. Consolidated financial statements Credit Suisse (Bank) 391 Report of the Statutory Auditor. 393 Consolidated financial statements

VII. Consolidated financial statements Credit Suisse (Bank) 391 Report of the Statutory Auditor. 393 Consolidated financial statements 389 VII Consolidated financial statements Credit Suisse (Bank) 391 Report of the Statutory Auditor 393 Consolidated financial statements 400 Notes to the consolidated financial statements (see the following

More information

Risk management in banks

Risk management in banks Econ 4335 Lecture 13 University of Oslo April 26, 2010 Types of risk Credit risk (default) Exchange rate risk Market risk Counterparty risk Operational risk Mitigating risks Risk pricing Diversification

More information

Lending Solutions. Leverage-based products to complement investment strategies. Your Business Without Limits

Lending Solutions. Leverage-based products to complement investment strategies. Your Business Without Limits Lending Solutions Leverage-based products to complement investment strategies Your Business Without Limits Let Pershing Help You Set Yourself Apart Your clients count on you to manage their assets. But

More information

Margin Account Agreement

Margin Account Agreement IMPORTANT TO READ This includes and incorporates by reference the Day-Trading Risk Disclosure Statement and the Truth-in-Lending Statement attached hereto (together, the Agreement ). Acknowledgments and

More information

Basel 3: A new perspective on portfolio risk management. Tamar JOULIA-PARIS October 2011

Basel 3: A new perspective on portfolio risk management. Tamar JOULIA-PARIS October 2011 Basel 3: A new perspective on portfolio risk management Tamar JOULIA-PARIS October 2011 1 Content 1. Basel 3 A complex regulatory framework With possible unintended consequences 2. Consequences on Main

More information

Capital adequacy analysis and liquidity risk

Capital adequacy analysis and liquidity risk Capital adequacy analysis and liquidity risk Q1 2016 This report includes information about capital adequacy and liquidity risk. The information is published on a quarterly basis at the BlueStep website.

More information

Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet

Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet Words from the President and CEO 3 Financial highlights 4 Highlights 5 Export lending 5 Local government lending 6 Funding 6 Results 6 Balance sheet 7 Events after the balance sheet date 8 Income statement

More information

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board December 31, 2015 Condensed Interim Consolidated Balance Sheet As at December 31, 2015 (CAD millions) As at December

More information

SEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013

SEB s Swedish Residential Mortgage Lending and Covered Bonds. Stockholm September, 2013 SEB s Swedish Residential Mortgage Lending and Covered Bonds Stockholm September, 2013 Contents SEB s Residential Mortgage Lending p.3 Asset Quality p.19 Cover Pool and Covered Bond Funding p.24 2 SEB

More information

Risk Management. Risk Management Overview. Credit Risk

Risk Management. Risk Management Overview. Credit Risk Risk Management Risk Management Overview Risk management is a cornerstone of prudent banking practice. A strong enterprise-wide risk management culture provides the foundation for the Bank s risk management

More information

Introduction to Money & Banking Lecture notes 2010 Matti Estola

Introduction to Money & Banking Lecture notes 2010 Matti Estola Introduction to Money & Banking Lecture notes 2010 Matti Estola Literature Henderson & Poole: Principles of Economics, Mishkin: The Economics of Money, Banking, and Financial Markets, Extra material given

More information

Standard Chartered Bank (Thai) PCL & its Financial Business Group Pillar 3 Disclosures 30 June 2015

Standard Chartered Bank (Thai) PCL & its Financial Business Group Pillar 3 Disclosures 30 June 2015 Standard Chartered Bank (Thai) PCL & its Financial Business Group Registered Office: 90 North Sathorn Road, Silom Bangkok, 10500, Thailand Overview During 2013, the Bank of Thailand ( BOT ) published the

More information

Annual financial statements, distributions & tax issues

Annual financial statements, distributions & tax issues Portfolio Funds 2087605 CH0020876055 Credit Suisse (CH) Interest & Dividend Focus Balanced CHF A CHF CH 31.12. Distributing 19955038 CH0199550382 Credit Suisse (CH) Interest & Dividend Focus Balanced CHF

More information

310-10-00 Status. General

310-10-00 Status. General Checkpoint Contents Accounting, Audit & Corporate Finance Library Standards and Regulations FASB Codification Codification Assets 310 Receivables 310-10 Overall 310-10-00 Status Copyright 2014 by Financial

More information

American Funds Insurance Series Portfolio Series. Prospectus May 1, 2015. American Funds Managed Risk Global Allocation Portfolio

American Funds Insurance Series Portfolio Series. Prospectus May 1, 2015. American Funds Managed Risk Global Allocation Portfolio American Funds Insurance Series Portfolio Series Prospectus May 1, 2015 Class 4 shares American Funds Global Growth Portfolio American Funds Growth and Income Portfolio Class P2 shares American Funds Managed

More information

Managing Risks in a Multi-Asset, Multi-Manager Portfolio

Managing Risks in a Multi-Asset, Multi-Manager Portfolio Managing Risks in a Multi-Asset, Multi-Manager Portfolio Presented by: Mary Jane Bobyock, CFA, Director, Advisory Team Rob Ludwig, Managing Director, Risk Management Group Risk management at multiple levels

More information

CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011

CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011 CorpBanca Announces First Quarter 2011 Financial Results and Conference Call on Tuesday, May 17, 2011 Santiago, Chile, CORPBANCA (NYSE: BCA), a Chilean financial institution offering a wide variety of

More information

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010

Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated

More information

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board

Condensed Interim Consolidated Financial Statements of. Canada Pension Plan Investment Board Condensed Interim Consolidated Financial Statements of Canada Pension Plan Investment Board September 30, 2015 Condensed Interim Consolidated Balance Sheet As at September 30, 2015 As at September 30,

More information

Share Capital Increase

Share Capital Increase Share Capital Increase Additional Information Pack Part 2 July 2014 Table of contents Margins and profitability - Interest earning assets decomposition 3 Asset quality - Recovery analysis 4 Capital - Q2

More information

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX

SUMMARY PROSPECTUS. TCW High Yield Bond Fund FEBRUARY 29 I SHARE: TGHYX N SHARE: TGHNX TCW High Yield Bond Fund I SHARE: TGHYX N SHARE: TGHNX 20 6 FEBRUARY 29 SUMMARY PROSPECTUS Before you invest, you may want to review the Fund s Prospectus which contain more information about the Fund

More information

Prof Kevin Davis Melbourne Centre for Financial Studies. Managing Liquidity Risks. Session 5.1. Training Program ~ 8 12 December 2008 SHANGHAI, CHINA

Prof 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 information