Banks and Cross-Border Capital Flows: Policy Challenges and Regulatory Responses

Size: px
Start display at page:

Download "Banks and Cross-Border Capital Flows: Policy Challenges and Regulatory Responses"

Transcription

1 Banks and Cross-Border Capital Flows: Policy Challenges and Regulatory Responses Philip R. Lane, Trinity College Dublin Policy Institute, 27th September 2012 Philip R. Lane, Trinity College Dublin () CIEPR Report 2012 Policy Institute, 27th September / 10

2 Introduction CIEPR? Banks Financial Globalisation Analysis Policy Reforms Philip R. Lane, Trinity College Dublin () CIEPR Report 2012 Policy Institute, 27th September / 10

3

4 The First Best Banks play a vital role in modern economies (But regulation needed, to avoid runs ) Financial globalisation - improves e ciency of capital allocation; smooths consumption; risk diversi cation (Financial openness opposed by vested interests) Financial development and nancial integration highly desirable Philip R. Lane, Trinity College Dublin () CIEPR Report 2012 Policy Institute, 27th September / 10

5 Real-World Distortions Banks behave procyclically - destabilising Capital in ows procyclical also Equity/FDI in ows - risk transferred to foreign investors Debt in ows - risk carried domestically Banks the major intermediaries of cross-border debt ows Interaction of bank procyclicality and debt ow procyclicality magni es nancial instability, macroeconomic instability, scal instability Requires major regulatory reforms to manage ampli ed risks Problem: global capital ows but national regulatory systems (Euro area?) Philip R. Lane, Trinity College Dublin () CIEPR Report 2012 Policy Institute, 27th September / 10

6 Analytics of Cross-Border Capital Flows and Banking Gross Flows versus Net Flows Traditional emphasis on aggregate net ows (current account imbalances) Gross ows matter (especially debt in ows/out ows) Procyclical Behavior of Banks and Asset Price Ampli cation Funding Models and Wholesale Funding Markets Cross-Border Banking Groups: Organizational Structure Valuation E ects, Dollar Funding and Flight to Safety Capital Flows and the Exhange Rate Philip R. Lane, Trinity College Dublin () CIEPR Report 2012 Policy Institute, 27th September / 10

7

8

9

10

11

12

13

14

15

16

17

18

19

20 Global Banking: Regulatory Response Data sharing Globally-coordinated nancial regulation Globally-coordinated crisis resolution (ex ante loss sharing plan) [Global monetary policy coordination] Negotiations on global banking reform - national interests versus global common good Second Best Approach - reform of national regulations; capital ow management Euro area - banking union feasible? Philip R. Lane, Trinity College Dublin () CIEPR Report 2012 Policy Institute, 27th September / 10

21 Euro Area: Special Features Common central bank Absence of currency risk, underestimation of national nancial stability risks: highly procyclical pattern of cross-border debt ows Diabolic loop between national banking systems and national sovereigns Two options: Banking union - common supervision; common deposit insurance; common resolution fund Tight national nancial regulation Philip R. Lane, Trinity College Dublin () CIEPR Report 2012 Policy Institute, 27th September / 10

22

23 Macro-Prudential Regulation of Banks Systemic View Countercyclical capital requirements / leverage ratios Bail in bonds Bank assets Loan-to-value (LTV) ratio; debt-to-income (DTI) ratio Credit/GDP ratio Bank liabilities Levies on non-core liabilities (short-term wholesale funding) Subsidiaries versus branches Controls on capital in ows? on capital out ows? Philip R. Lane, Trinity College Dublin () CIEPR Report 2012 Policy Institute, 27th September / 10

24 Macro-Prudential Regulation of Banks Systemic View Countercyclical capital requirements / leverage ratios Bail in bonds Bank assets Loan-to-value (LTV) ratio; debt-to-income (DTI) ratio Credit/GDP ratio Bank liabilities Levies on non-core liabilities (short-term wholesale funding) Subsidiaries versus branches Controls on capital in ows? on capital out ows? Political economy issues Tactical controls versus long-term controls Philip R. Lane, Trinity College Dublin () CIEPR Report 2012 Policy Institute, 27th September / 10

25 Conclusions Policy challenge: reap bene ts from cross-border capital ows, while guarding against nancial stability risks Embed analysis of current account imbalances inside wider perspective on full matrix of cross-border capital ows International balance sheet analysis, as well as ow analysis Promote equity nancing over debt nancing Tighter bank regulation at national and international levels Euro Area: banking union? Philip R. Lane, Trinity College Dublin () CIEPR Report 2012 Policy Institute, 27th September / 10

Macroprudential Policies in Korea

Macroprudential Policies in Korea 1 IMF-Riksbank Conference Stockholm, November 13~14, 2014 Macroprudential Policies in Korea Tae Soo Kang Disclaimer This presentation represents the views of the author and not necessarily those of the

More information

uncertainty. Credit flows are especially pro cyclical

uncertainty. Credit flows are especially pro cyclical Dilemma not Trilemma: The Global Financial Cycle and Monetary Policy Independence Hélène Rey London Business School, CEPR and NBER Jackson Hole Symposium 2013 Global financial cycle: capital flows Strong

More information

List of legislative acts

List of legislative acts List of legislative acts BRRd : d irective 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment

More information

Financial Stability Oversight Council. Staff Guidance. Methodologies Relating to Stage 1 Thresholds. June 8, 2015

Financial Stability Oversight Council. Staff Guidance. Methodologies Relating to Stage 1 Thresholds. June 8, 2015 Financial Stability Oversight Council Staff Guidance Methodologies Relating to Stage 1 Thresholds June 8, 2015 Stage 1 Overview Section 113 of the Dodd-Frank Wall Street Reform and Consumer Protection

More information

Course Syllabus For Banking and Financial Management Department

Course Syllabus For Banking and Financial Management Department For Banking and Financial Management Department School Year First Year First year Second year Third year Fifth year Fifth year Fifth year Fifth year Name of course Financial Accounting principles Intermediate

More information

Factoring Exchange Rate Policy into your Investment Strategy: Risks Facing Andean Countries

Factoring Exchange Rate Policy into your Investment Strategy: Risks Facing Andean Countries Factoring Exchange Rate Policy into your Investment Strategy: Risks Facing Andean Countries September 2011 Dr. Eliot Kalter President, E M Strategies Senior Fellow, The Fletcher School Ekalter@EMStrategies.com

More information

Statistics Netherlands. Macroeconomic Imbalances Factsheet

Statistics Netherlands. Macroeconomic Imbalances Factsheet Macroeconomic Imbalances Factsheet Introduction Since the outbreak of the credit crunch crisis in 2008, and the subsequent European debt crisis, it has become clear that there are large macroeconomic imbalances

More information

the actions of the party who is insured. These actions cannot be fully observed or verified by the insurance (hidden action).

the actions of the party who is insured. These actions cannot be fully observed or verified by the insurance (hidden action). Moral Hazard Definition: Moral hazard is a situation in which one agent decides on how much risk to take, while another agent bears (parts of) the negative consequences of risky choices. Typical case:

More information

Forecasting Chinese Economy for the Years 2013-2014

Forecasting Chinese Economy for the Years 2013-2014 Forecasting Chinese Economy for the Years 2013-2014 Xuesong Li Professor of Economics Deputy Director of Institute of Quantitative & Technical Economics Chinese Academy of Social Sciences Email: xsli@cass.org.cn

More information

Fixed Exchange Rates and Exchange Market Intervention. Chapter 18

Fixed Exchange Rates and Exchange Market Intervention. Chapter 18 Fixed Exchange Rates and Exchange Market Intervention Chapter 18 1. Central bank intervention in the foreign exchange market 2. Stabilization under xed exchange rates 3. Exchange rate crises 4. Sterilized

More information

RISK FACTORS AND RISK MANAGEMENT

RISK FACTORS AND RISK MANAGEMENT Bangkok Bank Public Company Limited 044 RISK FACTORS AND RISK MANAGEMENT Bangkok Bank recognizes that effective risk management is fundamental to good banking practice. Accordingly, the Bank has established

More information

Policy on the Management of Country Risk by Credit Institutions

Policy 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 information

Bank Recovery and Resolution. Sven Schelo. 01 Wolters Kluwer Law & Business

Bank Recovery and Resolution. Sven Schelo. 01 Wolters Kluwer Law & Business Bank Recovery and Resolution Sven Schelo 01 Wolters Kluwer Law & Business Foreword Preface List of Abbreviations xiii xv xvii CHARTER 1 Bank Business 1 1.01 Evolution of Size and Shape of Banks 1 1.02

More information

RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in millions of euro)

RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in millions of euro) RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (in millions of euro) ASSETS Loans and advances to customers 29,484.3 28,337.5 1,146.8 4.0% Loans and advances to banks 2,306.4 1,261.7 1,044.7

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

CHAPTER V. OTHER ACTIVITIES OF THE BANK OF ALBANIA

CHAPTER V. OTHER ACTIVITIES OF THE BANK OF ALBANIA CHAPTER V. OTHER ACTIVITIES OF THE BANK OF ALBANIA V.1 PAYMENT SYSTEM Objectives of the system One of the main tasks of the Bank of Albania (pursuant to the Law On the Bank of Albania ) is the encouragement

More information

Markets, Investments, and Financial Management FIFTEENTH EDITION

Markets, Investments, and Financial Management FIFTEENTH EDITION INTRODUCTION TO FINANCE Markets, Investments, and Financial Management FIFTEENTH EDITION Ronald W. Melicher Professor of Finance University of Colorado at Boulder Edgar A. Norton Professor of Finance Illinois

More information

Letter from the President

Letter from the President Letter from the President 1 FEDERAL RESERVE BANK OF NEW YORK 2013 ANNUAL REPORT LETTER FROM THE PRESIDENT The year 2013 marked the centennial of the Federal Reserve System. During the year, the Federal

More information

Strengthening the banking union and the regulatory treatment of banks sovereign exposures Informal ECOFIN, April 22, 2016 Presidency note

Strengthening the banking union and the regulatory treatment of banks sovereign exposures Informal ECOFIN, April 22, 2016 Presidency note Strengthening the banking union and the regulatory treatment of banks sovereign exposures Informal ECOFIN, April 22, 2016 Presidency note Introduction One of the key priorities of the Dutch Presidency

More information

REGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND

REGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND () () REGULATION ON DEPOSITS AND PARTICIPATION FUNDS SUBJECT TO INSURANCE AND PREMIUMS COLLECTED BY SAVING DEPOSITS INSURANCE FUND Published in issue 226339 of the Official Gazette dated November 7, 2006

More information

The Nair Globalisation Model

The Nair Globalisation Model Financial Globalisation and the Crisis Philip R. Lane Trinity College Dublin and CEPR June 2012 Abstract The global nancial crisis provides an important testing ground for the nancial globalisation model.

More information

Training. Class Room & Online Training. Advance Finance Training Equity Valuation. JPFIS.com. to change the course of your career

Training. Class Room & Online Training. Advance Finance Training Equity Valuation. JPFIS.com. to change the course of your career Join one of our courses, to change the course of your career JPFIS.com Advance Finance Training Equity Valuation Advance Financial Modeling Excel & VBA Research Training Class Room & Online Training Brokering

More information

Enhancements to ING s diversified investment funds

Enhancements to ING s diversified investment funds Enhancements to ING s diversified investment funds Effective 1 November 2005 Our investment managers, ING Investment Management Limited (INGIM), recently conducted a review of ING s diversified investment

More information

On the Optimality of Financial Repression

On the Optimality of Financial Repression Discussion of On the Optimality of Financial Repression V.V. Chari Alessandro Dovis Patrick Kehoe Alberto Martin CREI, Universitat Pompeu Fabra and Barcelona GSE, IMF July 2014 Motivation Recent years

More information

CONTENTS MODULE 1: INDUSTRY OVERVIEW 4 MODULE 2: ETHICS AND REGULATION 6 MODULE 3: INPUTS AND TOOLS 8 MODULE 4: INVESTMENT INSTRUMENTS 12

CONTENTS MODULE 1: INDUSTRY OVERVIEW 4 MODULE 2: ETHICS AND REGULATION 6 MODULE 3: INPUTS AND TOOLS 8 MODULE 4: INVESTMENT INSTRUMENTS 12 SYLLABUS OVERVIEW 1 CONTENTS MODULE 1: INDUSTRY OVERVIEW 4 CHAPTER 1 The Investment Industry: A Top-Down View MODULE 2: ETHICS AND REGULATION 6 CHAPTER 2 CHAPTER 3 Ethics and Investment Professionalism

More information

The Treasury. 2015 Loan-to-Value Ratios/Macroprudential Policy Information Release. Release Document. June 2015

The Treasury. 2015 Loan-to-Value Ratios/Macroprudential Policy Information Release. Release Document. June 2015 The Treasury 2015 Loan-to-Value Ratios/Macroprudential Policy Information Release Release Document June 2015 www.treasury.govt.nz/publications/informationreleases/financialsector/lvr www.rbnz.govt.nz/research_and_publications/official_information/lvr-restrictions

More information

1. Planning - Establishing organizational goals and deciding how to accomplish them

1. Planning - Establishing organizational goals and deciding how to accomplish them 1 : Understanding the Management Process Basic Management Functions 1. Planning - Establishing organizational goals and deciding how to accomplish them SWOT analysis - The identification and evaluation

More information

International Investment Position Methodology

International Investment Position Methodology International Investment Position Methodology I. Analytical Framework, Concepts, Definitions, and Classifications The International Investment Position (IIP) is a statistical statement that presents external

More information

The history of the Bank of Russia s exchange rate policy

The history of the Bank of Russia s exchange rate policy The history of the Bank of Russia s exchange rate policy Central Bank of the Russian Federation Abstract During the post-soviet period of 1992 98, the monetary policy of the Bank of Russia was essentially

More information

The EMU and the debt crisis

The EMU and the debt crisis The EMU and the debt crisis MONETARY POLICY REPORT FEBRUARY 212 43 The debt crisis in Europe is not only of concern to the individual debt-ridden countries; it has also developed into a crisis for the

More information

What is new in Basel 3:

What is new in Basel 3: Camera dei Deputati 17 Indagine conoscitiva 4 ALLEGATO What is new in Basel 3: How it will influence market participants Krishnan Ramadurai Managing Director Camera dei Deputati 18 Indagine conoscitiva

More information

The 2013 Tailored Resolution Plan

The 2013 Tailored Resolution Plan Section 1: Public Section 1 Contents (a) Public Section... 3 (1) The names of material entities... 3 (2) A description of core business lines... 4 (3) Consolidated or segment financial information regarding

More information

Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013

Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013 Switzerland 2013 Article for Consultation Preliminary Conclusions Bern, March 18, 2013 With the exchange rate floor in place for over a year, the Swiss economy remains stable, though inflation remains

More information

Regulation-supervision: the post-crisis outlook

Regulation-supervision: the post-crisis outlook Regulation-supervision: the post-crisis outlook GEORGES PAUGET Managing Director Crédit Agricole S.A. Following the G20 summit in April 2009, the principles defined by the Heads of State and Government

More information

Lecture 10: International banking

Lecture 10: International banking Lecture 10: International banking The sessions so far have focused on banking in a domestic context. In this lecture we are going to look at the issues which arise from the internationalisation of banking,

More information

List of provisions for consumer protection

List of provisions for consumer protection List of provisions for consumer protection Type of provision Lending platforms Equity and/or Debt platforms Maximum amount of investment for 40.000 Euro 20.000 Euro consumers on the platform Maximum frequency

More information

ECON4335 The economics of banking. Lecture 1: Introduction

ECON4335 The economics of banking. Lecture 1: Introduction ECON4335 The economics of banking Lecture 1: Introduction 1 This lecture A. Some practical information B. Some basic concepts and facts C. The first model Slides and lecture notes on the net 2 Practical

More information

Liquidity Coverage Ratio

Liquidity 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 information

I. Emerging markets will not be initially subject to TLAC Liability structure: Business structure:

I. Emerging markets will not be initially subject to TLAC Liability structure: Business structure: Dear FSB, This is Bank of China Luxembourg Branch. Thank you for your attention for our reply regarding TLAC just released a version for comments from your side. From the contents, TLAC (Total Loss Absorbency

More information

Pro-cyclicality, current trends, issues and priorities for insurance mutuals.

Pro-cyclicality, current trends, issues and priorities for insurance mutuals. 1 Pro-cyclicality, current trends, issues and priorities for insurance mutuals. Giles Fairhead Head 2 Agenda Pro-cyclicality of insurers PRA perspective on Current Trends and Issues Regulatory Priorities

More information

An Introduction to Indian Financial System Provisions of Important Acts in Relation to Regulation and Supervision.

An Introduction to Indian Financial System Provisions of Important Acts in Relation to Regulation and Supervision. An Introduction to Indian Financial System Provisions of Important Acts in Relation to Regulation and Supervision October 08, 2012 An Introduction to Indian Financial System The financial system plays

More information

ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION

ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION ICAP GROUP S.A. FINANCIAL RATIOS EXPLANATION OCTOBER 2006 Table of Contents 1. INTRODUCTION... 3 2. FINANCIAL RATIOS FOR COMPANIES (INDUSTRY - COMMERCE - SERVICES) 4 2.1 Profitability Ratios...4 2.2 Viability

More information

The Macroeconomics of External Debt

The Macroeconomics of External Debt The Macroeconomics of External Debt Prof. Ester Faia, Ph.D. Goethe University Frankfurt June 2010 rof. Ester Faia (Goethe University Frankfurt) The Macroeconomics of External Debt 06/10 1 / 15 Debt Crisis

More information

NOVEMBER 2010 (REVISED)

NOVEMBER 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 information

Regulatory Practice Letter November 2014 RPL 14-20

Regulatory Practice Letter November 2014 RPL 14-20 Regulatory Practice Letter November 2014 RPL 14-20 BCBS Issues Final Net Stable Funding Ratio Standard Executive Summary The Basel Committee on Banking Supervision ( BCBS or Basel Committee ) issued its

More information

Financial Intermediation and Credit Policy in Business Cycle Analysis. Mark Gertler and Nobuhiro Kiyotaki NYU and Princeton

Financial Intermediation and Credit Policy in Business Cycle Analysis. Mark Gertler and Nobuhiro Kiyotaki NYU and Princeton Financial Intermediation and Credit Policy in Business Cycle Analysis Mark Gertler and Nobuhiro Kiyotaki NYU and Princeton Motivation Present a canonical framework to think about the current - nancial

More information

Central Credit Registers (CCRs) as a Multi Purpose Tool to close Data Gaps

Central Credit Registers (CCRs) as a Multi Purpose Tool to close Data Gaps Central Credit Registers (CCRs) as a Multi Purpose Tool to close Data Gaps Michael Ritter Deutsche Bundesbank Chair of the ESCB Working Group on Credit Registers Mexico City, May 2014 AGENDA I. General

More information

Net Stable Funding Ratio

Net 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 information

Promoting Financial Integration in Africa A perspective from the East African Community

Promoting Financial Integration in Africa A perspective from the East African Community Promoting Financial Integration in Africa A perspective from the East African Community Christopher Adam University of Oxford and IGC-Tanzania FERDI - Banque de France Conference Paris, May 27, 2014 FERDI/BdF

More information

Definition of Capital

Definition of Capital Definition of Capital Capital serves as a buffer to absorb unexpected losses as well as to fund ongoing activities of the firm. A number of substantial changes have been made to the minimum level of capital

More information

EBA-GL-2015-02. 23 July 2015. Guidelines. on the minimum list of qualitative and quantitative recovery plan indicators

EBA-GL-2015-02. 23 July 2015. Guidelines. on the minimum list of qualitative and quantitative recovery plan indicators EBA-GL-2015-02 23 July 2015 Guidelines on the minimum list of qualitative and quantitative recovery plan indicators Contents EBA Guidelines on the minimum list of qualitative and quantitative recovery

More information

Discussion by. Linda Goldberg. Adrian Tschoegl. October 8, 2003

Discussion by. Linda Goldberg. Adrian Tschoegl. October 8, 2003 Discussion by Linda Goldberg Financial Crises and The Presence of Foreign Banks Adrian Tschoegl World Bank Conference on Systemic Financial Distress October 8, 2003 The comments provided are those of the

More information

* * * BIS central bankers speeches 1

* * * BIS central bankers speeches 1 Luis M Linde: Situation of and challenges facing the European and Spanish banking industry following the start-up of the Single Supervisory Mechanism (SSM) Opening address by Mr Luis M Linde, Governor

More information

Market Value Information of Securities (General Account)

Market Value Information of Securities (General Account) Value Information of Securities (General Account) (1) Value of Securities 1) Net Valuation Gain/Loss of Trading Securities Japan Post Insurance does not hold securities for trading as of March 31, 2014

More information

Stress Tests as a Policy Tool: The European Experience During the Crisis

Stress Tests as a Policy Tool: The European Experience During the Crisis Stress Tests as a Policy Tool: The European Experience During the Crisis Athanasios Orphanides MIT Frankfurt, 6 June 2014 1 GDP per capita in the US and the euro area 105 105 100 100 Index 2007Q4=100 95

More information

Foreign Currency Exposure and Hedging in Australia

Foreign Currency Exposure and Hedging in Australia Foreign Currency Exposure and Hedging in Australia Anthony Rush, Dena Sadeghian and Michelle Wright* The 213 Australian Bureau of Statistics (ABS) Foreign Currency Exposure survey confirms that Australian

More information

Non-Core Liabilities Tax as a Tool for Prudential Regulation

Non-Core Liabilities Tax as a Tool for Prudential Regulation Policy Memo Non-Core Liabilities Tax as a Tool for Prudential Regulation Hyun Song Shin 19 February 2010 Introduction The Obama administration has proposed a tax of 15 basis points (0.15%) on the nondeposit

More information

Guidance Note 3/99. Guidance Note 2/99. Money Market Funds: European Central Bank Reporting Requirements. December 2011

Guidance Note 3/99. Guidance Note 2/99. Money Market Funds: European Central Bank Reporting Requirements. December 2011 2011 Guidance Note 3/99 Guidance Note 2/99 Money Market Funds: European Central Bank Reporting Requirements December 2011 1 Contents Contents 1. Introduction... 3 2. Background... 3 3. Money Market Funds

More information

Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions

Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions Final Assessment 1 of Spain's eligibility for an EFSF/ESM loan to recapitalize certain financial institutions Background On 25 June 2012, the Spanish Government applied for external financial assistance

More information

Aspects of fiscal/debt management and monetary policy interaction: the recent experience of Saudi Arabia

Aspects of fiscal/debt management and monetary policy interaction: the recent experience of Saudi Arabia Aspects of fiscal/debt management and monetary policy interaction: the recent experience of Saudi Arabia Abdulrahman Al-Hamidy 1 Abstract As Saudi Arabia s oil export revenues constitute about 90% of its

More information

Corporate Income Taxation

Corporate Income Taxation Corporate Income Taxation We have stressed that tax incidence must be traced to people, since corporations cannot bear the burden of a tax. Why then tax corporations at all? There are several possible

More information

Bank of Ireland US Branch Resolution Plan. Public Version. December 2013. BOI Group Classification: Green - Public

Bank of Ireland US Branch Resolution Plan. Public Version. December 2013. BOI Group Classification: Green - Public Bank of Ireland US Branch Resolution Plan Public Version December 2013 BOI Group Classification: Green - Public Table of Contents 1. Introduction... 2 2. Name of material entities... 2 3. Core operations

More information

We believe there are arguments in favour of the inclusion within this section of bonds issued by financial institutions and guaranteed by the State:

We believe there are arguments in favour of the inclusion within this section of bonds issued by financial institutions and guaranteed by the State: Basel Committee on Banking Supervision Consultative Document: International framwork for liquidity risk measurement, standards and monitoring December 2009 Issued for comment by 16 April 2010 Paragraph

More information

Cross-Border Capital Flows Statistics and Its Implication for Monitoring in China

Cross-Border Capital Flows Statistics and Its Implication for Monitoring in China First IMF Statistical Forum Statistics for Global Economic and Financial Stability Cross-Border Capital Flows Statistics and Its Implication for Monitoring in China Wang Xiaoyi State Administration of

More information

5. Aggregation and Consolidation of Data

5. Aggregation and Consolidation of Data 5. Aggregation and Consolidation of Data Introduction 5.1 The analysis of FSI ratios is affected by the extent to which the data used for their calculation are consolidated. Thus, when constructing FSI

More information

FSB invites feedback on residential mortgage underwriting practices

FSB invites feedback on residential mortgage underwriting practices Press release Press enquiries: Basel +41 76 350 8430 Press.service@bis.org Ref no: 38/2010 20 September 2010 FSB invites feedback on residential mortgage underwriting practices The Financial Stability

More information

Key learning points I

Key learning points I Key learning points I What do banks do? Banks provide three core banking services Deposit collection Payment arrangement Underwrite loans Banks may also offer financial services such as cash, asset, and

More information

IFRS Seminar for Regulators Accounting and Regulatory issues

IFRS Seminar for Regulators Accounting and Regulatory issues REPARIS A REGIONAL PROGRAM IFRS Seminar for Regulators Accounting and Regulatory issues GDLN Session 2: IAS 39 Financial Instruments: Recognition and Measurement Hedge accounting THE ROAD TO EUROPE: PROGRAM

More information

Dr Andreas Dombret Member of the Board of Deutsche Bundesbank. The euro area Prospects and challenges

Dr Andreas Dombret Member of the Board of Deutsche Bundesbank. The euro area Prospects and challenges Dr Andreas Dombret Member of the Board of Deutsche Bundesbank The euro area Prospects and challenges Speech at the Fundacao Getulio Vargas in Sao Paulo Monday, 5 October 2015 Seite 1 von 12 Inhalt 1 Introduction...

More information

FINANCE SECTOR SEGMENTS AND ITS HUMAN RESOURCES DEVELOPMENT IN LITHUANIA

FINANCE SECTOR SEGMENTS AND ITS HUMAN RESOURCES DEVELOPMENT IN LITHUANIA FINANCE SECTOR SEGMENTS AND ITS HUMAN RESOURCES DEVELOPMENT IN LITHUANIA Arturas Balkevicius, Gintaras Cernius Abstract The purpose of the article is to analyse and discuss the Lithuanian financial sector,

More information

Greece. From: OECD Banking Statistics: Methodological Country Notes 2010

Greece. From: OECD Banking Statistics: Methodological Country Notes 2010 From: OECD Banking Statistics: Methodological Country Notes 2010 Access the complete publication at: http://dx.doi.org/10.1787/9789264089907-en Greece Please cite this chapter as: OECD (2011), Greece,

More information

Implications of the SSM for the Nordic banking sector. Stefan Ingves, June 5 2014

Implications of the SSM for the Nordic banking sector. Stefan Ingves, June 5 2014 Implications of the SSM for the Nordic banking sector Stefan Ingves, June 5 2014 Financial trilemma Financial stability Financial integration National supervision Arrangements for cross-border cooperation

More information

FSB launches peer review on deposit insurance systems and invites feedback from stakeholders

FSB launches peer review on deposit insurance systems and invites feedback from stakeholders Press release Press enquiries: Basel +41 61 280 8037 Press.service@bis.org Ref no: 26/2011 1 July 2011 FSB launches peer review on deposit insurance systems and invites feedback from stakeholders The Financial

More information

nstitutional (economic) units, industries and sectors are the main components of economy.

nstitutional (economic) units, industries and sectors are the main components of economy. 2. Sectors of Economy I nstitutional (economic) units, industries and sectors are the main components of economy. The economy is divided into domestic economy and the rest of the world. The domestic economy

More information

Tanner Investor Information 1Q 2014

Tanner Investor Information 1Q 2014 Tanner Investor Information 1Q 2014 Tanner at a Glance Business Description Key Highlights (1Q 14) Tanner Servicios Financieros S.A. ( Tanner ) is a leading Chilean non banking financial institution, offering

More information

Economic Policy Paper 14-2 Federal Reserve Bank of Minneapolis. Ralph S. J. Koijen London Business School

Economic Policy Paper 14-2 Federal Reserve Bank of Minneapolis. Ralph S. J. Koijen London Business School Economic Policy Paper 14-2 Federal Reserve Bank of Minneapolis Growing Risk in the Insurance Sector Developing risk in the life insurance industry requires prudent policy response to prevent broader economic

More information

FINANCIAL DOMINANCE MARKUS K. BRUNNERMEIER & YULIY SANNIKOV

FINANCIAL DOMINANCE MARKUS K. BRUNNERMEIER & YULIY SANNIKOV Based on: The I Theory of Money - Redistributive Monetary Policy CFS Symposium: Banking, Liquidity, and Monetary Policy 26 September 2013, Frankfurt am Main 2013 FINANCIAL DOMINANCE MARKUS K. BRUNNERMEIER

More information

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart

More information

The Mortgage Market Review and Non-bank mortgage lenders is enhanced Prudential Supervision on the way?

The 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 information

The Northern Trust Company, Canada Basel III Pillar lll Disclosure as at December 31, 2015

The Northern Trust Company, Canada Basel III Pillar lll Disclosure as at December 31, 2015 The Northern Trust Company, Canada Basel III Pillar lll Disclosure as at December 31, 2015 Subject to Board Approval Posting date: January 29, 2016 Contents NORTHERN TRUST OVERVIEW AND SCOPE OF APPPLICATION.

More information

UK debt and the Scotland independence referendum

UK debt and the Scotland independence referendum UK debt and the Scotland independence referendum The transfer of debt 1.1 In the event of Scottish independence from the United Kingdom (UK), the continuing UK Government would in all circumstances honour

More information

Cross-border portfolios: assets, liabilities, and nonflow adjustments 1

Cross-border portfolios: assets, liabilities, and nonflow adjustments 1 Cross-border portfolios: assets, liabilities, and nonflow adjustments 1 Stephanie E Curcuru, 2 Charles P Thomas, 2 Francis E Warnock 3 Abstract We document patterns of cross-border asset and liability

More information

MARIST COLLEGE. MBA Concentrations: Course Descriptions

MARIST COLLEGE. MBA Concentrations: Course Descriptions MARIST COLLEGE MBA Concentrations: Course Descriptions ETHICAL LEADERSHIP CONCENTRATION Over the last few decades, ethical leadership has taken on increasing importance. The world s economy has been shaken

More information

combating terrorism financing, those activities aim at enhancing sustainable development and realizing prosperity in Iraq.

combating terrorism financing, those activities aim at enhancing sustainable development and realizing prosperity in Iraq. Central Bank of Iraq Statistics & Research Dept. Financial Market Research Division Summery: Annual Report on Financial Stability in Iraq for 2014 The Central bank of Iraq performs its regulatory, supervisory

More information

Tax Amsterdam. Cash Pooling. Efficient working capital funding

Tax Amsterdam. Cash Pooling. Efficient working capital funding Tax Amsterdam Cash Pooling Efficient working capital funding Cash Pooling in the Netherlands: tax, transfer pricing and legal aspects More and more multinational enterprises (MNEs) set up cash pools to

More information

Global Factors in Capital Flows and Credit Growth by Valentina Bruno, American University Hyun Song Shin, Princeton University Griswold Center for

Global Factors in Capital Flows and Credit Growth by Valentina Bruno, American University Hyun Song Shin, Princeton University Griswold Center for Global Factors in Capital Flows and Credit Growth by Valentina Bruno, American University Hyun Song Shin, Princeton University Griswold Center for Economic Policy Studies Working Paper No. 237, June 2013

More information

3Q14. Are Unconstrained Bond Funds a Substitute for Core Bonds? August 2014. Executive Summary. Introduction

3Q14. Are Unconstrained Bond Funds a Substitute for Core Bonds? August 2014. Executive Summary. Introduction 3Q14 TOPICS OF INTEREST Are Unconstrained Bond Funds a Substitute for Core Bonds? August 2014 Executive Summary PETER WILAMOSKI, PH.D. Director of Economic Research Proponents of unconstrained bond funds

More information

Affecting The Availability of

Affecting The Availability of Financial Regulatory Factors Affecting The Availability of Long-Term Investment t Finance Eric Parrado H. Chairman Banking and Financial Institutions Regulation Authority of Chile Sixth Meeting of the

More information

Banking Union and Nexus between Banks and Sovereigns Jan Frait Executive Director Financial Stability Department

Banking Union and Nexus between Banks and Sovereigns Jan Frait Executive Director Financial Stability Department Banking Union and Nexus between Banks and Sovereigns Jan Frait Executive Director Financial Stability Department Presentation for the workshop Eurozone and the Banking Union Institute for International

More information

Standard Chartered today releases its Interim Management Statement for the third quarter of 2015.

Standard Chartered today releases its Interim Management Statement for the third quarter of 2015. Standard Chartered PLC Interim Management Statement 3 November 2015 Standard Chartered today releases its Interim Management Statement for the third quarter of 2015. Bill Winters, Group Chief Executive,

More information

The FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent

The FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent The FDI regime in Brazil has been fairly open during the last decades. Except in specific situations in the legislation or as a manner to circumvent FDI limitations, there is no distinction between established

More information

Debt securities statistics: the Bank of Thailand s experience 1

Debt securities statistics: the Bank of Thailand s experience 1 Debt securities statistics: the Bank of Thailand s experience 1 Pusadee Ganjarerndee 2 Significant role of debt securities on the Thai economy Prior to the 1997 financial crisis, most capital mobilization

More information

Reporting Form ARF 320.9 Intra-Group Receivables and Payables Instruction Guide

Reporting Form ARF 320.9 Intra-Group Receivables and Payables Instruction Guide Reporting Form ARF 320.9 Intra-Group Receivables and Payables Instruction Guide General directions and notes Reporting entity The Intra-Group Receivables and Payables form is to be completed by all locally

More information

THE EARLY WARNING SYSTEM PRESENTATION DEFINITION

THE EARLY WARNING SYSTEM PRESENTATION DEFINITION THE EARLY WARNING SYSTEM PRESENTED BY: PETER GATERE MANGER, BANK SUPERVISION CENTRAL BANK OF KENYA 1 PRESENTATION Definition Background Objectives of an early warning system Role of qualitative information

More information

Graduate Business Programs SDSU College of Business Administration. MBA Program of Study Worksheet. Finance Specialization

Graduate Business Programs SDSU College of Business Administration. MBA Program of Study Worksheet. Finance Specialization Graduate Business Programs SDSU College of Business Administration MBA Program of Study Worksheet Finance Specialization Program of Study Worksheet: MBA Finance Specialization The MBA requires a 30 48

More information

INTERNATIONAL ECONOMICS, FINANCE AND TRADE Vol. II - Multinational Banking and Global Capital Markets - Barry Williams

INTERNATIONAL ECONOMICS, FINANCE AND TRADE Vol. II - Multinational Banking and Global Capital Markets - Barry Williams MULTINATIONAL BANKING AND GLOBAL CAPITAL MARKETS School of Business, Bond University, Queensland, Australia Keywords: Multinational banking, international finance, euromarkets, foreign exchange, offshore

More information

EASY FOREX TRADING LTD DISCLOSURE AND MARKET DISCIPLINE IN ACCORDANCE WITH CAPITAL ADEQUACY AND THE REQUIREMENTS ON RISK MANAGEMENT

EASY FOREX TRADING LTD DISCLOSURE AND MARKET DISCIPLINE IN ACCORDANCE WITH CAPITAL ADEQUACY AND THE REQUIREMENTS ON RISK MANAGEMENT EASY FOREX TRADING LTD DISCLOSURE AND MARKET DISCIPLINE IN ACCORDANCE WITH CAPITAL ADEQUACY AND THE REQUIREMENTS ON RISK MANAGEMENT 31 st December 2012 Introduction For the purposes of Directive DI144-2007-05

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

Commerzbank: Strategy successful net profit of over 1 billion euros and dividend

Commerzbank: Strategy successful net profit of over 1 billion euros and dividend IR release 12 February 2016 Commerzbank: Strategy successful net profit of over 1 billion euros and dividend Operating profit in 2015 more than doubled to EUR 1,909 m (2014: EUR 689 m) Operating profit

More information