The Changing Face of Municipal Banking: the Effects of Basel III and New Regulations
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1 The Changing Face of Municipal Banking: the Effects of Basel III and New Regulations NYS Association of Counties 2015 Annual Finance School Jim McGlynn, PCB
2 All market participants, including financial institutions, rating analysts, financial journalists and regulators are learning that we now live in an environment where new rules will continue to appear as markets evolve. The Basel banking committee never intended for the first Basel to be set in stone. In our life time, it is more than likely that we could see a Basel V or even a Basel VIII. That reality and its impact, not only to the banking industry, but to the public sector in particular, to our local governments, needs to be communicated to the market, i.e.: what do these changes mean for you? 2
3 Basel III Timeline This Third Accord was agreed upon by the members of the Basel Committee on Banking Supervision back in Basel III was scheduled to be introduced from 2013 until Changes from April 1, 2013 extended implementation until March 31, 2018 (and, most recently, for final full implementation out to 2019). Public commentary on the Accord ended January 31,
4 Key aspects of Basel III are: A stricter definition of capital to increase the quality, consistency and transparency of the capital base Introduction of capital buffers Increased capital requirements for CCR (Counterparty Credit Risk) Introduction of a leverage ratio to supplement the risk-based framework of Basel II A new global liquidity standard introducing two new ratios which banks need to fulfill: LCR (Liquidity Coverage Ratio) and NSFR (Net Stable Funding Ratio) Also included are increased requirements for systemically important financial institutions and strengthening corporate governance 4
5 Impact: Basel III squeezes capital! Basel III has a significant impact on capital requirements: -More strict rules on eligible capital -Risk Weighed Assets increased for some asset classes- Increased capital ratios (Core Tier 1, Tier 1, Conservation buffer, Countercyclical buffer) 5
6 U.S. Basel III Applies to: National banks State member banks State nonmember banks U.S. bank holding companies (BHCs) other than small BHCs State savings associations Federal savings associations Covered savings and loan holding companies (SLHCs) Any of the above that are subsidiaries of foreign banks 6
7 U.S. Basel III Does Not Apply to: Small BHCs: BHCs with < $500 million in total consolidated assets that: are not engaged in significant nonbanking activities; do not conduct significant off-balance sheet activities; and do not have a material amount of SEC-registered debt or equity securities. 7
8 What Does This Mean To Me?
9 Traditional Municipal Banking All services paid by Compensating Balances No Service Charge / New Expense Line Item Higher Value of Funds Paid for Many Services
10 Historical 6-Month CD Rates - Daily Chart
11 The Devaluing of Municipal Deposits Dodd-Frank BASEL I-II- III For Example: A $100 bank fee at 5bps value of municipal funds rate would require $2.4 MM in a non-interest bearing account to compensate in balances.
12 It s Time to Rethink Your Banking! As Bankers rethink municipal deposits. Several reactions include: Maintaining the Status Quo Repricing Limited Positioning of Alternative Investments Review of Collateral Management Practices Valuing Public Sector Deposits against overall Relationship 12
13 Four Bank Reactions in Handling Municipal Customers w/new Regs Exit the Municipal Marketplace Service Charge Municipalities the same as Business Clients Reduce/Alter Services with some Fee Introduction Traditional Municipal Relationship (for now)
14 Steps to Review Understand your FDIC Coverage Consider Alternative Collateralization Options Safety First Don t Get Greedy! Discuss with your Banker how to make your Municipality more attractive 14
15 Balance Four Factors Legality NYS GML Sec. 10 &11 Safety FDIC, business partners, collateral quality Liquidity meet cash flow needs Yield rate You must understand the risks and potential rewards associated with the investment options being considered.
16 Understanding FDIC Insurance Coverage Up to $250,000 for the combined amount of all time and savings accounts (including NOW accounts) and Up to $250,000 for all demand deposit accounts (interest-bearing and noninterest-bearing).
17 FDIC Insurance Example 8 accounts with a local bank. 3 accounts are NIBTA with balances of $1,250,000 and 5 accounts are time and savings accounts with balances of $5,000,000. How much FDIC coverage does the Treasurer have and what is the excess over FDIC? Amount Amount Total of Transaction Acct s $1,250,000 Total of Time & Savings Acct s $5,000, FDIC Coverage Unlimited FDIC Coverage $250,000 Amount in excess of FDIC coverage $0 Amount in excess of FDIC coverage $4,750, FDIC Coverage $250,000 FDIC Coverage $250,000 Amount to be secured by collateral $1,000,000 Amount to be secured by collateral $4,750,000
18 Reciprocal Public Deposits Signed into Law July 2012 Allows New York public agencies to invest their funds using insured reciprocal deposits. Investments must initially be made at or through a bank located in or authorized to do business in the state of New York.
19 Local Government Deposits $1,000,000 in Participating Bank $1,000,000 $800,000 Third Party Processor Local Government Bank of Deposit $200,000 $200,000 $200,000 $200,000 $200,000 Financial Institution D Financial Institution A Financial Institution B Financial Institution C
20 A Sample Provider Promontory (CDARS) Created by former Comptroller of the Currency to create a level playing field with banks too large to fail. Can provide F.D.I.C. coverage up to $80 million dollars Only uses banks that are highly-rated for safety & soundness All receipts, tax filings and written communications are provided through your local depository bank Ends the task of splitting investments among numerous banks to achieve the F.D.I.C. coverage
21 PROS: PROS & CONS An accepted alternative to deposit collateralization May provide higher investment rates Assures safety of municipal deposits with Federal Government backing CONS: Only investible once weekly* Cannot break CDs early* Rates may not be higher * Overnights also available
22 The Bottom Line is Consider using Reciprocal Public Deposits when they bring you higher investment rates Amend your investment policy to include such alternatives as Reciprocal Public Deposits and Letters of Credit to secure your deposits Recognize that some banks may not offer additional securities as deposit collateral since collateral securities are finite
23 Federal Home Loan Bank Letter of Credit May be used in lieu of collateral Investment Alternative is Gaining Popularity Enjoys a AAA rating Boasts OSC Approval No municipality has ever lost money with FHLB Letters of Credit Addresses the finite securities portfolio issue
24 MULOCs - Eligible Under New York State Law 2001 New York Senate Bill No. 7160, New York 225th Annual Legislative Session October 2, 2002 General Municipal Law 10(3) (C) (ii) now provides as follows: In lieu of or in addition to the deposit of eligible securities, the officers making a deposit may, in the case of an irrevocable letter of credit issued in favor of the local government by a Federal Home Loan Bank, whose commercial paper and other unsecured short-term debt obligations are rated in the highest rating category by at least one nationally recognized statistical rating organization, accept such letter of credit payable to such local government for the payment of one hundred percent of the aggregate amount of public deposits from such local officers agreed upon interest, if any. FEDERAL HOME LOAN BANK OF NEW YORK 14
25 Benefits of the FHLBNY MULOC Benefits to Municipality Benefits to Members» Safety of a triple-a-rated L/C Alternate form collateral» No cost to municipality» to use» of» Ability to pledge securities Easy elsewhere» Operationally efficient» Immediate payment to a» Increase earnings of investment portfolio municipal beneficiary if drawn» Eliminates the need to match upon» Approved by the state of securities and monitor calls pp y» Decrease operational expense New York» Low cost Please visit for more information
26 Begin by Updating Investment Policy Make sure your policy allows greatest flexibility for collateralizing your deposits. Become more attractive to potential bankers 26
27 Investment Policy Adopt and update a written investment policy Annual review/approval by board Compliant with GML Local Government Investment Policy must address: Standards for Qualifications of business partners such as creditworthiness, institutional experience and depth, capitalization, size. Collateral Agreements executed and on file, and procedures for monitoring, controlling and retaining collateral. Standards for acceptable Investments and Collateral. Permitted types of authorized investments, and diversification by type of investment and firms with whom you are dealing.
28 Local Governments Investing in Debt of Other NYS Local Governments Investment Alternative is Gaining Popularity Must Fall Within Governments Investment Policy Requires OSC Approval Short term RANs & TANs only Negotiated Rate May be Counted as Shared Service Savings
29 Investing in Local Gov t. Debt Although there is no credit rating requirement, government unit should have an Investment Grade rating Recommend only investing with local municipalities with whom you are comfortable Be aware of the extended preparation period required due to required OSC approval
30 Repurchase Agreements Technically not a deposit, but a sale/resale of securities Not F.D.I.C. insured Requires a third party custodian Short-term (overnight) investments usually offer documentation AFTER the transaction WARNING: Municipal losses with these instruments initiated the 3 rd -party custodian movement
31 Credit Worthiness of Financial Institutions FACTORS TO CONSIDER: Financial information from the bank Municipalities should require the depository financial institution(s) to provide a copy of their annual reports. A financial institution s strength include its Capital Ratio, Return on Assets (ROA), and Return on Equity (ROE). Oversight or regulatory constraints on the institution Creditworthiness of institution (As reported by an independent rating agency) recommended you use an independent bank agency rating report. A commonly utilized resource for bank information is Bauer Financial ( You can access a list of rating agencies from Most of these reports are inexpensive to obtain. Other potential financial information can be found on your bank s website, usually under investor relations or via search engines.
32 Credit Worthiness of Financial Institutions (cont.) Reputation of institution Local government s familiarity with the institution. Local governments may request their depositaries to provide their most recent Consolidated Report of Condition (call report), or may find copies of those reports on the Web at Call reports contain financial information on bank and trust company revenues, expenses, and balance sheet positions.
33 General Municipal Law (GML) Section 10 requires the designation of one or more banks or trust companies for deposit of public funds and for the securing of public deposits not covered by FDIC. Section 11 allows for certain temporary investment of moneys not required for immediate expenditure. Section 39 requires the adoption, by resolution, of an investment policy. Articles 3-A and 5-G govern generally the temporary investment of moneys by more than one municipal corporation pursuant to a municipal cooperation agreement.
34 Collateral Options Pledge of Eligible Securities - Eligible securities pledged to secure local government deposits and investments must have an aggregate market value at least equal to the total amount of excess public deposits and investments under the control of the chief fiscal officer or other officers authorized to make deposits and investments. A pledge of a pro-rata portion of a pool of eligible securities a pool of securities having in aggregate a market value at least equal to the total amount of the public deposits and investments. An eligible surety bond must be executed by an insurance company authorized to do business in New York State, the claims paying ability of which is rated in the highest rating category by at least two nationally recognized statistical rating organizations. The bond must be payable to the local government as security for the payment of 100% of the aggregate amount of public deposits and investments from the local government and agreed-upon interest, if any. An eligible letter of credit for the payment of 140% of the aggregate amount of public deposits and investments from the local government and agreed-upon interest, if any. An irrevocable letter of credit issued by certain federal home loan banks issued by a federal home loan bank whose commercial paper and other unsecured short-term debt obligation are rated in the highest category by at least one nationally recognized statistical rating organization, for the payment of 100% of the aggregate amount of public deposits and investments from the local government and agreed-upon interest, if any.
35 Eligible Securities i) Obligations issued by the United States of America, an agency thereof or a United States government sponsored corporation or obligations fully insured or guaranteed as to the payment of principal and interest by the United States of America, an agency thereof or a United States government sponsored corporation. (ii) Obligations issued or fully guaranteed by the International Bank for Reconstruction and Development, the Inter-American Development Bank, the Asian Development Bank, and the African Development Bank. (iii) Obligations partially insured or guaranteed by any agency of the United States of America, at a proportion of the market value of the obligation that represents the amount of the insurance or guaranty. (iv) Obligations issued or fully insured or guaranteed by this state, obligations issued by a municipal corporation, school district or district corporation of this state or obligations of any public benefit corporation which under a specific state statute may be accepted as security for deposit of public monies. (v) Obligations issued by states (other than this state) of the United States rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. vi) Obligations of Puerto Rico rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (vii) Obligations of counties, cities and other governmental entities of another state having the power to levy taxes that are backed by the full faith and credit of such governmental entity and rated in one of the three highest rating categories by at least one nationally recognized statistical rating organization. (viii) Obligations of domestic corporations rated in one of the two highest rating categories by at least one nationally recognized statistical rating organization. (ix) Any mortgage related securities, as defined in the Securities Exchange Act of 1934, as amended, which may be purchased by banks under the limitations established by federal bank regulatory agencies. (x) Commercial paper and bankers' acceptances issued by a bank (other than the bank with which the money is being deposited or invested) rated in the highest short-term category by at least one nationally recognized statistical rating organization and having maturities of not longer than sixty days from the date they are pledged. (xi) Zero-coupon obligations of the United States government marketed as "Treasury STRIPS".
36 Closing Tips Know the financial institutions with whom you are dealing, including their safety & soundness rating Keep up-to-date on F.D.I.C. and collateral coverage of your deposits, including alternatives Keep your investment policy up-to-date, including new collateral alternatives Understand all investment vehicles before using them for investments Make sure you stay within the law & OSC guidelines Be Prepared for Change
37 References New York State General Municipal Law. Section 10 (Deposits of Public Money) New York State General Municipal Law. Section 11 (Temporary Investments) Office of the New York State Comptroller. Local Government Management Guide: Investing & Protecting Public Funds. Jan FDIC GFOA - A Best Practices Guide to Cash Management in New York State (2 nd Edition) 2007
38 QUESTIONS? For any questions that were not answered, please feel free to contact today s presenter (see below) or your bank s municipal account officers. Jim McGlynn, VP, Pioneer Commercial Bank 21 2 nd St., Troy, NY PH# fax mcglynnj@pioneerbanking.com THANK YOU!
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