zhou liab.docx
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zhou liab.docx
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zhouliab
Ch3LiabilityManagement
Tofundtheiroperationsandtogrow,banksandcompetingfinancial-serviceinstitutionshavelearnedtoseekoutmultiplesourcesoffunds,includingcheckableandsavingsdepositssoldtothepublicandnondepositborrowingsfromotherbanks,thrifts,securityfirms,andevenindustrialcorporations.
Liabilitymanagementplaysanimportantroleintherisk-returntrade-off(交易)atcommercialbanks.
Liabilitymanagementdecisionsaffectprofitabilitybydetermininginterestexpenseonborrowedfunds,non-interestexpenseassociatedwithcheckhandingcosts,personnelcost,andnon-interestincomefromfeesanddepositservicecharges.Theyaffectinterestrateriskandliquidityriskbydeterminingtheratesensitivityofliabilities,thestableofdepositstowardpreventingunanticipateddepositoutflows,andtheeaseofaccesstopurchasingfunds.
Thischapterexaminesfourrelatedissues.First,itdescribestheproperties(性质)oftheliabilities.Thesecondpartexaminesthecompositionofvariousbanksliabilities.Third,itdiscusseshowbankmanagesdeposits.Thefinalpartdescribesnon-depositsborrowingmanagement.
1TheProperties(性质)ofBankLiabilities
Bank’sfundmainlycomesfromliabilities.
Thescaleandstructureofliabilitiesdetermineitsassetscaleandstructure.(负债的规模和结构决定其资产的规模和结构)
Liabilitiesareanimportantmeansforbanktomeetliquidity.
Liabilitiesformtheamountofcurrencycirculatedinsociety.
2TheCompositionofBankLiabilities
Liabilitiesinvolvedifferenttypesbydifferentstandard.Itcanbeclassifiedasvariousdeposits,variousnon-depositborrowingandotherliabilities.Itcanbeclassifiedasliquidliabilities,duetobondsandotherlong-termliabilities.
●ClassifiedbyContent
ØVariousdeposits
ØVariousnon-depositborrowing
ØOtherLiabilities
●ClassifiedbyLiquidity
ØLiquidliabilities
ØDuetobonds(应付债券)
ØOtherlong-termliabilities(其他长期负债)
Liabilitiescanbeclassifiedasinterest-bearingandnon-interest-bearing,transactionaccounts,otheraccountsandliabilitieswithlong-termfixedmaturities.Transactionaccountsusuallypayrelativelylowexplicitinterestratesbuthavehighernon-interestprocessingcosts.Otheraccountsofferlimitedcheckwritingcapabilitiesbutpayhigherrates.Liabilitieswithlong-termfixedmaturitiestypicallypaythehighestinterestratesbuthavethelowestnon-interesttransactioncost.Customerswhoholdeachinstrumentresponddifferentlytointerestratechanges.Thus,thecompositionandmaturity/durationofeachbank’sliabilitiesareimportantdeterminantsoftheinterestcostandliquidityandinterestrateriskassociatedwithperformance.
3DepositManagement
Thispartdiscussesfourmajorissues----theobjectivesofdepositmanagement,twokeyissuesinmanagementthepublic’sdeposit,typesofthedepositsandpricingdeposit.
Theobjectivesofdepositmanagement
Twokeyissuesinmanagementthepublic’sdeposit
Typesofthedeposits
Pricingdeposit
Theobjectivesofdepositmanagementaretokeepdepositstable,lowerdepositcostratioandtoimprovedepositincreasingratio.
3.1Theobjectivesofdepositmanagementareasfollowing.
Tokeepdepositstable
Tolowerdepositcostratio
Toimprovedepositincreasingratio
Depositsareakeyelementindefiningwhatabankingfirmreallydoesand,whatcriticalrolesitplaysintheeconomy.Itisnecessaryforthebanktoattractdepositssincedepositsprovidemostoftherawmaterialformakingloans.
Depositmanagementinvolvesthetwokeyissuesthateverybankorotherdepositoryinstitutionmustdealwithinmanagingthepublic'sdeposits:
(1)wherecanfundsberaisedatthelowestpossiblecost?
And
(2)howcanmanagementensurethattheinstitutionalwayshasenoughdepositstosupportthevolumeofloansandotherinvestmentsandservicesthepublicdemands?
Thisinvolveshowbankingkeepsthedepositstableandimprovesthedeposit-increasingratio.
(1)wherecanfundsberaisedatthelowestpossiblecost?
(2)howcanmanagementensurethattheinstitutionalwayshasenoughdepositstosupportthevolumeofloansandotherinvestmentsandservicesthepublicdemands?
Inthispart,weexplorethetypesofdepositsbanksandtheircompetitorsselltothepublic.Weexaminehowdepositsarepricedaswell,themethodsfordeterminingtheircosttotheofferinginstitution.
3.2TypesofDepositsOfferedbyBanksandOtherDepositoryInstitutions
Depositsofferedbybankscanbeclassifiedastransactionandnon-transactiondeposits.
ØNon-transactionDeposits
ØTransactionDeposits:
Non-interest-bearingdemanddeposits
Interest-bearingdemanddeposits
NOW
ATS
MMDAs
SuperNOW
☐Lowexplicit(明白的)interestrates
☐Highnon-interestprocessingcosts
3.2.1Transaction(Payments)Deposits
Thistransaction,ordemand,depositservicerequiresthebankorotherfinancial-serviceprovidertohonorimmediatelyanywithdrawalsmadeeitherinpersonbythecustomerorbyathirdpartydesignatedbythecustomertobetherecipientofthefundswithdrawn.
(1)Non-interest-BearingDemandDeposits
InterestpaymentshavebeenprohibitedonregularcheckingaccountsintheUnitedStatessincepassageoftheGlass-SteagallActof1933.Congressfearedatthetimethatpayinginterestonimmediatelywithdrawaldepositsendangeredbanksafety--apropositionthatresearchershavesubsequentlyfoundtohavelittlesupport.However,demanddepositsareamongthemostvolatileandleastpredictableofadepositoryinstitution'ssourcesoffunds,withtheshortestpotentialmaturity,becausetheycanbewithdrawnwithoutpriornotice.BusinessfirmsholdmostNon-interest-bearingdemanddeposits.
(2)Interest-BearingDemandDeposits
Manyconsumerstodayhavemovedtheirfundsintoothertypesofcheckabledepositsthatpayatleastsomeinterest.Interest-bearingdemanddepositsconsistofNOW,ATS(automatictransfers).
Interest-BearingDemandDepositscanbeclassifiedas
NOW
ATS
MMDAs
SuperNOW
BeginninginNewEnglandduringthe1970s,hybridchecking-savingsdepositsbegantoappearintheformofnegotiableorderofwithdrawal(NOW)accounts.NOWaccountsaresimplyademanddepositthatpaysinterest.TheNOWcanbeusedjustlikeacheckingaccounttopayforpurchasesofgoodsandservices.
AnATSaccountrefersthatadepositor'ssavingaccountfromwhichfundsmaybetransferredautomaticallytothesamedepositor'scheckingaccounttocoveracheckwrittenortomaintainaminimumbalance.ItisbasicallythesameasNOWaccountsbutthestructureisdifferent.
MMDAsareshort-maturitydepositsthatmayhaveatermofonlyafewdays,weeks,ormonths,andthebankorthriftinstitutioncanpayanyinterestratethatiscompetitiveenoughtoattractandholdthecustomer'sdeposit.Uptosixpreauthorizeddraftspermonthareallowed,butonlythreewithdrawalsmaybemadebywritingchecks.Thereisnolimittothepersonalwithdrawalsthecustomermaymake(thoughbanksandotherserviceprovidersreservetherighttosetmaximumamountsandfrequenciesforpersonalwithdrawals).UnlikeNOWs,MMDAscanbeheldbybusinessesaswellasindividuals.
SuperNOWrefersthatderegulatedtransactionaccountauthorizedfordepositoryinstitutionsin1982.ItpaidinteresthigherthanonaconventionalNOW(NegotiableOrderofWithdrawal)accountbutslightlylowerthanthatontheMoneyMarketDepositAccount(MMDA).Withthederegulationofbankingdepositaccountsin1986,however,banksarefreetopaywhateverratestheyfeelcostconsiderationsandcompetitiveconditionswarrant.AlthoughsomebankscontinuetoofferMMDAaccountswhichpayaslightlyhigherratetocompensateforthefactthatcheckwritingislimitedtothreechecksamonth,mostbanksnowofferonetransactionaccountwithunlimitedcheckwriting.SuperNOWswereauthorizedataboutthesametimeasMMDAs,buttheymaybeheldonlybyindividualsandnonprofitinstitutions.Thenumberofchecksthedepositormaywriteisnotlimitedbyregulation.However,banksandthriftinstitutionspostloweryieldonSNOWsthanonMMDAsbecausetheformercanbedraftedmorefrequentlybycustomers.Incidentally,federalregulatoryauthoritiesclassifyMMDAstodaynotastransaction(payments)deposits,butassavingsdeposits.Theyareincludedinthissectionontransactionaccountsbecausetheycarrycheck-writingprivileges.
3.2.2Non-transaction(SavingsorThrift)Deposits
Savingsdeposits,orthriftdeposits,aredesignedtoattractfundsfromcustomerswhowishtosetasidemoneyinanticipationoffutureexpendituresorfinancialemergencies.Thesedepositsgenerallypaysignificantlyhigherinterestratesthantransactiondepositsdo.Withthederegulationofbankingdepositaccountsin1986,however,banksarefreetopaywhateverratestheyfeelcostconsiderationsandcompetitiveconditionswarrant.AlthoughsomebankscontinuetoofferMMDAaccountswhichpayaslightlyhigherratetocompensateforthefactthatcheckwritingislimitedtothreechecksamonth,mostbanksnowofferonetransactionaccountwithunlimitedcheckwriting.SuperNOWswereauthorizedataboutthesametimeasMMDAs,buttheymaybeheldonlybyindividualsandnonprofitinstitutions.Thenumberofchecksthedepositormaywriteisnotlimitedbyregulation.However,banksandthriftinstitutionspostloweryieldonSNOWsthanonMMDAsbecausetheformercanbedraftedmorefrequentlybycustomers.Incidentally,federalregulatoryauthoritiesclassifyMMDAstodaynotastransaction(payments)deposits,butassavingsdeposits.Theyareincludedinthissectionontransactionaccountsbecausetheycarrycheck-writingprivileges.
3.3MainWaystoPriceDeposit
Weha
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