3.2 administración de pasivos diferentes a depósitos

8/13/2019 3.2 Administracin de Pasivos Diferentes a Depsitos

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Administracin de Pasivos Diferentes aDepsitos

Copyright 2013 The McGraw-Hill Companies, Inc. Permission required for reproduction or display.


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McGraw-Hill/IrwinBank Management and Financial Services, 7/e 2008 The McGraw-Hill Companies, Inc., All Rights Reserved.

Key Topics

Liability Management Customer Relationship Doctrine Alternative Nondeposit Funds Sources Measuring the Funds Gap Choosing among Different Funds Sources

Determining the Overall Cost of Funds

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Introduction

The traditional source of funds for most depositoryinstitutions is the deposit account

But what does management do to find new money when

deposit volume is inadequate to support all loans andinvestments these institutions would like to make? In this chapter we explore yet another important

nondeposit source of funding selling IOUs in the moneyand capital markets for periods of time that may stretchfrom overnight to several years

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Liability Management and the Customer

Relationship Doctrine The Customer Relationship Doctrine

The first priority of a lending institution is to make loans to all thosecustomers from whom the lender expects to receive positive netearnings

Thus, lending decisions often precede funding decisions All loans and investments whose returns exceed their cost and whose

quality meets the lending institutions credit standards should be made If enough deposits are not immediately available to cover these loans

and investments, then management should seek out the lowest-cost

source of borrowed funds available to meet its customers credit needs During the collapse of the subprime mortgage market in the 2007-2009

business recession, regulators found that many mortgage lenders wentoverboard in approving loans, falling well below normal industrystandards with little or no documentation

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TABLE 13 1 Sample Use of Nondeposit Funds Sources toSupplement Deposits and Make Loans

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Alternative Nondeposit Sources of Funds

Federal Funds Market Repurchase Agreements Borrowing from Federal Reserve Banks Advances from the Federal Home Loan Bank Negotiable CDs Eurocurrency Deposit Market Commercial Paper Long-Term Nondeposit Funds Sources

The usage of nondeposit sources of funds has risen Larger institutions rely on the nondeposit funds market as a key

source of short-term money to meet loan demand andunexpected cash emergencies

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TABLE 13 2 Recent Growth in Nondeposit Sources ofBorrowed Funds at FDIC-Insured Banks and Thrifts

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TABLE 13 3 The Relationship between the Size of Banks andTheir Use of Nondeposit Borrowings (2007 figures for FDIC-

insured banks)

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(continued) Federal Funds Market Borrowing from Federal Reserve Banks

Immediately available reserves are traded between financial institutionsand usually returned within 24 hours

Deposits with correspondent banks and demand deposit balances ofsecurity dealers and governments can be used for loans to institutions

Types of Fed Funds Loan Agreements Overnight Loans

Negotiated via wire or telephone, returned the next day Normally not secured by specific collateral

Term Loans Longer term Fed funds contracts (several days, weeks, or months) Continuing Contracts

Automatically renewed each day Normally between smaller respondent institutions and their larger

correspondents

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(continued) Repurchase Agreements (RPs) as a Source of Funds

Less popular than Fed funds and more complex Viewed as collateralized Fed funds transactions With RPs, the purchaser of Fed funds provides collateral in the

form of marketable securities, reducing the credit risk Most domestic RPs are transacted across the Fed Wire system An RP transaction is often for overnight funds

It may be extended for days, weeks, or even months

Major innovation in the RP market was the invention ofGeneral Collateral Finance (GCF) RPs

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(continued) Borrowing from Federal Reserve Banks The Fed will make the loan through its discount window by crediting

the borrowing institutions reserve account Each loan made by the Federal Reserve banks must be backed by

collateral acceptable to the Fed Several types of loans are available from the Feds discount window

Primary Credit This loan is available for short terms and to institutions in sound financial

condition Rate is slightly higher than the federal funds rate

Secondary Credit These loans are available at a higher interest rate to institutions notqualifying for primary credit

Seasonal Credit These loans cover longer periods than primary credit for small and

medium institutions experiencing seasonal swings in deposits and loans

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(continued) Advances from Federal Home Loan Banks

Allows institutions (home mortgage lenders) to use homemortgages as collateral for advances

A way to improve the liquidity of home mortgages andencourage more lenders to provide credit

Number of loans has increased dramatically in recent years Maturities range from overnight to more than 20 years Federal Home Loan Bank (FHLB) System has 12 regional banks

Has federal charter and can borrow cheaply and pass savings onto institutions

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(continued) Development and Sale of Large Negotiable CDs

An interest-bearing receipt evidencing the deposit of funds in thebank for a specified period of time for a specified interest rate

It is considered a hybrid account since it is legally a deposit Types of Negotiable CDs

Domestic CDs. Euro CDs Yankee CDs

Thrift CDs Fixed-rate CDs Variable-rate CDs

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(continued) Development and Sale of Large Negotiable CDs

Interest rates on fixed-rate CDs are quoted on an interest-bearing basis and the rate is computed assuming a 360-day year

Represent the majority of all large negotiable CDs issued Example

Suppose a depository institution promises an 8 percent annualinterest rate to the buyer of a $100,000 six-month (180-day) CD

The depositor will have the following at the end of six months

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(continued) The Eurocurrency Deposit Market Eurocurrency deposits were developed originally in Western Europe to

provide liquid funds that could be swapped among multinational banksor loaned to the banks largest customers

Eurodollars are dollar-denominated deposits placed in bank officesoutside the United States Because they are denominated on the receiving banks books in dollars

rather than in the currency of the home country and consist ofaccounting entries in the form of time deposits, they are not spendableon the street like currency

Most Eurodollar deposits are fixed-rate time deposits Floating-rate CDs (FRCDs) and floating-rate notes (FRNs) were

introduced in an effort to protect banks and their Eurodepositors fromthe risk of fluctuating interest rates

The Eurocurrency market is the largest unregulated financialmarketplace in the world

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(continued) Commercial Paper Market Commercial paper consists of short-term notes, with maturities

normally ranging from three or four days to nine months, issued bywell-known companies to raise working capital Industrial Paper purchase inventories Finance Paper Issued by finance companies and financial holding

companies The notes are generally sold at a discount from face value through

security dealers or through direct contact with the issuing company

This funds source tends to be high in volume and moderate in cost butalso volatile in available capacity and subject to credit risk Recently foreign banks have accelerated their mining of both European

and American paper markets despite the pressures of the GreatRecession

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(continued) Long-Term Nondeposit Funds Sources

The nondeposit sources of funds discussed to this point aremainly short-term borrowings

However, many financial firms also tap longer-termnondeposit funds stretching well beyond one year

Examples include mortgages issued to fund the constructionof buildings and capital notes and debentures

These longer-term nondeposit funds sources have remained

relatively modest over the years due to regulatory restrictionsand the augmented risks associated with long-term borrowing

Also, because most assets and liabilities held by depositoryinstitutions are short- to medium-term, issuing long-termindebtedness creates a significant maturity mismatch

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Choosing among Alternative Nondeposit

Sources The demand for nondeposit funds is determined basically

by the size of the gap between the institutions total creditdemands and its deposits and other available monies

Gap is based on: Current and projected demand and investments the bank

desires to make Current and expected deposit inflows and other available

funds Size of this gap determines the need for nondeposit funds

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Sources (continued) Nondeposit Funding Sources: Factors to Consider

1. The relative costs of raising funds from each source2. The risk (volatility and dependability) of each funding

source3. The length of time (maturity or term) for which funds are

needed4. The size of the institution that requires more funds5. Regulations limiting the use of alternative funds sources

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Sources (continued) A good formula for doing cost comparisons among alternativesources of funds

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TTULOS HIPOTECARIOS2

EMISIN DE OBLIGACIONE

QUIROGRAFARIAS4

OPER CIONES B NC RI S

P SIV S

Llamados originalmente cdulashipotecariasSe emiten con respaldo de garanta decrditos hipotecarios de primer grado

previamente constituida a favor de losbancos hipotecariosLa garanta no son los inmuebles, sinolos crditos hipotecarios de los cuales elbanco es el acreedorInstrumento de largo plazoFinancia el sector de la construccin y dela viviendaPueden ser de dos clases:

Con garanta global garantizados contodos los crditos hipotecarios queposee el bancoCon garanta especifica cuando elbanco designa previamente cuales sonlos crditos hipotecarios quegarantizan la emisin

EMISIN DE PAPELESCOMERCIALES3

Papeles Comerciales:Plazo de vencimiento entre 15 y 360dasGeneralmente colocados a descuentopor lo tanto generan interesesimplcitosNo gozan de la garanta

Obligaciones Quirografarias:Plazos de vencimiento superiores alaoIntereses explcitos a tasas variableNo gozan de la garanta


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Es un conjunto de mecanismos, prcticase instrumentos, mediante los cuales lasinstituciones bancarias se otorganprstamos entre ellas.

Los bancos hacen uso de las reservasbancarias excedentes que tiene en el BC.La finalidad de estos prstamos esresolver problemas puntuales de liquidezEl plazo usual es de 1 a 2 dasLa tasa de inters es voltilParticipan bancos comerciales yuniversalesLa Cmara de Compensacin

Venta de Participaciones alPblicoEl BCVEl Reporto (como Reportado)Descuento PasivoRedescuento PasivoAnticipo Pasivo

OPER CIONES B NC RI S

P SIV S

El Mercado Interbancario Las Operaciones Interbancarias comprendentodas aquellas operaciones que pacten y realicenexclusivamente las instituciones financieras entres, activas y pasivas, como el otorgamiento decrditos con cargo a la cuenta de depsito en el

Banco Central, la contratacin de garantas,cartas de crdito, aceptaciones comerciales,operaciones de confianza y fideicomiso ycualesquiera otras operaciones propias de lasinstituciones financieras, de conformidad con laley. Las operaciones aqu indicadas deben tener,en todo caso, un legtimo carcter comercial o

financiero.

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McGraw-Hill/IrwinB k M g t d Fi i l S i 7/ 2008 The McGraw-Hill Companies, Inc., All Rights Reserved.

Quick Quiz

What is liability management? What advantages and risks does the pursuit of liability management bring

to a borrowing institution? What is the customer relationship doctrine, and what are its implications

for fund-raising by lending institutions? What are the principal advantages to the borrower of funds under an RP

agreement? What are the advantages of borrowing from the Federal Reserve banks or

other central bank? Are there any disadvantages?

How is a discount window loan from the Federal Reserve secured? Iscollateral really necessary for these kinds of loans? Why were negotiable CDs developed? What is the available funds gap? What factors must the manager of a financial institution weigh in choosing

among the various nondeposit sources of funding available today?

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