第三章 商業(yè)銀行負(fù)債管理(對外經(jīng)濟(jì)貿(mào)易大學(xué) 何自云)

第三章商業(yè)銀行負(fù)債管理對外經(jīng)濟(jì)貿(mào)易大學(xué)金融學(xué)院何自云Chapter2ManagingLiabilitiesTheCompositionofBankLiabilitiesCharacteristicsofSmallDenominationLiabilitiesCharacteristicsofLargeDenominationLiabilitiesFundingCostsandBankingRisk儲蓄管理規(guī)定人民幣銀行結(jié)算賬戶管理辦法美國存款保險制度及其啟示

(FederalDepositInsurance)CompositionofBankLiabilitiesDifferenttypesofliabilitiesInterest-bearingandnon-interest-bearingTransactionaccounts:LowexplicitinterestratesHighnon-interestprocessingcostsOtheraccounts:LimitedcheckwritingcapabilitiesHigherratesLiabilitieswithlong-termfixedmaturitiesHighestinterestratesLowestnon-interesttransactionPriorto1960Banksreliedonstandardizeddemandandsavingsdepositsastheirprimarysourceoffunds.Gov’tdeterminedallowableinterestrates,andallbankspaidthemaximum.Bankscompeteforfundsonlybydifferentiatingthequalityofserviceandpayingimplicitinterest.Primarystrategy:officeandbranches.From1961on1961:Citibank,CDMarketratefellbelowtheceiling.Othermarketrateinstrumentsemerged.Today,virtuallyallbankliabilitiesarefreeofregulatoryrestrictionsonallowablerates,maturities,andminimumdenominations.Bankscanofferanydepositproduct.Pricecompetitionisthedominantconsideration.ProblemscreatedbythefreedomCustomershavebecomemuchmorerateconscious:interestelastic.Customersprefershorter-termdepositsstrongly:lowerinterestraterisk.LiabilitiesbecomemoreratesensitivePricingassetsbecomesmoredifficultSmalldenominationliabilitiesUnder$100,000(v.s.multiplesof$1million)NormallyheldbyindividualinvestorsNotactivelytradeinthesecondarymarket.TransactionsaccountsDemanddepositsInterest-checkingNegotiableordersofwithdrawal,NOWsAutomatictransfersfromsavings,ATSMoneymarketdepositaccounts,MMDABanksdifferentiatebetweendepositsinthenumberofcheckspermitted,minimumdenominationrequired,andtheinterestpaid.ServicechargesFormanyyearsbankspricedcheck-handlingservicesbelowcost,becausebankspaidbelow-marketratesonmostdeposits.Thislowinterestsubsidyimplicitlycoveredthelosses:20%customerssubsidize80%.Becausebanksnowpaymarketratesondeposits,theywantallcustomerstopayatleastwhattheservicescost.Manybankshaveunbundledservicesandpriceeachseparately.LargedenominationliabilitiesFundspurchasedinthemoneymarkets.Denominatedin$1millionmultiples.Becausecustomersmovetheirinvestmentsonthebasisofsmallratedifferentials,thesefundsarelabeled“hotmoney”,volatileliabilities,orshort-termnoncorefunding.JumboCDs(CDsover$100,000)

FederalFundsPurchased

SecurityRepurchaseAgreementsFundingcostsandbankingriskBanksfacetwofundamentalproblemsinmanagingtheirliabilitiesUncertaintyoverwhatratestheymustpaytoretainandattractfunds.Uncertaintyoverthelikelihoodthatcustomerswillwithdrawtheirmoneyregardlessofrates.Thebasicfearisthattheywillbevulnerabletoaliquiditycrisisarisingfromunanticipateddepositwithdrawals.RatesregulationandliquidityWhendepositsrateswereregulatedandbankspaidthemaximumratesallowed,depositswererelativelystableandliquiditywaslessaproblem.Interestratederegulationandbankcompetitionhavesinceincreaseddepositors’rateawarenesssothatmanyindividualsandfirmsmovefundstoinstitutionspayingthehighestrates.Customerloyaltyiscloselytiedtodepositsizeandthequalityofbankservice.Moreloyal:small;betterservice;bundledservice.FundingCostsandBankingRiskFundingSourcesandInterestRateRiskFundingSourcesandLiquidityRiskFundingSourcesandCreditRiskFundingSourcesandBankSafetyFundingsources&rateriskDuringthe1980s,mostbanksexperiencedashiftincompositionofliabilitiesawayfromdemanddepositsintointerest-bearingtimedepositsandotherborrowedfunds.TheremovalofRegulationQinterestrateceilingAvolatileinterestrateenvironmentThedevelopmentofnewdepositandmoneymarketproducts.Thecumulativeeffectwastoincreasetheinterestsensitivityoffundingoperations.Fundingsources&rateriskDepositorsandinvestorsprefershort-terminstruments.Banks’response:Paypremiumstoinducethemlengthenmaturitiesandassumeinterestraterisk;orRepriceliabilitiesmorefrequently.Thesechangesaffectabank’sinterestrateriskpositiontotheextentthattheydonotadjusttheirassetratesensitivity.Fundingsources&rateriskWaystomangeinterestrateriskAcquiremorerate-sensitiveassets:Priceallloansonafloating-ratebasis;Buybondswithshorter-maturitiesAggressivelycompeteforretailcoredeposits.Fundingsources&liquidityriskLiquidityriskassociatedwithabank’sdepositbaseisafunctionofmanyfactors:Thenumberofdepositors;Averagesizeofaccounts;Locationofthedepositor;Specificmaturityofeachaccount;RatecharacteristicsofeachaccountThesefeaturesarecustomer-driven,andbankscannotdictatethetermsofdepositcontracts.Customersarebecomingmorerate-sensitive.Itisincreasinglydifficulttoestablishlong-termcustomerrelationshipsthatwithstandratedifferentials,aproblemcompoundedinvirtuallyeverybankingmarketthathasatleastonefirmthatpayspremiumratesatallmaturities.Whatcanbanksdo?MonitorpotentialdepositoutflowsPeriodicallycontactlargedepositorsUnderstandtheinterestelasticityofcustomerdemands,anddevelopwaystochangeit:PackagingdepositproductswithotherservicesorprivilegesDevelopingpersonalrelationshipswithdepositorsAttractcoredepositsBuildaliquiditybufferSmallbanks:promoteservicesLargebanks:borrowmorefundsthantheyneedFundingsources&creditriskChangesinthecompositionandcostofbankfundscanindirectlyaffectabank’screditriskbyforcingittoreduceassetquality.Banksmakeriskierloansathigherpromisedyields.Thiseffectisgreatestatsmallbankswithlimitedopportunitiestosupplementearningsinotherways.Fundingsources&banksafetyChangesinthecompositionandcostofbankfundshaveclearlyloweredtraditionalearnings.Thisdecreaseslowscapitalgrowthandincreasesleverageratio.Borrowingcostswillultimatelyincreaseunlessnon-interestincomeoffsetsthisdeclineorbanksobtainnewexternalcapital.Banksafetyhasthusdeclinedintheaggregate.儲蓄管理條例:自1993年3月1日起施行第三條：“任何單位和個人不得將公款以個人名義轉(zhuǎn)為儲蓄存款?！钡谖鍡l：“儲蓄機(jī)構(gòu)辦理儲蓄業(yè)務(wù)，必須遵循‘存款自愿，取款自由，存款有息，為儲戶保密’的原則?！钡谑龡l：“儲蓄機(jī)構(gòu)應(yīng)當(dāng)按照規(guī)定時間營業(yè)，不得擅自停業(yè)或者縮短營業(yè)時間。”第十四條：“儲蓄機(jī)構(gòu)應(yīng)當(dāng)保證儲蓄存款本金和利息的支付，不得違反規(guī)定拒絕支付儲蓄存款本金和利息。”第十五條：“儲蓄機(jī)構(gòu)不得使用不正當(dāng)手段吸收儲蓄存款。”儲蓄種類第16條儲蓄機(jī)構(gòu)可以辦理下列人民幣儲蓄業(yè)務(wù)：活期儲蓄存款整存整取定期儲蓄存款零存整取定期儲蓄存款存本取息定期儲蓄存款整存零取定期儲蓄存款定活兩便儲蓄存款Savingsdeposits(inwesterncountries):Payinterest,typicallyatbelow-marketinterestratesDonothaveaspecificmaturityUsuallycanbewithdrawnupondemand儲蓄存款利率和計息第二十二條：“儲蓄存款利率由中國人民銀行擬訂，經(jīng)國務(wù)院批準(zhǔn)后公布，或者由國務(wù)院授權(quán)中國人民銀行制定、公布。”第二十三條：“儲蓄機(jī)構(gòu)必須掛牌公告儲蓄存款利率，不得擅自變動?！钡诙臈l：“未到期的定期儲蓄存款，全部提前支取的，按支取日掛牌公告的活期儲蓄存款利率計付利息；部分提前支取的，提前支取的部分按支取日掛牌公告的活期儲蓄存款利率計付利息，其余部分到期時按存單開戶日掛牌公告的定期儲蓄存款利率計付利息。”儲蓄存款利率和計息（續(xù)）第二十五條：“逾期支取的定期儲蓄存款，其超過原定存期的部分，除約定自動轉(zhuǎn)存的外，按支取日掛牌公告的活期儲蓄存款利率計付利息?！钡诙邨l：“活期儲蓄存款在存入期間遇有利率調(diào)整，按結(jié)息日掛牌公告的活期儲蓄存款利率計付利息。全部支取活期儲蓄存款，按清戶日掛牌公告的活期儲蓄存款利率計付利息。”銀行保密責(zé)任第三十二條：“儲蓄機(jī)構(gòu)及其工作人員對儲戶的儲蓄情況負(fù)有保密責(zé)任。儲蓄機(jī)構(gòu)不代任何單位和個人查詢、凍結(jié)或者劃撥儲蓄存款，國家法律、行政法規(guī)另有規(guī)定的除外。”人民幣銀行結(jié)算賬戶管理辦法中國人民銀行發(fā)布，自2003年9月1日起施行。第三條：“銀行結(jié)算賬戶按存款人分為單位銀行結(jié)算賬戶和個人銀行結(jié)算賬戶。”單位銀行結(jié)算賬戶：存款人以單位名稱開立個人銀行結(jié)算賬戶：存款人憑個人身份證件以自然人名稱開立第7條：“存款人可以自主選擇銀行開立銀行結(jié)算賬戶。除國家法律、行政法規(guī)和國務(wù)院規(guī)定外，任何單位和個人不得強令存款人到指定銀行開立銀行結(jié)算賬戶?！眴挝汇y行結(jié)算賬戶：種類第11條：“基本存款賬戶是存款人因辦理日常轉(zhuǎn)賬結(jié)算和現(xiàn)金收付需要開立的銀行結(jié)算賬戶?！钡?2條：“一般存款賬戶是存款人因借款或其他結(jié)算需要，在基本存款賬戶開戶銀行以外的銀行營業(yè)機(jī)構(gòu)開立的銀行結(jié)算賬戶。”第13條：“專用存款賬戶是存款人按照法律、行政法規(guī)和規(guī)章，對其特定用途資金進(jìn)行專項管理和使用而開立的銀行結(jié)算賬戶。”第14條：“臨時存款賬戶是存款人因臨時需要并在規(guī)定期限內(nèi)使用而開立的銀行結(jié)算賬戶。”單位銀行結(jié)算賬戶：管理規(guī)定第4條：“單位銀行結(jié)算賬戶的存款人只能在銀行開立一個基本存款賬戶?！钡?3條：“基本存款賬戶是存款人的主辦賬戶。存款人日常經(jīng)營活動的資金收付及其工資、獎金和現(xiàn)金的支取，應(yīng)通過該賬戶辦理。”第34條：“一般存款賬戶可以辦理現(xiàn)金繳存，但不得辦理現(xiàn)金支取?！钡?條：“存款人開立基本存款賬戶、臨時存款賬戶和預(yù)算單位開立專用存款賬戶實行核準(zhǔn)制度，經(jīng)中國人民銀行核準(zhǔn)后由開戶銀行核發(fā)開戶登記證。但存款人因注冊驗資需要開立的臨時存款賬戶除外。”個人銀行結(jié)算賬戶第15條：“個人銀行結(jié)算賬戶是自然人因投資、消費、結(jié)算等而開立的可辦理支付結(jié)算業(yè)務(wù)的存款賬戶。”第43條：“儲蓄賬戶僅限于辦理現(xiàn)金存取業(yè)務(wù)，不得辦理轉(zhuǎn)賬結(jié)算。”存款保險：概念為了保護(hù)中小存款人的利益，維護(hù)金融體系的安全與穩(wěn)定，吸收存款的機(jī)構(gòu)定期按照一定的比例向存款保險機(jī)構(gòu)交納保費，以便在非常之時，由存款保險機(jī)構(gòu)負(fù)責(zé)按照一定比例賠付存款人，并對有問題機(jī)構(gòu)進(jìn)行處置的制度。聯(lián)邦存款保險公司（FDIC）美國是世界上最早建立存款保險制度的國家。1933年7月FDIC正式成立獨立的聯(lián)邦政府機(jī)構(gòu)，直接向美國國會負(fù)責(zé)1934年建立聯(lián)邦儲蓄信貸保險公司（FSLIC）1987年資不抵債，1989年解散（破產(chǎn)倒閉）FDIC的三大職能存款保險職能：首要職能銀行監(jiān)管職能：直接監(jiān)管了5616家非美聯(lián)儲成員的州注冊銀行和儲蓄信貸機(jī)構(gòu)處置倒閉存款機(jī)構(gòu)的職能美國法律規(guī)定，F(xiàn)DIC是所有倒閉聯(lián)邦銀行和聯(lián)邦儲蓄信貸協(xié)會的清算管理人，目前大部分州也任命FDIC為倒閉州銀行的清算管理人。保險基金基金來源：銀行和