资本市场和金融机构(5)

THEFINANCIALSERVICESSECTORINCANADA:DepositTakingInstitutions(DTI)(BasedonChapter2oftheTextbookbySaunders,CornettandMcGraw)OutlineImportanceofDTI.DepositaryFIs:TheBanksBalanceSheetCreditUnionsBankRegulatorsandregulationsConclusions1.ImportanceofDTIMajorsourceofinvestmentbyindividualsTheclaimsonDepositoryInstitutions(demanddeposits)resultonthemajorityofmoneysupplyMainchannelforsociety’stransmissionofrisksandfundsCriticaltotheoverallpaymentssystemWithFIs↓Informationasymmetry(betweenlenders&borrowers)↑FlowoffundsFIs↑Savings↑InvestmentEconomicgrowth↑Society’sWell-being2.DepositoryFinancialInstitutions:TheBanks‘PlayapivotalroleinthedeliveryoffinancialservicesandarethedrivingforcebehindCanada’sfinancialsystem’MainFunctionChannelfundsfromsavers(deposit-taking)toborrowers(loans).Coreservices:depositsandloans,Otherservices:Moneyorders,foreignexchange,lettersofcredit,mortgages,financialplanning,RRSPs,insuranceproductssuchascreditorlifeinsuranceandinvestmentproducts.SomereasonswhytheCdnbankingsystemhasnotbeennegativelyaffectedasintheU.S.bythesubprimecrisis.[CanadianBankersAssociationApril2009]BanksinCanadaaremoreregulatedthanintheU.S.Canada’sbanksareamongthebestcapitalizedintheworld.Canadianshavenothadtobailoutfinancialinstitutions,injectcapitalintoinstitutions,orsetuppublicentitiestobuytoxicassets–unliketheU.S.Thevastmajorityofmortgageloansareprime.Mortgagesinarrearsremainverylow(only0.38%)Mortgageswithlessthan20%downmustbeinsured–unlikeintheUS.TheWorldEconomicForumranksCanada’sbankingsystemasthemostsoundintheworld.TheBanksLargestDepositoryInstitutionsTotalAssets($Billions)RoyalBankofCanada$447.7Toronto-DominionBank311.0BankofMontreal295.2BankofNovaScotia279.9CanadianImperialBankofCommerce388.0DesjardinsGroupInc.(creditunion)103.6NationalBankofCanada275.2HSBCBankofCanada43.3LaurentianBankofCanada16.6VancouverCitySavings(creditunion)10.5BanksinCanadaSource:CBA2005FederallyregulatedandgovernedbytheBankActCategoriesofBanksScheduleI:DomesticBanks(20)Sharesmustbewidelyheldwhichservestorestrictanyoneshareholderorgroupfromhavingcontroloverabank(<20%sharesowned).CdnBanks:95%oftotalassetsofbankingindustry(Oct2004)ScheduleIIbanks:ForeignBankSubsidiaries(24)Sharescloselyheldbyforeignbanksorothereligiblefinancialinstitutions.Examples:HSBCBankCanada,IntesaBciCanada,AmexBankofCanada,CitibankCanada,andINGBankofCanada.ScheduleIIIbanks:ForeignBankBranches(29)(Takewholesaledepositsonly>$150,000)Examples:J.P.MorganChaseBank,ABNAmroBankN.V.BayerischeLandesbankForeignlendingbranches(5)InternationalActivityoftheBigSixBankPrimaryFocusInt’lAssets%ofInt’l(Cdn(C$billions)Assetsintotalassets)BofMU.S.,Mexico11243%CIBCU.S.10837%BofNSSouthAmerica,U.S.13947%TDCanadaTrustU.S.9932%RoyalBankEurope,Asia18948%NationalBankNosignificantinternationalpresence1520%(Source:OSFI,Money,BankingandFinancialMarkets,Miskin,Serletis,2005,2ndCdnedition)3.BalanceSheet(SeeTable1-3,Aug1999)TotalAssets(usesoffunds)=Totalliabilities+capital(bothcomprisethesourcesofbankfunds)Liabilities:Mainsourcesoffunds(UpdatedfiguresOct2004)a)deposits(67%ofbankliabilities)66%(Oct2004)b)borrowing(27%)29%c)equity(5%)5%Assets:Mainusesoffundsa)Loans(60%)56%b)Securities(21%)25%c)Cashresources(7.3%)5%Exposure:Loandefault(Defaultrisk)&Maturitymismatch(Interestraterisk)UsesofFundsAbankusesthefundsthatithasacquiredbyissuingliabilities(shorttermdeposits)topurchaseincome-earningsassets(longtermassets-lessliquidandmorerisky).ProcesscalledAssetTransformationThisinvolvesLiquidityRiskHigh%ofLoan(longterm)involveshighDefaultRiskTrendFewercorporateloansduetodisintermediation(RemovalofaFIsintransaction.)PrivateplacementsthroughInstitutionalInvestors(Largenon-bankFIs)SourcesofFundsDepositsandBorrowingDemanddeposits.Checkingaccounts(payableondemand)NoticeDeposits:InterestbearingdepositsthatcanbewithdrawnwithpriornoticeFixedTermdeposits:Interestbearingdeposits.IncludesInterbankmarketdeposits(41%)Non-DepositsAdvancesfromBofC(overdraftsloans)OvernightloansCommercialpaperDebenturesBankCapital(networth)Fundsareraisedbysellingnewstockorfromretainedearnings.Off-balanceSheetitemsNorecordedonthebalancesheetContingentitems:Occurrence,timing,and/oramountisunknowna)CreditSubstitutes:E.g.,Loanguarantees,committedlinesofcredit,lendingofsecuritiesheldintrustbytheFI.b)Derivativesproducts(forwards,futures,options,…)Theybecomeon-balancesheetitemswhenacontingenteventoccurs.OFF-BalanceSheetitemsAdvantages:Additionalincome;Nodepositinsurancepremiumpaid;Lesscapitaladequacyrequirementsbyregulators.HedgeFI’scredit,interestrateandFXrisksRisks:Off-BSactivitiesarefortradingGainorlossisbasedonthepossiblechangeinthemarketvalueoverthelifeofthecontract(usuallylessthan3%ofthenotionalvalueofthecontract.Unexpecteddefaultsofguaranteedloans,loancommitmentsOthersourcesofincome:TrustservicesInvestmentadvisor:AssetAllocationi.e.,HowtobalanceyourinvestmentportfolioEstatePlanninginheritancePlanningforYourRetirementYearsWhy,HowandWhenActastransferagentsforgovernmentorcorporatesecuritiesE.g.,bankruptciesCorrespondingBankingServicesprovidedtootherbanksE.g.,chequeclearingandcollection,foreignexchangetrading,participationindebtandsecurityissuances.4.CreditunionsandcaissespopulairesCooperativebanksaresmalllendinginstitutionsorganizedaroundaparticulargroupofindividualswithacommonbond(unionmembersoremployeesofaparticularfirm).Theyarenon-profit-seekingFIs.Theymostlyprovinciallyregulated.Membersdeterminetheirlendingandinvestmentpolicies(60%inQuebec)Liabilities:MostlyDepositsbymembers(86%)Assets:Mortgages(48%)andpersonalloans(13%).5.BankRegulatorsBankofCanadaResponsiblefortheintegrityoftheCdnfinancialsystemOfficeoftheSuperintendentofFinancialInstitutions(OSFI)PrudentialRegulatortoensuresafetyofFinSystemRegulatesandsupervisesfederallyregulatedFIs:Auditing,accounting,capitaladequacy,corporategovernance.CanadaDepositInsuranceCorporation(CDIC)Ensuresretaildepositsupto$100,000ofdeposittakingmemberFIs.FinancialConsumerAgencyofCanada(FCAC)MarketConductRegulatorBankRegulationsBanksareheavilyregulatedRestrictionson:products,activities,ownership,investments,andcapitalizationRegularfilingoffinancialreports.PeriodicalupdateofbanklawsFlexibilitytoadapttochangesandcompeteinternationallyRegulatorycoordinationofFIsamongcountriesTheBankforInternationalSettlements(BIS)isthecentralbankforcentralbanks,facilitatinginter-centralbankpaymentsandservingasaforumforbankregulatoryharmonization.Experts:NeedofaNationalServiceRegulatorinCanadaToreduceoverlapandduplicationofgovernmentregulatoryfunctionsRegulatoryexpendituresper$1,000offinanceandinsuranceis$10.83ComparedtoAustralia,$6.85,andUKof$4.26.TocoverallareasoffinancialregulationunderonejurisdictionCountriesthathavemovedorareexpectedtomovetoaregulatorynationalsystemofFIs:Australia,UK,Sweden,Norway,Germany,Denmark,Ireland,Japan…7.ConclusionsCanadianFIs,mainlythe6largestbanksinCanada,arethedrivingforcebehindCanada’sfinancialsystem.CanadaisworldleaderintheuseofbothdebitcardsandABMs,anddebitcardterminalsandinternetbankinginapercapitabasis.MainFunctionofBanks:Channelfundsfromsavers(deposit-taking)toborrowers(loans).Banksareheavilyregulated.Bankreforms.ToencourageaproactiveroleintheprovisionofworldwidefinancialservicesbyCdnFIs.