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A Global Capital Management Framework for Regions and Localities
Two Deutsche Bank Treasury managers outline some practical approaches in dealing with issues relating to allocation and investment of the bank’s capital, performance measurement of local and regional businesses, foreign-currency capital exposures, and regulatory compliance across multiple regimes.
A Timely Discussion of Capital Requirements
Some may consider it unnecessary to discuss capital requirements during a period when there is little apparent concern about bank capital. Yet, the time to reexamine this important topic is while the climate is good, rather than when the banking system is under stress again.
Aligning Regulatory and Economic Capital Allocation for a Hypothetical Portfolio of Credit-Risky Bank Assets, Part I
In June 1999, the Basle Committee on Banking Supervision presented "A New Capital Adequacy Framework,"
a consultive paper inviting further discussion.
Aligning Regulatory and Economic Capital Allocation for a Hypothetical Portfolio of Credit-Risky Bank Assets, Part II
Part I of this article (November 1999) described the validation of the risk weights for credit risk as proposed by the Basle Commitee on Banking Supervision
in the consultive paper, "A New Capital Adequacy Framework" (June 1999).
Basel II and Capital Management
On January 15, the Basel Committee on Banking Supervision issued a press release announcing continued progress toward the adoption of a new Capital Accord, commonly referred to as Basel II.
How to Allocate Capital to Business Units: Tacking the Problems of Diversification Benefits and Excess Capital (Part 2)
This article addresses the most important issues faced by institutions that have implemented enterprise-wide economic capital and that now wish to develop a sound and equitable method for allocating capital back to business lines.
Managing Capital Resources Efficiently to Optimize Shareholder Value
Leveraging a banking organization’s capital base to build long-term value requires management to assess both value-creating and value-destroying investments. The capital management process encompasses four essential elements: a defined risk culture, clear organizational goals, a capital management infrastructure, and a risk-adjusted performance measurement process. This article examines the strategic management of capital through “best practice” banks and proposes that the strategic management of capital is the direction bank management must follow.
Market Discipline: The Holy Grail?
In the Basel Committee on Banking Supervision’s 1999 consultative paper, A New Capital Adequacy Framework, three broadareas—or “pillars”—of capital adequacy practice are encouraged. “Market Discipline” is Pillar Three of the three-point recommendation for improved capital market transparency.
Market Disclosure Will Create Greater Risk Discipline :But Creating Common Risk Definitions Remains a Hurdle
The third pillar of the proposed New Basel Accord would require greater disclosure, thereby promoting transparency and market discipline of banks’ risk management procedures. What to disclose and how to define what is disclosed were some of the issues discussed by a panel at RMA’s Annual Conference on Capital Management in Washington, D.C.
On Economic Capital and Capital Management
Capital management,as practiced in financial institutions today, was developed in the late 1970s and early 1980s—a period of deregulation, increasing competition, rapid implementation of new technologies, and globalization.
It was during this time that banks lost the regulatory protections that had ensured them the lowest relative cost of funds. Without these advantages and still prohibited from entering the securities markets, banks were drawn to seek out riskier corporate customers.
Optimizing the Allocation of Capital
This is the fourth in a series of five excerpts from a forth coming book Managing Credit Risk: Toward a Portfolio Approach to Credit Risk Managementby Charles Smithson and Gregory Hayt of Rutter Associates. The final article will appear in the October 2001 issue of The RMA Journal.
Risk, Capital, and Value Measurement in Financial Institution: Part I: The Debtholder's Perspective
Actions that tend to increase risk for debtholders also tend to increase risk for shareholders. To measure risk adequately, financial institutions need to understand risk from both perspectives. This first of two articles examines risk from the debtholder’s perspective, linking risk to the amount of capital an institution requires. A subsequent article will address risk from the shareholder’s perspective, linking risk to value creation. Each article describes the relevant conceptual framework, some pitfalls observed in applying the framework, and a recommended approach to overcoming these obstacles. Use of the measures in practice to help guide strategic decision-making is also discussed.
Risk, Capital, and Value Measurement in Financial Institution: Part II: The Shareholder's Perspective
Part I of this two-part article described a framework for attributing economic capital that employs a debtholder’s view of risk. In this framework, an institution’s risk is expressed as a probability distribution of future net asset values, and capital is derived as the cushion necessary to protect debtholders to a given solvency standard, or probability of default.
Risk, Regulation, and Capital: A CEO's Perspective
October 4 was a warm day in New Orleans, where a hot topic was
being addressed by Robert W. Gillespie, chairman and chief executive officer, KeyCorp.
The Journal is pleased to print Mr. Gillespie’s key note address to RMA’s 1999 Annual Conference.
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